Billionaire entrepreneur and Cost Plus Drugs co-founder Mark Cuban recently suggested the idea of creating a memecoin to help pay off the U.S. national debt.
On Jan. 21, Cuban stated that if memecoins are “the way,” he might consider issuing one similar to U.S. President Donald Trump’s official memecoin.
He proposed that the token would follow the same terms and release schedule as Trump’s, but all proceeds would go toward reducing the U.S. national debt.
Cuban added that the wallet address for the memecoin would be publicly available, allowing anyone to track the funds.
He remarked that individuals who enjoy speculating on meme-based tokens could use their participation to contribute to the debt.
“If you want to gamble, gamble. But at least use it to make a dent in the U.S. Debt,” Cuban wrote.
Memecoins and the U.S. Government
Despite the U.S. government’s generally skeptical stance toward cryptocurrency in recent years, the newly inaugurated president has shown an active interest in the crypto space.
In addition to launching official non-fungible token (NFT) projects, Trump has also entered the memecoin market.
On Jan. 18, just days before his inauguration, Trump introduced his Official Trump (TRUMP) memecoin.
The token quickly achieved a market capitalization of $14.5 billion within a day, but its value has since fallen by nearly 50%, now trading at around $38.56, according to CoinGecko.
Similarly, First Lady Melania Trump launched her own token, Official Melania (MELANIA).
The token initially reached a market capitalization of $6 billion but has since dropped to approximately $680 million.
Can Cuban’s Memecoin Reduce U.S. Debt?
The U.S. national debt stands at nearly $36 trillion, according to the Treasury Department.
While Cuban’s proposal might not be serious, it underscores the magnitude of the debt issue.
Even if Cuban’s memecoin matched Trump’s in performance, it would only address about 0.03% of the debt, with actual contributions likely to be even smaller due to token devaluation when sold.