Stablecoin supply on the Ethereum (ETH) rival Solana (SOL) has surged in the past couple of weeks after the rollout of President Donald Trump’s Official Trump (TRUMP) memecoin, according to the crypto research firm CCData.
CCData notes in a new report that Solana’s stablecoin supply has ripped by 73.6% since January 18th, the day after the TRUMP coin launched.
TRUMP led to massive capital inflows and record-breaking decentralized exchange (DEX) trading activity on Solana, which in turn led to the increase in stablecoin supply, according to the research firm.
The stablecoin supply on Solana surged by a total of 112% across the month of January to reach a new all-time high of $11.1 billion. The total market capitalization of stablecoins across all chains also jumped by 5.68% last month to $215 billion.
January represented the 16th consecutive month of stablecoin growth, according to CCData. However, the top stablecoin by market cap, Tether’s USDT, lost market share, with its dominance level dropping from 67.5% to 64.9% last month.
SOL is trading at $229.24 at time of writing. The fifth-ranked crypto asset by market cap is down nearly 4% in the past 24 hours and more than 11% in the past week, though it remains up by nearly 18% in the past 30 days.
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