CCData Reports Solana’s Stablecoin Supply Jumped 112% in January, Driven by TRUMP Memecoin Hype

The stablecoin supply on Solana experienced a remarkable 112% surge in January, reaching a record high of $11.1 billion, according to a report from CCData, a subsidiary of CoinDesk.

This sharp increase in stablecoin supply coincided with the launch of former President Donald Trump’s memecoin, $TRUMP, which caused a significant inflow of funds to the Solana network. Since the token’s introduction on January 18, Solana’s stablecoin supply has risen by 73.6%, contributing to record trading volumes on decentralized exchanges (DEXs). As a result, Solana surpassed its previous stablecoin supply record set in 2022, becoming the third-largest blockchain by this metric, trailing only Ethereum and Tron.

The report also pointed out that the overall stablecoin market capitalization has crossed the $200 billion mark, growing by $37 billion since Trump’s victory in the U.S. presidential election. Additionally, Tether’s USDT saw its market share decline, dropping from 67.5% to 64.9% in January, marking its lowest share since May 2023.

Ripple’s USD stablecoin benefited from the trend, becoming the fourth-largest stablecoin by trading volume on centralized exchanges in January.

Ripple’s native token, XRP, saw a 33% increase in value this month, surpassing $3.10. CEO Brad Garlinghouse noted that this boost has translated into increased U.S.-based deals and hiring activity, with the “Trump effect” playing a role in XRP’s recent rally.

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