The supply of stablecoins on Solana jumped by 112% in January to a record high of $11.1 billion, CCData (a subsidiary of CoinDesk) said in a research report on Friday.
The surge coincided with the launch of Donald Trump’s memecoin $TRUMP, which caused a wave of inflows to the network, according to the report. Stablecoin supply has risen by 73.6% since $TRUMP launched on Jan. 18.
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Trading activity around $TRUMP resulted in record activity on decentralized exchanges (DEXs) and contributed to stablecoin supply on Solana, surpassing its previous record set in 2022 and becoming the third largest network behind Ethereum and Tron, based on this metric.
The report also said that the market capitalization of all stablecoins has passed $200 billion, having grown by $37 billion since Trump won the U.S. election in November.
The increase in supply has also coincided with a decrease in the domination of Tether’s USDT, the largest stablecoin with a market cap of around $140 billion. According to CCData, its share of the sector dipped from 67.5% to 64.9% in January, the lowest since May 2023.
One such beneficiary of this trend appears to be Ripple’s USD, which became the fourth-largest stablecoin by trading volume on centralized exchanges in January, the report said.
Ripple spent much of the last few years locked in a legal battle with the U.S. Securities and Exchange Commission (SEC). The “Trump effect” has helped native token XRP jump by 33% to trade at over $3.10 this month, and CEO Brad Garlinghouse has spoken of a bump in U.S.-based deals and hiring as well.
Read More: Grayscale Files SEC Proposal to Convert XRP Trust Into ETF
