The stablecoin supply on Solana saw an impressive 112% growth in January, reaching an all-time high of $11.1 billion, according to CCData, a subsidiary of CoinDesk.
This sharp surge in stablecoin supply coincided with the debut of former President Donald Trump’s memecoin, $TRUMP, which triggered a wave of capital inflows into the Solana network. Since $TRUMP’s launch on January 18, Solana’s stablecoin supply has grown by 73.6%, driving record trading activity on decentralized exchanges (DEXs). This growth helped Solana surpass its previous stablecoin supply record from 2022, positioning it as the third-largest blockchain in terms of stablecoin supply, behind Ethereum and Tron.
The report further revealed that the overall stablecoin market capitalization has exceeded $200 billion, having grown by $37 billion since Trump’s election victory in November. Additionally, Tether’s USDT, the largest stablecoin, saw its market dominance dip from 67.5% to 64.9% in January, marking the lowest share since May 2023.
Ripple’s USD stablecoin also benefited from this trend, climbing to the fourth-largest stablecoin by trading volume on centralized exchanges in January.
Ripple’s native token, XRP, surged 33% this month, crossing the $3.10 mark. CEO Brad Garlinghouse credited the “Trump effect” for the increased momentum, noting that this rally has led to a rise in U.S.-based deals and hiring activities.
