Solana’s Stablecoin Supply Hits Record $11.1 Billion: Unstoppable Growth Fueling the Surge

February 1, 2025 by Sadia Ali

1. Solana’s stablecoin supply surged by 73% since January, reaching $11.1 billion.
2. USDT continues to lead but has seen a slight decline in dominance.
3. New stablecoins like RLUSD and Sky Dollar are gaining significant market share.

Solana’s network saw a significant increase in stablecoin supply in January, growing by 73.6% since mid-month. As of January 30, the total supply of stablecoins on Solana reached $11.1 billion, setting a new all-time high, as per recent report by CCData.

Source: CCData

This increase was largely driven by heightened network activity following US President Donald Trump’s launch of $TRUMP, the memecoin. The surge in Solana’s stablecoin supply is notable, as it now ranks third in total stablecoin supply, trailing only Ethereum and Tron. USDC remains the dominant stablecoin on the network, holding nearly 78% of the total stablecoin supply.

USDT and USDC Performance

In January, Tether’s USDT continued its growth trend, increasing by 1.38% to $140 billion, marking its 17th consecutive month of gains. However, USDT’s dominance fell to 64.9%, its lowest level since May 2023, as other stablecoins gained market share.

Source: CCData

USD Coin (USDC) had a standout month, growing by 18.9% to $52.1 billion, its highest level since July 2022. This shift in market dynamics shows the growing competition among stablecoins, with USDC and FDUSD seeing gains in both market capitalization and trading volume.

Rise of New Stablecoins

Both Sky Dollar and RLUSD saw success in January. RLUSD, having recently gone live in a little over two months in a centrally located environment, saw a trading value of $3.02 billion. With a circulating supply of $97.5 million and in excess of $104 million in reserve assets, RLUSD is a player in its niche in a relatively short period of time.

Source: CCData

Meanwhile, Sky Dollar rose 91.5% in value to $2.42 billion, its two-month high for a second successive rise in value. Stablecoins both illustrate increased diversity in the marketplace for stablecoins.

Solana’s Expanded Role in the Stablecoin Sector

The presence of Solana in the universe of stablecoins continues to widen, with Solana recently outgunning Binance Chain in terms of stablecoin issuance. With $TRUMP’s launch, Solana saw a tremendous surge in activity in its DEXs, propelling volumes in trading in stablecoins.

The integration of FDUSD through First Digital Labs brought additional diversity in terms of stablecoin presence in the network. There is a predominantly presence of USDC and USDT in Solana’s stablecoin supply, but emerging assets, including new entrants such as Sky Dollar and RLUSD, form a larger expansion direction in the ecosystem.

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