Stablecoin Supply on Solana Surges 112% in January Amid Trump Memecoin Hype

The supply of stablecoins on the Solana blockchain has more than doubled in January, reaching $11.1 billion, according to new data from CCData. This 112% surge coincides with a trading frenzy surrounding Donald Trump’s memecoin ($TRUMP), which launched earlier this month.

The sharp increase in stablecoin liquidity on Solana began following the January 18 launch of $TRUMP, which saw a rapid influx of investors seeking exposure to the token. Since its debut, stablecoin supply on Solana has surged 73.6%, reflecting heightened trading activity and liquidity demand.

The memecoin’s popularity has also fueled record-breaking volumes on Solana-based decentralized exchanges (DEXs), further establishing Solana as one of the top blockchains for stablecoin transactions. With this surge, Solana has become the third-largest blockchain by stablecoin supply, surpassing Binance Smart Chain and now trailing only Ethereum and Tron.

The overall market capitalization of stablecoins has also expanded significantly, crossing $200 billion in January. Since Trump’s election victory in November 2024, the stablecoin market has added $37 billion, reflecting broader investor interest in digital assets.

Despite its dominance, Tether’s USDT—the world’s largest stablecoin—saw its market share slip from 67.5% to 64.9% in January, marking its lowest level since May 2023. Meanwhile, Ripple’s USD stablecoin has gained momentum, becoming the fourth-largest stablecoin in trading volume on centralized exchanges this month.

Solana’s stablecoin growth highlights the impact of memecoins and speculative trading on blockchain liquidity. While $TRUMP’s popularity has driven unprecedented inflows, the long-term sustainability of this trend remains uncertain.

If stablecoin reserves on Solana continue to rise, the network could further cement its position as a dominant player in decentralized finance (DeFi) and on-chain trading, potentially challenging Ethereum’s long-standing dominance.