Solana 
$269 (SOL) network has reached a significant milestone in total stablecoin supply. For the first time, the stablecoin supply has exceeded $10 billion, showing a 110% increase since January. Following Ethereum (ETH) 
$3,396, Solana has surpassed competitors such as BNB Chain, Base, and Arbitrum in stablecoin supply.
USDC Coin Maintains Leadership on Solana Network
This growth in the Solana network is largely attributed to Circle’s USD Coin (USDC). According to data, approximately 80% of the stablecoin supply on Solana, equating to $8 billion, is accounted for by USDC. The supply of USDC rapidly doubled from $4.2 billion at the beginning of the month to $8.2 billion.
The increase in stablecoin supply is directly related to the growing popularity of DeFi protocols on Solana and the rise in trading volume of memecoins. Particularly, the launch of memecoins associated with the Trump family has significantly invigorated the Solana ecosystem.
Impact of Memecoins on the Solana Ecosystem
The release of Trump memecoins has led to a considerable volume of transactions on the Solana network. Last week, daily transaction fees on Solana exceeded $33 million, setting a new record. Furthermore, the main asset of Solana, SOL coin, surpassed $260, reaching an all-time high.
Eden Au, Research Director at The Block, stated, “The increase in Solana’s stablecoin supply is directly linked to individual investor interest in the TRUMP memecoin.”
The recent surge in interest has once again highlighted the Solana network as a strong player in the cryptocurrency world. Whether the rise in stablecoin supply will continue remains an intriguing question.
