The TRUMP token frenzy has resulted in Solana’s stablecoin supply reaching $10 billion and record-breaking DEX volumes.

Solana Stablecoin Supply Hits $10B Milestone Amid Trump Token Surge and Record DEX Activity

Solana’s (SOL) blockchain has seen its stablecoin supply surge to an all-time high of $10.5 billion, driven by the explosive popularity of Donald Trump’s memecoin. Data from Artemis shows the supply has doubled since January, led by a sharp increase in Circle’s USDC, which surpassed $8 billion in circulation, and Tether’s USDT, which grew to $2 billion from $917 million.

The launch of the TRUMP token on January 17 catalyzed the growth. First traded on decentralized exchange Meteora, the token required users to hold USDC to participate, resulting in a significant inflow of stablecoins onto Solana. Trading activity soared, with Solana-based DEX platforms recording over $25 billion in daily volumes, capturing 74% of all blockchain DEX trades.

“The numbers reflect Solana’s growing dominance as a liquidity hub for innovative projects,” said Sean Farrell, Fundstrat’s digital asset research head.

This surge in activity has also propelled SOL, Solana’s native cryptocurrency, to a 20% weekly gain, far outpacing bitcoin’s (BTC) modest 2% rise.

While USDC and USDT continue to dominate, Solana has attracted newer entrants like FDUSD, supported by Hong Kong-based First Digital, and Sky’s yield-bearing USDS stablecoin, highlighting the network’s appeal to diverse issuers.

With growing adoption, record-breaking DEX activity, and the viral appeal of Trump-linked tokens, Solana is cementing its place as a key player in the next phase of crypto innovation.