Solana 
$249 (SOL), a smart contract platform designed for high-speed and low-cost transactions, has reached a new milestone in stablecoin supply alongside Donald Trump’s meme coin. The network’s stablecoin supply has doubled since January, hitting $10.5 billion, with Circle’s USDC leading the charge, surpassing $8 billion in circulation. Tether‘s USDT rose from $917 million to $2 billion, emphasizing stablecoins’ essential role as popular liquidity sources in the crypto economy.
USDC and Tether Dominate on Solana
The substantial increase in stablecoin supply on Solana reflects a steady growth trend, especially with the crypto asset markets revitalizing due to Trump’s election victory. The peak was marked by the launch of TRUMP Coin on January 17. Solana has become a bustling hub for token trading and launches, particularly in the rapidly expanding sectors of meme coins and crypto AI agents, driven by an increase in stablecoin liquidity.
DEX Trading Volume Sets Records
Before being listed on popular centralized exchanges, TRUMP coin transactions were first executed at the decentralized exchange Meteora against the USDC pair. This required fast-moving traders to obtain USDC first, consequently boosting its inflow into the network. Decentralized exchanges (DEXs) based on Solana have seen trading volumes exceed $25 billion daily, accounting for 74% of all DEX trading across blockchains.
This surge in activity has positively impacted the price of SOL, which registered a remarkable 20% increase this week. This performance outpaced Bitcoin 
$104,527‘s 2% rise, showcasing Solana’s growing prominence. As USDC and Tether maintain their dominance in Solana’s stablecoin market, new players are also entering the scene.
First Digital, based in Hong Kong, has introduced a fiat-backed stablecoin, FDUSD, worth $1.8 billion, adding local support on Solana. Additionally, DeFi lending giant Sky plans to bring its USDS stablecoin to the network in November. The rise in stablecoin supply on Solana and the increased trading volume on decentralized exchanges have significantly boosted the network’s liquidity and trading activity.
