Solana Saw 112% Surge in Stablecoin Supply in January With TRUMP Memecoin Frenzy: CCData

Solana Saw 112% Surge in Stablecoin Supply in January With TRUMP Memecoin Frenzy: CCDataThis coincided with the launch of Donald Trump’s memecoin $TRUMP which caused a wave of inflows to the networkBy Jamie Crawley|Edited by Aoyon Ashraf Jan 31, 2025, 6:15 p.m. UTC
The supply of stablecoins on Solana jumped by 112% in January to a record high of $11.1 billion, CCData (a subsidiary of CoinDesk) said in a research report on Friday.The surge coincided with the launch of Donald Trump’s memecoin $TRUMP, which caused a wave of inflows to the network, according to the report. Stablecoin supply has risen by 73.6% since $TRUMP launched on Jan. 18.Bitcoin Pauses as Trump Threatens 100% BRICS TariffsKeep WatchingNext video in 1 secondMore Videos0 seconds of 2 minutes, 58 secondsVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard ShortcutsEnabledDisabledShortcuts Open/Close/ or ?Play/PauseSPACEIncrease Volume↑Decrease Volume↓Seek Forward→Seek Backward←Captions On/OffcFullscreen/Exit FullscreenfMute/UnmutemDecrease Caption Size-Increase Caption Size+ or =Seek %0-9
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Live00:5302:0502:58 STORY CONTINUES BELOWDon’t miss another story.Subscribe to the Crypto Long & Short Newsletter today. See all newslettersSign me upBy signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.Trading activity around $TRUMP resulted in record activity on decentralized exchanges (DEXs) and contributed to stablecoin supply on Solana, surpassing its previous record set in 2022 and becoming the third largest network behind Ethereum and Tron, based on this metric.The report also said that the market capitalization of all stablecoins has passed $200 billion, having grown by $37 billion since Trump won the U.S. election in November.The increase in supply has also coincided with a decrease in the domination of Tether’s USDT, the largest stablecoin with a market cap of around $140 billion. According to CCData, its share of the sector dipped from 67.5% to 64.9% in January, the lowest since May 2023.One such beneficiary of this trend appears to be Ripple’s USD, which became the fourth-largest stablecoin by trading volume on centralized exchanges in January, the report said. Ripple spent much of the last few years locked in a…

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