Stablecoin supply on the Ethereum (ETH) competitor Solana (SOL) has seen a significant increase in recent weeks following the introduction of President Donald Trump’s Official Trump (TRUMP) memecoin, as reported by crypto research firm CCData.
According to CCData’s latest report, the stablecoin supply on Solana has surged by 73.6% since January 18th, the day after the TRUMP coin was launched. The influx of capital and the unprecedented trading activity on decentralized exchanges (DEX) on Solana attributed to the rise in stablecoin supply.
In January alone, Solana’s stablecoin supply skyrocketed by a total of 112%, reaching a new all-time high of $11.1 billion. Across all chains, the total market capitalization of stablecoins also witnessed a 5.68% increase last month, reaching $215 billion.
The growth of stablecoins in January marked the 16th consecutive month of expansion, according to CCData. However, Tether’s USDT, the leading stablecoin by market cap, experienced a decrease in market share, dropping from 67.5% to 64.9% last month.
As of the time of writing, SOL is trading at $229.24. Despite a 4% decline in the past 24 hours and an 11% decrease over the past week, the fifth-ranked cryptocurrency by market cap has still recorded an impressive 18% gain in the last 30 days.
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