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Cryptocurrency News Articles

The Supply of Stablecoins on Solana Jumped by 112% in January to a Record High of $11.1 Billion

Feb 01, 2025 at 02:01 am

The surge coincided with the launch of Donald Trump's memecoin $TRUMP, which caused a wave of inflows to the network, according to the report.

The Supply of Stablecoins on Solana Jumped by 112% in January to a Record High of $11.1 Billion

The supply of stablecoins on Solana (CRYPTO: SOL) surged by 112% in January to reach a record high of $11.1 billion, according to a research report published Friday by CCData, a subsidiary of CoinDesk.

The孑 الكبير surge in stablecoin supply on Solana coincided with the launch of Donald Trump's memecoin $TRUMP, which led to a wave of inflows to the network, the report said.

Stablecoin supply has increased by 73.6% since $TRUMP began trading on Jan. 18.

Trading activity around $TRUMP led to record activity on decentralized exchanges (DEXs) and contributed to stablecoin supply on Solana, which became the third-largest network behind Ethereum (CRYPTO: ETH) and Tron (CRYPTO: TRX) in this metric.

The report also noted that the market capitalization of all stablecoins has now surpassed $200 billion, up from $37 billion since Trump won the U.S. election in November.

The increase in supply also coincided with a decline in the dominance of Tether's USDT, the world's largest stablecoin with a market cap of around $140 billion.

Its share of the sector fell from 67.5% to 64.9% in January, marking the lowest since May 2023, according to CCData.

One beneficiary of this trend was Ripple's USD Coin, which became the fourth-largest stablecoin by trading volume on centralized exchanges in January, the report said.

Ripple spent much of the last few years engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC).

The "Trump effect" has also helped native token XRP (CRYPTO: XRP) surge by 33% to trade at over $3.10 this month, while CEO Brad Garlinghouse has spoken of a bump in U.S.-based deals and hiring as well.

See more on Trump tokens: Grayscale Files SEC Proposal To Convert XRP Trust Into ETF

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