In January, the market value of Solana's stablecoin soared. In a month, it doubled from $5.1B to $11.4B. The network saw a memecoin eruption at the same time as this increase.
The introduction of Trump-related memecoins, reduced fees and quicker transactions than Ethereum, and Circle's increased supply of USDC are the main drivers of growth. The dominant stablecoin in Solana is USDC. At $9.25B, it makes up about 80% of all stablecoins on the network. Circle has added $1.25B in the last week alone, continuing to mint additional USDC on Solana.
Despite the rapid growth of Solana, Ethereum still leads DeFi. It states that there are $54.8B in total value locked and $117B in stablecoins. Tron follows with $60.7B in stablecoins. Tether's USDT remains the market leader with a $139.5B market capitalization. However, there are regulatory barriers in the EU.
USDC outperformed all stablecoins in 2024 with an annual growth rate of 78%. Solana's growing popularity among traders is demonstrated by the increase in its stablecoin value. It is the perfect place for stablecoin growth because of the memecoin mania and its efficient infrastructure.
