Recent data from CCData shows that the supply of stablecoins on Solana (SOL) has seen a significant increase following the launch of President Donald Trump’s Official Trump (TRUMP) memecoin. Since January 18th, Solana’s stablecoin supply has surged by 73.6%, driven by the capital inflows and heightened decentralized exchange (DEX) trading activity brought on by TRUMP.
Throughout January, the stablecoin supply on Solana rose by a total of 112%, reaching a new all-time high of $11.1 billion. This growth contributed to a 5.68% increase in the total market capitalization of stablecoins across all chains, totaling $215 billion.
CCData reports that January marked the 16th consecutive month of stablecoin expansion. Despite this growth, Tether’s USDT, the top stablecoin by market cap, experienced a decrease in market share, dropping from 67.5% to 64.9% last month.
As of writing, SOL is trading at $229.24. While the fifth-ranked cryptocurrency by market cap has seen a 4% decline in the past 24 hours and an 11% decrease over the past week, it remains up by nearly 18% over the last 30 days.
Stay informed with email alerts delivered to your inbox
Monitor Price Action
Connect with us on Twitter, Facebook, and Telegram
Explore The Daily Hodl Mix
Image Credit: Midjourney
