TRUMP Token Surge Boosts Solana Stablecoin Supply to $10B and Sets Record DEX Volumes

Solana’s stablecoin supply surged to a record $10 billion, fueled by a frenzy surrounding the launch of the TRUMP memecoin tied to Donald Trump.

Solana’s stablecoin supply surged to a record $10 billion, fueled by a trading frenzy surrounding the launch of the TRUMP memecoin tied to Donald Trump. This significant increase, doubling since the start of January, was largely driven by Circle’s USDC, which saw over $4 billion added to its circulation on the network. Tether’s USDT also grew, reaching $2 billion from $917 million. TRUMP was initially traded on Solana’s decentralized exchange Meteora, paired with USDC, driving demand for the stablecoin and boosting transaction activity on the network.

Along with the stablecoin surge, Solana’s decentralized exchange trading volumes reached an all-time high of $25 billion daily, representing 74% of total DEX volume across all blockchains. Solana’s native token (SOL) also posted the largest gain in the CoinDesk 20 Index, up 20%, outperforming Bitcoin’s 2% increase. The network’s growing liquidity and activity reflect a broader resurgence in digital asset markets, partly sparked by Trump’s political influence.

While USDC and USDT dominate Solana’s stablecoin market, the network is seeing an influx of new issuers. Hong Kong-based First Digital recently launched its $1.8 billion FDUSD fiat-backed stablecoin on Solana, while DeFi platform Sky (formerly MakerDAO) added its USDS stablecoin in November.