Solana Stablecoin Supply Hits $10 Billion Record, Boosted by USDC and Memecoins

user avatar

by Giorgi Kostiuk

2 years ago

The stablecoin supply on the Solana blockchain has reached an all-time high of $10 billion, spurred by USDC growth and memecoin enthusiasm.

Sharp Increase in Solana's Stablecoins

According to DeFiLlama data, the value of stablecoins in Solana has risen by 110% since January, from $5.1 billion to $10.8 billion. This marks Solana's rapid expansion in the stablecoin sector. By comparison, Ethereum dominates with $116 billion, while BNB Chain, Base, and Arbitrum follow with $7 billion, $3.8 billion, and $3.1 billion, respectively.

Impact of USDC and Memecoins on Growth

The primary driver of stablecoin growth on Solana is Circle's USD Coin (USDC), accounting for approximately 80% of Solana's stablecoin supply. This month alone, USDC holdings nearly doubled from $4.2 billion to $8.2 billion. Meanwhile, Tether's USDT supply on Solana is $1.96 billion. This surge coincides with increased trading volumes on Solana's DeFi protocols and a memecoin boom, including the recent launch of Trump-themed coins.

Consequences and Impact on Solana

The memecoin craze has had a significant impact on the Solana ecosystem, driving the price of Solana's native token, SOL, to an all-time high above $260. Simultaneously, Solana's daily transaction fees reached $33 million last week, indicating high trading activity around memecoins.

The increase in stablecoins and memecoins on Solana has highlighted the platform's dynamic growth and potential in the DeFi space, drawing considerable attention to its ecosystem.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.