The supply of stablecoins on Solana has jumped over 73% since the launch of the memecoin linked to former President Donald Trump. This surge has made Solana the third-largest blockchain network for stablecoin supply.
As of January 30, research firm CCData reported that Solana's stablecoin supply reached $11.1 billion. That’s a remarkable 112% increase since January 1. This growth is largely due to increased network activity following the introduction of Trump’s memecoin, $TRUMP, which led to record trading volumes on decentralized exchanges.
Now, Solana has surpassed BNB Chain for the third spot, but it still trails behind Ethereum and Tron.
Trump’s advisory team launched the Official Trump (TRUMP) memecoin on January 18. They followed up with the Official Melania (MELANIA) token on January 19, right before Trump’s presidential inauguration on January 20. These launches generated significant trading activity on Solana, causing some congestion on the network. The purchasing platform, Moonshot, reported that over 200,000 new users joined the chain since the token launched.
Initially, Trump’s token hit a fully diluted value (FDV) of over $80 billion within a day of its launch. However, by January 30, it had adjusted to an FDV of around $26 billion, according to CoinMarketCap data.
When it comes to stablecoin market share on Solana, Circle’s USD Coin (USDC) leads with nearly 78% of the total supply. In comparison, Tether’s USDt (USDT) holds about 12%. CCData provided these insights.
With a market cap of around $50 billion, USDC is the second most popular stablecoin, following USDt, which has a market cap of about $140 billion as of January 30, according to CoinGecko.
Since December, USDC has been gaining ground against USDT, partly due to ongoing concerns about Tether's compliance with the Markets in Crypto-Assets (MiCA) regulations, which aim to standardize and regulate the cryptocurrency market in the European Union.