Solana Stablecoin Supply Rises 73% Following Launch of Trump's Memecoin
The Solana blockchain has seen a dramatic surge in stablecoin supply, with a 73% increase since mid-January, largely attributed to the launch of U.S. President Donald Trump's memecoin, $TRUMP.
CCData's latest report, released on January 30, shows Solana's stablecoin supply at $11.1 billion, marking a 112% rise since the beginning of the year. This growth follows a spike in network activity spurred by the memecoin’s launch, which has significantly boosted decentralized exchange (DEX) trading volumes.
As a result, Solana has surpassed BNB Chain to become the third-largest blockchain network by stablecoin supply, though it still trails behind Ethereum and Tron.
The launch of Trump's memecoin on January 18, along with the Official Melania (MELANIA) token a day later, caused a surge of new on-chain users. Moonshot, the platform promoted by Trump for purchasing the token, reported over 200,000 new users joining since the coin’s release.
Despite the hype, Trump's memecoin's fully diluted value (FDV) fluctuated, briefly reaching $80 billion before settling around $26 billion as of January 30.
On Solana, USD Coin (USDC) remains the dominant stablecoin, making up 78% of the supply. Tether (USDT) lags far behind, with a mere 12% share.
In the broader market, USDC has been gaining ground against USDT, driven by concerns regarding Tether's regulatory standing under the European Union's Markets in Crypto-Assets (MiCA) framework.
No Comment to " Solana Stablecoin Supply Rises 73% Following Launch of Trump's Memecoin "