Even though Trump’s Solana-based memecoin sank 75% amid U.S. tariffs and market turmoil, stablecoins on the Solana blockchain saw explosive growth in January. According to DefiLlama, the stablecoin market cap on Solana (SOL-USD) more than doubled, jumping from $5.1 billion to $11.4 billion. Speculative memecoin trading, including Trump’s now-struggling token and the MELANIA token, drove much of this activity. Solana’s appeal lies in its low fees and fast transactions, attracting traders moving away from Ethereum.
USDC Continues to Dominate Solana’s Market
Circle’s USDC (USDC-USD) remains Solana’s top stablecoin, representing nearly 80% of its market cap. In early February, Circle minted an additional $250 million in USDC, pushing its weekly issuance to $1.25 billion. Globally, USDC’s market cap has soared to $53 billion, showing 78% growth over the past year, according to CoinMarketCap. Analysts attribute the rise to investors converting volatile crypto assets into stablecoins for protection.
Global Stablecoin Market Reaches New Heights
The worldwide stablecoin market hit a record $211 billion, Alphractal reported. Some experts believe this trend may signal increased caution among investors, potentially indicating a market peak. However, others suggest rising stablecoin use could attract new capital and extend bullish momentum. For now, Solana remains a magnet for memecoin traders seeking fast, affordable transactions.
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