|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (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
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- The Ultimate Guide to Binance Coin (BNB) Burns: Everything You Need to Know
- Feb 01, 2025 at 07:30 am
- Binance Coin (BNB) burns are one of the most highly anticipated events in the crypto world. This strategic move by Binance not only helps reduce the supply of BNB tokens but also increases its value and utility. With the latest burn scheduled for February 2025, here's everything you need to know about the BNB burn process, how it works, and why it's crucial for the future of BNB and its ecosystem.
-
- Canadian Investment Firm Purpose Investments Files Preliminary Prospectus to Introduce World's First XRP ETF
- Feb 01, 2025 at 07:30 am
- Purpose Investments manages over $23 billion in assets, and already owns Bitcoin and Ethereum exchange-traded funds. The company's CEO Som Seif mentioned XRP's fast adoption rate as a key motivator for the filing.
-
- XRP and Remittix Are Gaining Momentum, With Both Showing Strong Growth Potential in 2025 Despite Market Volatility
- Feb 01, 2025 at 07:30 am
- The broader cryptocurrency market has experienced sideways movements in the past few days. However, market participants have been optimistic, suggesting the market could witness a relief rally that could kickstart a wave of bull runs in the months ahead.
-
- Bitcoin Price Bubble Fears Rise as Elliott Management Warns of 'Financial Crisis'
- Feb 01, 2025 at 07:10 am
- The bitcoin price has surged to over $100,000, more than doubling from 12 months ago and fueling huge bets on when exactly the bitcoin price could top gold's $18 trillion market capitalization.
-
- WallitIQ: AI-powered key to massive ROI in spot Ethereum ETF Markets
- Feb 01, 2025 at 07:10 am
- The next promising AI-based crypto platform, WallitIQ, is already gaining significant attention in the broader crypto market. This is due to its leverage of artificial intelligence (AI) and machine learning (ML) to provide smart wallet-based tools to redefine the way investors store and manage crypto assets.