Solana Stablecoin Supply Hits Record $10.8B Amid Memecoin Frenzy
The stablecoin supply on the Solana blockchain has reached unprecedented levels, surpassing the $10 billion mark for the first time in its history.
Data from DeFiLlama reveals that since the beginning of January, the value of stablecoins on Solana has surged by nearly 110%, jumping from $5.1 billion to $10.8 billion. Comparatively, Ethereum leads the stablecoin market with $115 billion, followed by BNB Chain at $7 billion, Base with $3.8 billion, and Arbitrum at $3.1 billion.
This remarkable growth has been driven largely by the issuance of Circle’s USD Coin (USDC) on the network. On-chain analytics indicate that Circle minted approximately $3.5 billion worth of USDC on Solana within the past week alone.
According to The Block’s data dashboard, USDC accounts for nearly 80% of Solana’s total stablecoin supply, equating to about $8 billion. USDC’s presence on Solana has nearly doubled in January, rising from $4.2 billion to $8.2 billion. Meanwhile, Tether’s USDT contributes $1.96 billion to the network’s stablecoin reserves.
The dramatic increase in Solana’s stablecoin supply aligns with broader trends in decentralized finance (DeFi) usage on the network and heightened trading activity around memecoins. This surge has been amplified by the launch of a series of Trump-themed memecoins, which have significantly boosted retail interest and network adoption.
Eden Au, research director at The Block, commented, “The recent increase in Solana’s stablecoin supply signals rapid adoption growth, primarily driven by retail interest in the TRUMP memecoin.”
The rollout of these high-profile memecoins has had a ripple effect across the Solana ecosystem. The price of Solana’s native token (SOL) has soared to a record high of over $260, while the network’s daily transaction fees hit a new peak, exceeding $33 million last week, fueled by the surge in memecoin trading activity.
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