Solana Stablecoin Supply Reaches All-Time Highs

The total stablecoin supply on Solana has achieved a significant milestone, surpassing $10 billion for the first time ever.

According to data from DeFiLlama, the valuation of stablecoins on the Solana network has increased by nearly 110% since the start of January, rising from $5.1 billion to $10.8 billion. For comparison, Ethereum currently leads with $115 billion in stablecoins, followed by BNB Chain with $7 billion, Base at $3.8 billion, and Arbitrum holding $3.1 billion.

The predominant force behind this growth has been the issuance of Circle’s USDC (USD Coin) on the network. On-chain data indicates that Circle minted approximately $3.5 billion worth of USDC on Solana in the past week.

According to The Block’s data dashboard, nearly 80% of Solana’s stablecoin supply—around $8 billion—consists of USDC, which has nearly doubled since the beginning of this month, growing from $4.2 billion to $8.2 billion. Additionally, Tether’s USDT contributes $1.96 billion to the network’s stablecoin total.

This surge in the stablecoin supply on Solana aligns with broader trends of stablecoin utilization within the network’s DeFi protocols and heightened trading volumes surrounding memecoins over the past year, further boosted by the introduction of Trump family memecoins on the network.

Eden Au, research director at The Block, stated, “The recent increase in Solana’s stablecoin supply signals rapid adoption growth, primarily driven by retail interest in the TRUMP memecoin.”

The launch of these notable Trump memecoins has impacted the broader Solana ecosystem, with the price of Solana’s native token soaring to a record high above $260. Furthermore, Solana’s daily transaction fees reached an all-time high of over $33 million last week due to substantial trading activity surrounding memecoins.