TRUMP Memecoin Surge Contributed to a 112% Growth in Solana’s Stablecoin Supply in January: CCData

The stablecoin supply on Solana surged by 112% in January, reaching an all-time high of $11.1 billion, according to a report by CCData, a subsidiary of CoinDesk.

This dramatic increase in supply came alongside the launch of Donald Trump’s memecoin, $TRUMP, which sparked a wave of network inflows. Since its debut on January 18, the stablecoin supply on Solana rose by 73.6%. The intense trading activity surrounding $TRUMP led to record numbers on decentralized exchanges (DEXs), further boosting stablecoin liquidity on the network. This increase helped Solana break its previous stablecoin supply record from 2022, positioning it as the third-largest network in stablecoin supply, trailing only Ethereum and Tron.

The report also noted that the total market capitalization of stablecoins has now surpassed $200 billion, marking a $37 billion increase since Donald Trump’s November election win. This influx has been accompanied by a drop in Tether’s dominance, with USDT’s share falling from 67.5% to 64.9% in January — its lowest level since May 2023.

Ripple’s USD stablecoin was one of the primary beneficiaries of this trend, becoming the fourth-largest stablecoin by trading volume on centralized exchanges in January.

Ripple, which has been engaged in a lengthy legal dispute with the U.S. Securities and Exchange Commission (SEC), saw its XRP token rise by 33%, trading at over $3.10 this month. CEO Brad Garlinghouse has pointed to an increase in U.S.-based deals and hiring, attributing part of the boost to the influence of the “Trump effect” on the market.