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

Optimism Releases Required Batcher Update v1170

Optimism has announced the release of opbatcher v1170, which is mandatory for operators using the batching infrastructure for OP Stack chains.

user avatarAndrew Smith

NEAR Developers Release First Candidate for nearcore 2140

The NEAR developers have published the first release candidate for nearcore 2140, introducing significant protocol and database changes.

user avatarJacob Williams

Lido Completes Winddown of Regular Simple DVT Clusters

Lido has successfully completed the winddown of its regular Simple DVT clusters, marking a significant step in the decentralization of its validator operations.

user avatarZainab Kamara

Avalanche Schedules Helicon Network Upgrade for September 22

Avalanche has announced the Helicon network upgrade for its mainnet, set to activate on September 22 at 1500 UTC.

user avatarSon Min-ho

Uniswap Proposes Protocol Fee Rollout to Circles Arc Blockchain

Uniswap Labs has introduced a proposal to extend its protocol fee collection and UNI burn infrastructure to the Arc blockchain.

user avatarAyman Ben Youssef

Aave V4 Now Live on Circle's Arc Blockchain

Aave V4 has officially launched on Circle's newly established Arc blockchain, featuring key assets such as USDC, EURC, cirBTC, and WETH.

user avatarTando Nkube

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.