Stablecoin Supply in Sol Surged 112% in January with Trump Memecoin Frenzy: CCDATA
Supply of Stablecoins in Solana jumped 112% in January with a record of $ 11.1 billion, CCDATA (a subsidiary of CoinDesk) on A Research Report on Friday.
The progress coincides with the launch of Donald Trump’s $ Trump’s $ Trump, which led to a wave of network flow, according to the report. The Stablecoin supply rose 73.6% since the launch of $ Trump on January 18.
Trade activity around $ Trump resulted in record activity in decentralized exchange (Dex) and contributed to Stablecoin’s supply to Solana, which exceeded the previous set of Note of 2022 and became the third largest network behind Ethereum and Tron, based on this measure.
The report also stated that the market capitalization of the market All stablecoins have passed $ 200 billionthat has grown $ 37 billion since Trump won the US election in November.
The supply increase also coincides with the reduction in Tether’s USDT domination, the largest stablecoin with a market cap around $ 140 billion. According to the CCData, part of the sector sank from 67.5% to 64.9% in January, the lowest since May 2023.
One of the beneficiaries of this trend is Ripple’s USD, which became the fourth largest stablecoin by the amount of trade in centralized exchanges in January, the report said.
Ripple has spent most of the previous years locked in a legal battle with the US Securities and Exchange Commission (SEC). The “Trump Effect” helped the native token XRP jump 33% to trade over $ 3.10 this month, and CEO Brad Garlinghouse talked about a bump on US-based deals and hire as well.
Read more: GRASSCALE FILES SEC Proposal to convert XRP trust in ETF
