Solana stablecoin supply rises 73% to $11.1B

The supply of stablecoins on the Solana (CRYPTO:SOL) blockchain has surged by 73% since mid-January, reaching $11.1 billion.

This increase is largely attributed to heightened network activity following the launch of Donald Trump's memecoin, TRUMP (CRYPTO:TRUMP).

According to a report by CCData, Solana's stablecoin supply has seen a remarkable 112% rise since the beginning of January.

The launch of TRUMP on January 18 catalysed significant trading volume on decentralised exchanges, leading to record activity on the network.

“This increase coincided with a surge of capital inflows to the network,” CCData noted, highlighting the impact of the memecoin on Solana’s ecosystem.

As a result of this growth, Solana has overtaken BNB Chain to become the third-largest blockchain by stablecoin supply, trailing only Ethereum (CRYPTO:ETH) and Tron (CRYPTO:TRX).

The memecoin frenzy has attracted over 200,000 new on-chain users since its introduction, further driving demand for stablecoins on Solana.

Circle's USD Coin (USDC) remains dominant, accounting for nearly 78% of Solana's stablecoin supply, while Tether's USDT (CRYPTO:USDT) holds about 12%.

The trading activity surrounding Trump's memecoin reportedly caused congestion on the Solana network, reflecting its popularity among users.

Despite the initial excitement, TRUMP's fully diluted value (FDV) fluctuated significantly, peaking at $80 billion before settling around $26 billion as of January 30.

At the time of reporting, the Solana (SOL) price was $235.61.