Key Points:
- The stablecoin supply on Solana increased by 112% in January, reaching a record $11.1 billion according to CCData.
- This surge aligns with the launch of Donald Trump’s memecoin $TRUMP, which caused significant inflows into the network.
The report reveals that following the launch of $TRUMP on January 18, stablecoin supply rose by 73.6%. $TRUMP is a memecoin that has generated record trading activity on decentralized exchanges (DEXs), contributing to Solana’s stablecoin supply now placing it behind Ethereum and Tron in terms of network size.
Furthermore, all stablecoins in the market have reportedly surpassed $200 billion in market capitalization, with a notable growth of $37 billion since Trump’s electoral victory last November.
The rising supply coincides with a downturn in Tether’s USDT dominance, which decreased from 67.5% to 64.9% in January, marking the lowest point since May 2023. Ripple’s USD also benefited from this market movement, becoming the fourth largest stablecoin based on trading volume as of January.
