Solana stablecoins attain 2x market cap in January
Circle’s USDC was the most dominant stablecoin on Solana, accounting for nearly 80% of all stablecoins on the network.
The market capitalization of stablecoins on the Solana blockchain more than doubled in January, soaring from $5.1 billion on New Year’s Day to $11.4 billion by month’s end, according to data from DefiLlama.
Solana has emerged as the preferred network for memecoin traders, luring activity from Ethereum with its lower fees and faster transactions. The surge in stablecoin issuance appeared to be linked to the renewed explosion of memecoin speculation, which gained traction when US President Donald Trump launched his own Solana-based cryptocurrency on Jan. 18, followed by a MELANIA token named after the first lady.
According to CCData, Solana’s stablecoin supply has jumped by more than 73% since mid-January, driven by Trump’s memecoin launches.
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Author: Yohan Yun
