Solana-based stablecoin supply hits new peak, surpassing $10 billion

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.