Right, so apparently, stablecoins on Solana decided to have a January glow-up, doubling their market cap from $5.1 billion to a whopping $11.4 billion. According to DefiLlama (whoever that is), this is a thing now. 📈
Solana, the blockchain equivalent of that one friend who’s always faster and cheaper than everyone else, has become the go-to for memecoin traders. And guess what? The whole stablecoin explosion seems to be tied to the memecoin frenzy that kicked off when Donald Trump launched his own Solana-based cryptocurrency on Jan. 18. Yes, THE Donald Trump. And then, because why not, there’s a MELANIA token too. Because of course there is. 💁♂️
CCData (another name I’ve never heard of) says Solana’s stablecoin supply has jumped by 73% since mid-January, all thanks to Trump’s memecoin shenanigans. Who knew politics and crypto could be such a power couple? 🤷♀️
Meanwhile, Tether’s USDT is still the big cheese on Ethereum and Tron, with $65 billion and $60 billion, respectively. But on Solana, Circle’s USDC is the queen bee, making up nearly 80% of all stablecoins on the network at $9.25 billion. Circle’s been busy minting USDC like it’s going out of fashion, adding another $250 million on Feb. 3 alone. 💰
USDT is still the world’s most traded stablecoin, with a market cap of $139.5 billion, while USDC trails behind at $53 billion. Circle’s got some catching up to do, but hey, USDC grew by 78% in 2024, so maybe there’s hope yet. 🌱
Meanwhile, Tether’s having a bit of a rough time in the EU, where exchanges are delisting its stablecoin to comply with new regulations. But don’t feel too bad for them—they reported a record-breaking $13 billion profit in 2024 and have a US Treasury portfolio worth $113 billion. Cry me a river, right? 😭
So there you have it. Solana’s stablecoins are on fire, Trump’s memecoins are a thing, and Tether’s still swimming in cash despite its regulatory woes. What a time to be alive. 🚀
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2025-02-03 15:34