Solana Stablecoin Growth Surges to $10 Billion Thanks to TRUMP Memcoin Launch
Date: 2025-01-27 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
In January 2025, the total stablecoin supply on the Solana platform doubled to $10 billion. This growth was largely driven by the launch of the TRUMP memcoin, which became available for trading on Solana’s decentralized exchange, Meteora, against USDC. At that point, Coinbase analysts noted that the rapid demand for TRUMP had led to a significant increase in the volume of stablecoins like USDC and Tether (USDT) on the network. USDC, which remained the leading stablecoin on Solana, surpassed $8 billion in circulating supply, adding over $4 billion in January alone.
Solana continues to be a popular platform for trading and launching tokens, especially in fast-growing crypto sectors such as memecoins and crypto-AI. This accelerated increase in stablecoin liquidity on the network coincided with a period of recovery in digital markets, which was also stimulated by the political situation in the United States, including the victory of Donald Trump in the election.
The launch of the TRUMP coin on January 17 was a major event. The token quickly attracted the attention of traders and caused a huge increase in trading volumes on Solana. Before the memecoin was available on major centralized exchanges such as Binance and Coinbase, it could only be purchased on Meteora, which contributed to the increase in demand for USDC. This increase in trading volumes stabilized the liquidity of the network and contributed to its increase in popularity.
In addition, trading volumes on Solana's decentralized exchanges (DEX) also reached record highs, exceeding $25 billion per day. This represented 74% of the total trading volume across all blockchains, reflecting the large role Solana plays in the current crypto space.
The rise in interest in Solana has also had a positive impact on the value of its native coin, SOL. SOL has been the biggest gainer among assets in the CoinDesk 20 Index this month, up 20% — significantly outperforming even Bitcoin, which has only gained 2%.
While USDC and USDT remain the main players in the stablecoin market on Solana, new issuers are actively expanding their presence on the platform. Notably, First Digital added support for its FDUSD stablecoin to Solana last month, and Sky (formerly MakerDAO) introduced its USDS stablecoin in November.
