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“Trump account” registration volume surpasses 7 million, and the U.S. Treasury Secretary calls it the “most successful government launch project in history”

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ME News message: On July 28 (UTC+8), U.S. Treasury Secretary Scott Bessent said that “Trump Accounts” has become “the most successful launch project in U.S. government history,” with around 7 million children already completing registration. Bessent revealed at a meeting of the Financial Literacy and Education Commission that the number of registrations for the program has increased further from 6.5 million earlier this month. The U.S. Treasury Department said the early sign-up pace for Trump Accounts has outpaced other digital platforms and financial products. Trump Accounts were officially launched on July 4, and are also known as 530A accounts, open to all U.S. children under 18 who have a Social Security number. Under the plan, children born from 2025 to 2028 can receive a one-time initial deposit of $1,000 from the U.S. Treasury Department. Parents, guardians, grandparents, and others can also make additional annual deposits of up to $5,000. The funds will be invested in an ETF that tracks the performance of the S&P 500 index. Bessent said the program will help ordinary American households enter the capital markets—“creating a new generation of shareholders”—so families that have long been excluded from Wall Street can participate in stock investments. Consulting firm McKinsey previously analyzed that if participation is widespread, Trump Accounts could accumulate about $80 billion to over $900 billion in assets for U.S. children over the next ten years. However, the final scale will depend on household participation rates, the willingness to keep contributing, and long-term investment performance. (Source: BlockBeats)
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