The total supply of stablecoins on the Solana blockchain has exceeded $10 billion for the first time, reaching an all-time high.
Solana’s Stablecoin Supply Hits $10 Billion Record, Driven by USDC ($1.00) Growth and Memecoin Craze
According to DeFiLlama data, the value of the stablecoin in Solana has increased by nearly 110% since the beginning of January, from $5.1 billion to $10.8 billion.
This milestone highlights Solana’s rapid expansion into the stablecoin market. In comparison, Ethereum remains the dominant network with $116 billion in stablecoins, while BNB ($689.26) Chain holds $7 billion, Base $3.8 billion, and Arbitrum $3.1 billion.
The growth of stablecoins on Solana has been driven primarily by Circle’s USD Coin (USDC) issuance, which currently accounts for approximately 80% of Solana’s stablecoin supply.
USDC holdings on Solana have nearly doubled this month alone, from $4.2 billion to $8.2 billion. Meanwhile, Tether’s USDT ($1.00) supply on Solana stands at $1.96 billion.
This sharp increase in stablecoin supply coincides with an increase in trading volume on Solana’s DeFi protocols and a boom in memecoin activity.
Over the past year, the network has seen a surge of speculative interest, particularly with the recent launch of Trump-themed memecoins.
The memecoin craze has had a broader impact on the Solana ecosystem, with Solana’s native token SOL ($266.66) hitting an all-time high above $260.
At the same time, Solana’s daily transaction fees reached $33 million last week, reflecting the high trading activity surrounding memecoins.
*This is not investment advice.
Continue Reading: Total Stablecoin Supply on Solana Blockchain Reaches All-Time High! Here Are the Details
