25-1-2025 (CALIFORNIA) Solana’s stablecoin supply has reached unprecedented levels, driven largely by the explosive trading of a Donald Trump-themed digital token. The blockchain network has witnessed its total stablecoin holdings double to $10.5 billion since early January, according to analytics platform Artemis.
USDC, the stablecoin issued by Circle, has emerged as the primary contributor to this surge, exceeding $8 billion in circulation on the Solana network—an increase of more than $4 billion this month alone. Tether’s USDT has also seen significant growth, climbing to $2 billion from approximately $917 million.
The catalyst for this extraordinary growth appears to be the 17 January launch of TRUMP coin, a memecoin associated with the former US President. Initially trading exclusively on Meteora, a decentralised exchange (DEX) on Solana, the token generated substantial trading activity before its listing on major centralised exchanges such as Binance and Coinbase.
“The requirement for traders to acquire USDC for initial TRUMP coin purchases has driven significant stablecoin inflows to the network,” explains a recent analysis from Coinbase Institutional Research.
The impact has been profound, with Solana-based DEXs now handling a staggering 74% of all blockchain DEX trading volume, reaching daily highs of $25 billion. This dominance has prompted Fundstrat’s head of digital asset research, Sean Farrell, to describe the figures as “staggering” in a recent social media post.
The network’s native token, SOL, has reaped the benefits of this increased activity, posting a remarkable 20% gain this week—significantly outperforming Bitcoin’s modest 2% increase.
The ecosystem’s expansion continues to attract new players. First Digital, a Hong Kong-based firm, recently integrated its $1.8 billion FDUSD stablecoin with Solana, whilst Sky (formerly MakerDAO) introduced its yield-generating USDS stablecoin to the network late last year.
This unprecedented growth in Solana’s stablecoin market underscores the blockchain’s emerging role as a premier platform for cryptocurrency trading and token launches, particularly in the rapidly expanding sectors of memecoins and artificial intelligence-driven crypto applications.
