Solana Stablecoin Supply Increased 112% in January to $11.1 Billion
The supply of stablecoins on Solana increased by 112% in January, reaching $11.1 billion, according to a report by CCData.
- The surge followed the launch of Donald Trump's memecoin $TRUMP, which attracted significant inflows to the network.
- Since $TRUMP's launch on January 18, stablecoin supply rose by 73.6%.
- This growth led to record trading activity on decentralized exchanges (DEXs), positioning Solana as the third largest network for stablecoin supply, behind Ethereum and Tron.
- The overall market cap of stablecoins surpassed $200 billion, marking a $37 billion increase since November.
- Tether’s USDT market share decreased from 67.5% to 64.9%, its lowest since May 2023.
- Ripple's USD became the fourth-largest stablecoin by trading volume on centralized exchanges in January.
- XRP saw a 33% price increase this month, trading over $3.10, attributed to the "Trump effect." CEO Brad Garlinghouse indicated an uptick in U.S.-based deals and hiring.