CandleFocus

Solana Saw 112% Surge in Stablecoin Supply in January With TRUMP Memecoin Frenzy: CCData

Author: Content Editor
In January, the supply of stablecoins on the Solana blockchain increased by 112% to reach a record high of $11.1 billion. This surge in supply was attributed to the launch of Donald Trump's memecoin $TRUMP, which drew a wave of inflows to the network. The trading activity around $TRUMP also resulted in record activity on decentralized exchanges (DEXs) and contributed to the growth in stablecoin supply on Solana. As a result, Solana's stablecoin supply surpassed its previous record and became the third-largest network behind Ethereum and Tron in terms of this metric. The market capitalization of all stablecoins has also exceeded $200 billion, growing by $37 billion since the U.S. election in November. The dominance of Tether's USDT, the largest stablecoin, has decreased from 67.5% to 64.9% in January, marking its lowest share since May 2023. Ripple's USD stablecoin has benefited from this trend and became the fourth-largest stablecoin by trading volume on centralized exchanges in January. The "Trump effect" has also positively impacted Ripple's native token XRP, which saw a 33% surge to trade at over $3.10 this month. This has led to an increase in U.S.-based deals and hiring for Ripple.

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