The Solana blockchain is experiencing a meteoric rise, with its total stablecoin supply surpassing $10 billion for the first time. This growth is fueled by thriving decentralized finance (DeFi) activity and a surprising surge in retail interest, driven by meme coins.
Solana’s Stablecoin Supply Doubles in Weeks
Recent data from DeFiLlama shows that Solana’s stablecoin supply has more than doubled in just a few weeks. At the beginning of 2025, the total value of stablecoins on Solana stood at $5.1 billion. This figure has since surged to $10.8 billion, marking an impressive increase of nearly 110%.
Solana’s stablecoin supply now surpasses the combined holdings of BNB Chain with $7 billion and Base holding of $3.8 billion. This rapid growth highlights Solana’s rising prominence in the stablecoin ecosystem.
Ethereum dominates the stablecoin scene with $115 billion in assets. However, Solana is outpacing its competitors, thanks largely to the growing use of USD Coin (USDC) on the network. On-chain data revealed that Circle, the issuer of USDC, has issued $3.5 billion worth of USDC on the network in just the past week.
Currently, USDC makes up 80% of all stablecoins on Solana, jumping from $4.2 billion to $8.2 billion in less than a month. Additionally, Tether’s USDT contributes another $1.96 billion to Solana’s stablecoin supply.
What’s Driving the Boom?
The rising popularity of altcoins on the Solana blockchain is another key factor in the rapid rise of stablecoins. Over the past year, Solana has become a hotspot for meme coin trading, attracting retail investors looking to make quick profits. The recent launch of the US President family-themed meme coins has significantly boosted this trend, with TRUMP leading the charge.
The increased activity has had a ripple effect on the ecosystem, pushing Solana’s native token SOL to a record-high price of over $294.33 after breaking a crucial resistance point. In addition, transaction fees on the network soared to an all-time high of $33 million last week, driven by the intense volume of meme coin trading.
Solana’s rise to over $10 billion in stablecoin supply is not just a reflection of increased liquidity. It is a testament to the network’s appeal, catering to both serious DeFi users and meme coin enthusiasts.
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2025-01-24 14:01