Key Points:
- The stablecoin supply on Solana surged to $10 billion this month, primarily driven by the trading activity surrounding the newly launched TRUMP memecoin.
- The TRUMP token became available for trading on the Solana-based decentralized exchange Meteora, paired with USDC, which heightened its demand.
- Solana also achieved a record $25 billion in daily trading volume across decentralized exchanges (DEX), with its native token SOL showing the highest performance in the CoinDesk 20 Index.
Solana (SOL), a blockchain designed for fast and economical transactions, is currently witnessing a trading boom fueled by the TRUMP token, which has significantly boosted the stablecoin supply on the platform.
According to data from Artemis, the total stablecoin supply on Solana has reached $10.5 billion, double the amount since January, with Circle’s USDC taking the lead at over $8 billion.
The overall increase has opened new liquidity channels, vital for crypto trading, as Solana keeps establishing itself as a prominent hub, especially for trending tokens in sectors like memecoins.
The rapid expansion of stablecoin liquidity on Solana indicates a favorable environment for crypto trading and innovation following recent political events.
“Staggering numbers,” stated Sean Farrell, head of digital asset research at Fundstrat, in a recent post on X.
The explosive activity in this ecosystem reflects directly on Solana’s token (SOL), exhibiting a 20% gain this week, far surpassing bitcoin’s increase of just 2%.
New entrants to the stablecoin market, including First Digital’s FDUSD and Sky’s USDS, are increasingly expanding their offerings on Solana, further diversifying the crypto asset landscape.
