Since January, there has been a significant increase in the stablecoin supply on the Solana blockchain, driven by heightened network activity following President Donald Trump's memecoin launch.
Surge in Solana Stablecoin Supply
Solana's stablecoin supply has reached $11.1 billion, a 112% rise since early January, according to CCData. This increase is linked to significant capital inflows after Trump's memecoin launch.
Trump Memecoin Hype
Trump's memecoin was launched on Solana on January 18, leading to massive trading volume and network congestion. The Moonshot platform reported over 200,000 new onchain users following the token's release.
Shifting Stablecoin Dominance
Circle's USD Coin (USDC) dominates Solana, making up nearly 78% of stablecoin supply. Tether (USDT), with 12% market share, lags significantly. Concerns over Tether's compliance with MiCA regulations are boosting USDC's share.
The notable increase in Solana's stablecoin supply highlights the significant impact of Trump's memecoin on network activity, illustrating how market events can influence the dynamics of cryptocurrency assets.
