Driven by the TRUMP token surge, Solana’s stablecoin supply hits $10 billion, with DEX volumes reaching new all-time highs.

Trump Token Mania Propels Solana Stablecoin Supply to $10.5B, Setting New Records

Solana (SOL), a leading blockchain optimized for fast and low-cost transactions, has witnessed a massive surge in stablecoin supply, reaching $10.5 billion, thanks to the trading frenzy surrounding Donald Trump’s TRUMP memecoin. The network’s stablecoin supply has doubled since January, driven by significant inflows of Circle’s USDC and Tether’s USDT, according to Artemis data.

USDC saw the largest growth, surpassing $8 billion in circulation on Solana, an increase of over $4 billion in January alone. Meanwhile, Tether’s USDT supply climbed to $2 billion from $917 million during the same period. Stablecoins remain critical in crypto trading, providing liquidity for decentralized exchanges (DEX) and token launches.

The spike in activity followed the Jan. 17 debut of TRUMP coin on Solana, a memecoin tied to the U.S. President. Initially traded on Solana-based DEX Meteora against USDC, the token sparked a rush for USDC acquisitions as traders sought to participate.

Solana’s decentralized exchanges have also seen record-breaking volumes, with daily trading surpassing $25 billion—accounting for 74% of all blockchain DEX activity. “The momentum is undeniable,” said Sean Farrell, digital asset research head at Fundstrat, in a statement on X.

This surge has fueled a 20% weekly gain for Solana’s native token, SOL, vastly outperforming bitcoin’s (BTC) modest 2% increase.

In addition to USDC and USDT dominance, Solana has attracted other stablecoin issuers. Hong Kong-based First Digital added native support for its FDUSD stablecoin, valued at $1.8 billion, while DeFi giant Sky introduced its yield-generating USDS stablecoin late last year.

As Solana cements its place as a key player in the crypto market, its stablecoin-driven growth and integration into new financial applications highlight its expanding ecosystem and appeal.