Since the beginning of the year, the total value of stablecoins in the Solana network has surged 112%, from $5.11 billion to $10.84 billion, according to DeFi Llama data.

For comparison, stablecoin capitalization in other networks:

Ethereum — $116.5 billion
TRON — $59.9 billion
BNB Chain — $7.03 billion
Base — $3.84 billion

Circle’s Key Role

The main driver behind Solana’s growth has been the issuance of USDC by Circle.

Over the last week, about $3.5 billion worth of USDC was issued on Solana—approximately $4 billion since the start of the year, according to The Block.

USDC accounts for roughly 80% of all stablecoins on Solana.

The trend emerged amid the buzz around meme coins launched by the Trump family. Their release had a broader effect on the Solana ecosystem, coinciding with SOL hitting a record above $270.

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