Stablecoin Market Cap on Solana Reaches Record $10.8 Billion

Since the beginning of the year, the value of stablecoins on the Solana network has surged by 112%—from $5.11 billion to $10.84 billion, according to DeFi Llama.

For comparison, the equivalent figures in other networks are:

• Ethereum— $116.5 billion; 
• TRON— $59.9 billion; 
• BNB Chain— $7.03 billion; 
• Base— $3.84 billion.

The growth driver in Solana has been the issuance of USDC by Circle. 

In the past week alone, tokens worth approximately $3.5 billion have been issued on the network, and since the start of the year, about $4 billion, according to The Block. 

USDC accounts for about 80% of the stablecoin supply on Solana.

This trend emerged amid the excitement surrounding meme coins issued by the Trump family.

The launch of these assets has had a broader impact on the Solana ecosystem, setting the stage for SOL to potentially reach a record high above $270.

Back in January, a client of the OTC platform Paradigm bet on Solana reaching $400 by the end of February.