Solana's stablecoin supply reached a record high of $11.1 billion in January, driven by the launch of Donald Trump's memecoin, $TRUMP. The surge in stablecoins coincided with a decrease in Tether's dominance and an increase in trading activity on decentralized exchanges (DEXs).
This coincided with the launch of Donald Trump's memecoin $TRUMP which caused a wave of inflows to the networkThe supply of stablecoins on Solana jumped by 112% in January to a record high of $11.1 billion, CCData said in a research report on Friday.
The supply of stablecoins on Solana jumped by 112% in January to a record high of $11.1 billion, CCData said in a Trading activity around $TRUMP resulted in record activity on decentralized exchanges 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 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.
SOLANA STABLECOINS TRUMP MEMECOIN DECENTRALIZED EXCHANGES TETHE
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