Solana Stablecoin TVL Doubles on TRUMP Frenzy: CCData

The supply of stablecoins on the Solana blockchain has jumped by 112% to reach an all-time high of $11.1 billion.

The catalyst for this surge, which topped the previous record set in 2022, was the frenzy surrounding the TRUMP memecoin, according to research firm CCData. Solana has now overtaken Binance Chain, moving up to the No. 3 network by stablecoin supply, behind Ethereum and Tron.

In terms of stablecoin usage, Circle’s USDC accounts for 78% of the network supply, with Tether’s USDT under 18%. Solana is notably the reverse of the broader market, where USDT dominates, with about two-thirds market share.

Ripple USD Trading Volume Spikes

Despite a market capitalization of just $72 million, Ripple’s new stablecoin, RLUSD, generated trading volume of $3 billion in its first five weeks of life.

Launched on Dec. 16, RLUSD saw $2.84 billion in trade volume between Jan. 1 and Jan. 23, according to the CCData report. That made it the No. 4 stablecoin by trade volume during that period. At that point, it had a circulating supply of $97.5 million, with reserve funds of $104 million.

"We're pleased, but not surprised, to see the recent growth and adoption of RLUSD since its launch late last year,” Ripple senior vice president of stablecoins Jack McDonald told The Defiant in an email. “This growing demand highlights the market's need for more trusted, reliable, and regulated stablecoins as the industry continues to expand.”

RLUSD is currently the No. 5 stablecoin by 24-hour volume as of Jan. 31, behind DAI.