Solana’s stablecoin supply surged by 112% in January, reaching a record high of $11.1 billion. This increase was largely driven by the launch of the $TRUMP memecoin, which attracted significant inflows to the network. Since the introduction of $TRUMP on January 18, the stablecoin supply on Solana has grown by 73.6%. The trading frenzy around $TRUMP led to unprecedented activity on decentralized exchanges (DEXs), pushing Solana’s stablecoin supply past its previous peak from 2022. This made Solana the third largest network for stablecoins, behind only Ethereum and Tron. The overall market cap of stablecoins has now exceeded $200 billion, with a $37 billion increase since November. Meanwhile, Tether’s USDT, the largest stablecoin, saw its market share drop from 67.5% to 64.9% in January, the lowest since May 2023. Ripple’s USD, on the other hand, became the fourth-largest stablecoin by trading volume on centralized exchanges during the same period.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
