The total market capitalization of blockchain stablecoins has soared from $5.1 billion at the beginning of the year to $11.4 billion at the end of January, more than doubling in a single month.
Solana's stablecoin supply has increased by over 73% since mid-January, which is believed to be directly related to President Trump's meme coin launch.
Circle’s USDC has emerged as the most dominant stablecoin on the Solana network, dominating the total stablecoin supply at $9.25 billion.
Tether’s USDT was the largest in the Ethereum (ETH) and Tron networks, at $65 billion and $60 billion, respectively.
Solana has been attracting meme coin traders who were active on Ethereum by promoting its low fees and fast transaction speeds, establishing itself as the preferred network.
The surge in stablecoin issuance in January is also linked to the meme coin speculation boom, especially after U.S. President Trump launched a Solana-based cryptocurrency on January 18.
Trading in Bitcoin became more active. Then, Mrs. Trump's "MELANIA" token appeared, further increasing interest.
On-chain data shows Circle continues to issue USDC on Solana
It is expanding, issuing an additional $250 million worth of USDC on Feb. 3, bringing the total to $1.25 billion in new issuance in the past week alone.
2025/02/05 10:24 KST
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