The increased activity has had a ripple effect on the ecosystem. This has pushed Solana’s native token SOL to a record-high price of over $294.33 after breaking a crucial resistance point.
The Solana blockchain is riding high on a wave of growth. According to market data, the network has marked a historic milestone as its total stablecoin supply surpasses $10 billion for the first time. This meteoric rise reflects thriving decentralized finance (DeFi) activity and an unexpected surge in retail interest fueled by meme coins.
Solana’s Stablecoin Supply Doubles in Weeks
Recent data from DeFiLlama shows that Solana’s stablecoin supply has more than doubled in just a few weeks. At the beginning of 2025, the total value of stablecoins on Solana stood at $5.1 billion.
This figure has since surged to $10.8 billion, marking an impressive increase of nearly 110%. This showcases Solana’s ability to attract liquidity at an unprecedented pace.
Solana’s stablecoin supply now surpasses the combined holdings of BNB Chain with $7 billion and Base holding of $3.8 billion. This rapid growth highlights Solana’s rising prominence in the stablecoin ecosystem.
Ethereum dominates the stablecoin scene with $115 billion in assets. As previously reported by Coinspeaker, the network outperformed Solana by earning three times more, cementing its position as the highest-earning blockchain.
However, Solana is outpacing its competitors, thanks largely to the growing use of USD Coin USDC $1.00 24h volatility: 0.0% Market cap: $61.85 B Vol. 24h: $9.61 B on the network. On-chain data revealed that Circle, the issuer of USDC, has issued $3.5 billion worth of USDC on the network in just the past week.
Currently, USDC makes up 80% of all stablecoins on Solana, jumping from $4.2 billion to $8.2 billion in less than a month. Additionally, Tether’s USDT USDT $1.00 24h volatility: 0.0% Market cap: $148.43 B Vol. 24h: $28.92 B contributes another $1.96 billion to Solana’s stablecoin supply.
What’s Driving the Boom?
Another key factor in the rapid rise of stablecoins on Solana is the rising popularity of altcoins on the blockchain. Over the past year, Solana has become a hotspot for meme coin trading, attracting retail investors looking to make quick profits.
Last November, the network achieved a significant milestone, with its monthly DEX trading volume surpassing $100 billion for the first time. Last year, the platform achieved another series of remarkable milestones in both the decentralized finance and Non-Fungible Token (NFT) ecosystems.
The recent launch of the US President family-themed meme coins has significantly boosted this trend, with TRUMP TRUMP $12.61 24h volatility: 7.4% Market cap: $2.52 B Vol. 24h: $1.17 B at the forefront. This surge in attention has led to a spike in trading activity across the network, creating a meme coin frenzy.
The increased activity has had a ripple effect on the ecosystem. This has pushed Solana’s native token SOL SOL $142.4 24h volatility: 3.7% Market cap: $73.74 B Vol. 24h: $3.43 B to a record-high price of over $294.33 after breaking a crucial resistance point. In addition, transaction fees on the network soared to an all-time high of $33 million last week, driven by the intense volume of meme coin trading.
Solana’s rise to over $10 billion in stablecoin supply is not just a reflection of increased liquidity. It is a testament to the network’s appeal. By catering to both serious DeFi users and meme coin enthusiasts, Solana has carved out a unique position in the blockchain ecosystem.
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