Solana’s stablecoin market cap surges 116% in 30 days, hitting $11.7B

Solana’s stablecoin market cap has hit a new record at $11.7 billion, rising by over 116% in just 30 days.

Moreover, Solana outpaced Base and Ethereum in stablecoin transfer volume in January, with over $1.6 trillion in transfers.

Solana’s stablecoin growth is linked to Trump’s family meme coins

According to DefiLlama, Solana’s stablecoin market cap has grown by almost 6% in the last week, passing the $11 billion threshold. In January alone, the network saw about $1.6 trillion in stablecoin transfers, beating Ethereum’s $607 billion and Base’s $664 billion. 

However, the network’s growth is tied to Trump’s family tokens. US President Trump introduced the TRUMP meme coin to the world on January 18 and quickly followed the MELANIA token, the First Lady’s launch, which saw Solana’s stablecoin supply surge by over 73% since mid-January.

Also, the network’s consecutive daily records for decentralized exchange (DEX) activity grew to $28.2 billion on January 18 and $39.2 billion on January 19, which coincides with the launch of TRUMP and MELANIA meme coins.

Circle issued the most stablecoin on Solana in January. As of February 2, Circle had issued over $9.25 billion USDC, accounting for about 80% of all stablecoins on the network.

Nevertheless, USDT is still the most traded stablecoin globally, valued at almost $140 billion. USDC ranks second at $53 billion, but it did take first place with the highest yearly growth rate in 2024, growing by 78%.

Solana can process over 65,000 transactions per second

Solana has earned the confidence of multiple crypto institutions in the past year. Companies like Bitwise, 21Shares, and VanEck refiled applications for a SOL ETF after being rejected last year, partially caused by a change in SEC’s top governance. 

Most crypto companies are hopeful that the commission will be more friendly towards crypto assets going forward,

Besides, users on the network can make their payments slightly faster now, making the network more attractive. Following a system update in December 2024, Solana’s blockchain can handle over 65,000 transactions per second, allowing the network to handle more than 5,000 transactions per second across 2,000 globally distributed nodes. 

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