Solana-based stablecoin supply hits new peak, surpassing $10 billion
Quick Take Solana’s total stablecoin supply has reached a new high, exceeding $10 billion for the first time. The value of stablecoins on the network has increased by nearly 110% since January, growing from $5.1 billion to $10.8 billion. The surge in Solana’s stablecoins has been largely driven by Circle’s USDC issuance on the network.
The total stablecoin supply on Solana has reached new all-time highs, exceeding $10 billion for the first time.
According to DeFiLlama data, the value of stablecoins on the Solana network has soared by nearly 110% since the beginning of January, climbing from $5.1 billion to $10.8 billion . In comparison, Ethereum currently holds $115 billion in stablecoins, BNB Chain has $7 billion, Base contains $3.8 billion, and Arbitrum holds $3.1 billion.
This growth has been dominated by the issuance of Circle's USDC (USD Coin) on the network. On-chain data shows that Circle has minted roughly $3.5 billion worth of USDC on Solana over the past week.
According to The Block's data dashboard, nearly 80% of Solana's stablecoin supply (about $8 billion) consists of USDC, which has nearly doubled since the start of this month, going from $4.2 billion to $8.2 billion. Tether’s USDT makes up $1.96 billion of stablecoins on the network.
This surge in Solana’s stablecoin supply aligns with broader trends of stablecoin usage on the network’s DeFi protocols and increasing trading volume around memecoins over the last year, further buoyed by the rollout of Trump family memecoins on the network.
“The recent increase in Solana’s stablecoin supply signals rapid adoption growth, primarily driven by retail interest in the TRUMP memecoin,” said Eden Au, research director at The Block.
The launch of these high-profile Trump memecoins has had a broader impact on the Solana ecosystem, with the price of Solana’s native token surging to a record-high level above $260. Solana’s daily transaction fees reached a record high of over $33 million last week amid a large volume of trading activity surrounding memecoins.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US Treasury yield curve approaches inversion! Is the bond market questioning the outlook for the US economy?
The U.S. Treasury yield curve is rapidly approaching the inversion threshold—the spread between the 10-year and 2-year yields has narrowed to historic lows, and bank stocks have responded with a technical correction. This warning signal, regarded as a "hard rule" for recession, is tearing apart market consensus: some are betting the curve will soon invert, while others firmly believe economic resilience will mitigate the risk. Amid ongoing Federal Reserve rate hikes, the outcome of this bond market game may reshape the narrative logic of the entire asset market.
From ICU to KTV! The Polarized "AI Narrative" Leaves Investors "Exhausted"
In just two weeks, the Nasdaq 100 experienced an extreme rollercoaster: first losing $600 billion in market value due to “AI threat” concerns, then rebounding to reclaim $3 trillion thanks to the viral Meta assistant. Analysts believe that market sentiment is swinging violently between fear and greed, detached from fundamentals. The turmoil has driven Nvidia’s valuation to a ten-year low, intensified the bull-bear divide, and the high volatility driven by narratives has become a long-term norm for investors. This week, Micron will release its financial report; regardless of the outcome, the sharp swings in market sentiment are unlikely to subside.
Weekly Preview: Micron (MU.US) earnings test the quality of AI infrastructure, OpenAI and White House AI meeting resonance, PCE and Nonfarm Payrolls set the tone for October interest rates
This week, the market's focus will shift from politics and product launches to financial reports and macroeconomic data.
"Over 5% 10-Year US Treasury Yield" Fails to Crush AI Investment Frenzy—Is the Real "AI Kill Line" an Inverted Yield Curve?
The bond market is gradually sending warning signals to the economy, indicating that the Federal Reserve's series of interest rate hikes will begin to shift market sentiment, making people increasingly concerned that the US economy may fall into stagnation.
Crypto prices
More
