On-chain data from CryptoRank revealed that Solana’s stablecoin supply surged by 130% year-to-date. The firm acknowledged that SOL’s stablecoin supply has increased from $5 billion to $11.8 billion.
The analytic company also attributed the surge to Circle continuously minting USDC on Solana in recent months. Circle had minted an additional $250 million in USDC, which brought the total minted since January 1, 2025, to $10 billion. The overall supply of USDC had also risen by 32% year-to-date, reaching $58 billion.
Solana stablecoin supply increased by 130% YTD
Stablecoin supply on Solana surges 130% YTD
Since the start of the year, @Solana stablecoin supply has jumped from $5B to $11.8B, with $USDC leading at $9.2B—similar to @Base, where it accounts for 92% of stablecoins.
Meanwhile, $USDC supply has risen 32% YTD, reaching $58B. https://t.co/MRdMWqxvO9 pic.twitter.com/a1qZvCysd0
— CryptoRank.io (@CryptoRank_io) March 13, 2025
CryptoRank revealed that Solana’s stablecoin supply had increased by 130% year-to-date, moving from $5B to $11.8B. The firm noted that the USDC stablecoin was the primary driver for the increased supply, which represented 92% of stablecoins on Solana.
On-chain data also showed that the Solana stablecoin market cap reached $11.947 billion at the time of publication. The SOL stablecoin market cap rose by 1.81% in the past 7 days, an addition of $211.86 million. USDC dominated and accounted for 79.15% of the total market cap, roughly $9.45 billion.
Previous Managing Director at Binance, David Alexander noted that stablecoins continued to experience growth and adoption despite significant headwinds in the broader market.
According to on-chain data, the overall stablecoin market cap recorded an all-time high of $228.353 billion at the time of publication. The total stablecoin market cap also increased by nearly $2.103 billion (0.93%) in the past 7 days. USDT led and accounted for 62.94% of the total stablecoins market cap, roughly $143.725 billion.
A research report by CCData revealed that the supply of stablecoins on Solana jumped by 112% in January to a record high of $11.1 billion. The report attributed the surge to the launch of Trump’s memecoin TRUMP, which caused a wave of inflows to the network. By the end of January, stablecoin supply had risen by 73.6% since TRUMP launched on January 18.
The firm acknowledged that TRUMP’s trading activity on decentralized exchanges contributed to stablecoin supply on Solana, surpassing its previous record set in 2022. In the run-up to Trump’s inauguration, the daily number of new Solana addresses surpassed 9 million, the highest ever. The research also stated that Solana stablecoins grew to become the third-largest network behind Ethereum and Tron.
On-chain data revealed that Solana is exchanging hands at $125.78 at the time of publication, a 13% decrease in the last 7 days. The digital asset also recorded a total market cap of around $64.1 billion and a 24-hour trading volume of $2.58 billion.
Crypto analyst CryptoElites said in January that Solana was preparing for a massive move. The analyst noted that the digital asset’s price action since November 2024 pushed the price above the 2021 descending trendline. The researcher argued that SOL could eventually be in the $678 to $1,099 range. CryptoExpert101 also shared similar sentiments and projected that Solana could hit $1,000 and above in 2025.
U.S. Senate Banking Committee approves stablecoin bill
The U.S. Senate Banking Committee approved the GENIUS Act to regulate payment stablecoins by a vote of 18 to 6. The Senate said the goal was to have a bill for President Trump’s signature by the end of April. They also noted that there were several steps still needed, including a full Senate vote and integration with the House STABLE Act Bill.
The bill that would regulate U.S. stablecoin issuers at the federal level now requires passage by the overall Senate despite getting its first committee approval. The bill also awaits approval in the House of Representatives.
Most Democrats advocated for the bill while also seeking to add several amendments to add more regulatory controls and limits, each of which was shot down with partisan votes.
Senator Elizabeth Warren, the panel’s ranking Democrat, argued that the bill marked “a clear threat to our national security“ in its current form.
“It would be crazy to advance the bill when it’s got so many holes in it that have been pointed out and to advance it at the exact moment that news is breaking about Donald Trump trying to create his own stablecoin with an outfit that is notorious for breaking the law.”
~ Senator Elizabeth Warren,
The American senator referred to claims that the Trump-linked World Liberty Financial was reported to be in talks with crypto exchange Binance. She argued that “jamming this through while Donald Trump is out there making a deal with a criminal stablecoin platform makes no sense.”
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