Stablcoins’ supply in Solana increased 112% in January to a record of $ 11.1 billion, CcData (a Coindesk subsidiary) said in a research report on Friday.
The increase coincided with the launch of Memecoin $ Trump of Donald Trump, which caused a wave of entries to the network, according to the report. Stablecoin Supply has increased by 73.6% since $ Trump launched on January 18.
The commercial activity around $ Trump resulted in a record activity in decentralized exchanges and contributed to the Stelcoin supply in Solana, exceeding its previous record established in 2022 and becoming the third largest network behind Ethereum and Tron, in function of this metric.
The report also said that the market capitalization of all Stablecoins has spent $ 200 billion, after having grown at $ 37 billion since Trump won the US elections in November.
The increase in the supply has also coincided with a decrease in the domination of the USDT of Tether, the largest stable with a market capitalization of around $ 140 billion. According to CCData, its participation in the sector dropped from 67.5% to 64.9% in January, the lowest since May 2023.
One of those beneficiaries of this trend seems to be the USD of Ripple, which became the fourth largest stable when negotiating the volume in centralized exchanges in January, according to the report.
Ripple spent a large part of recent years locked in a legal battle with the United States Stock Exchange and Securities Commission (SEC). The “Trump effect” has helped the XRP of Token Native to jump by 33% to operate in more than $ 3.10 this month, and the CEO Brad Garlinghouse has spoken of an increase in agreements and hiring based in states in states United too.
Read more: Grayscale file the sec proposal to convert XRP Trust into ETF
