Going by DEX volume and meme coin activities, Solana is ahead of all other blockchains, including Ethereum and Tron. Therefore, news that Solana had overtaken Ethereum and Tron in stablecoin issuance over the past 30 days came as no surprise.
Solana Flips Ethereum and Tron in Stablecoin Growth
According to Artemis, over $5.5 billion worth of stablecoins, mostly USDC, was minted on Solana
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This is more than the over $4.5 billion minted on Ethereum and way more than what Tron attracted. If anything, stablecoins worth over $1.5 billion were redeemed on Tron, pointing to a slowdown in demand.
Solana is #1 in stablecoin supply growth in the last month. pic.twitter.com/DFwIlwB2RW
— Artemis (@artemis) January 24, 2025
Topping all this up is that Circle, which is behind USDC, issued $250 million more USDC on Solana yesterday, according to on-chain trackers. Cumulatively, Circle has minted more than $7 billion worth of the stablecoin on Solana in roughly six weeks since the start of 2025.
Just in: Circle has minted $250M $USDC on @solana.
So far, they have minted $7B $USDC on #Solana in 2025.https://t.co/yL7ulJWFc6 pic.twitter.com/zxAsTKD0hx
— Onchain Lens (@OnchainLens) February 9, 2025
Even as demand increases and more users opt for the audited USDC over USDT, the latter is still the largest by market cap.
Tether, which is behind USDT, has minted over $141 billion, with most of these tokens circulating mainly on Ethereum and Tron. Tether doesn’t mint on Solana, a platform where Circle currently dominates. USDC has a market cap of $56 billion and is the second-largest stablecoin, more valuable than Dogecoin and Cardano.
USDC Rising Transactions: Aftermath of EU Tether Ban?
Parallel data from IntoTheBlock shows that more USDCs are being shuffled, looking at average daily transactions.
On average, it is up 119% year-to-date, and this coincides with USDT’s dropping dominance from 73% a year ago to 65% in early 2025.
USDC is becoming increasingly popular, with the number of daily transactions increasing by over 119% in the last year! pic.twitter.com/AODNgEnnnp
— IntoTheBlock (@intotheblock) February 3, 2025
During this time, the USDC market share rose to 25.5%.
With regulatory clarity and the fact that Circle, whose part owners include Coinbase, is based in the United States, their market share will likely continue rising.
The new crypto czar David Sacks said the United States is currently focused on providing regulatory clarity, especially on stablecoins.
Unlike USDT, which has no offices in the United States, USDC is regularly audited.
The latest Reserve composition data shows that Circle has minted $55.7 billion and currently holds $55.7 billion in reserves. Over the last week, they issued $4.6 billion, and $2 billion worth of USDC was redeemed.
(Source)
What’s Driving USDC and Stablecoin Demand in Solana?
Solana is playing a crucial role in USDC’s expansion. Since the network is scalable and thus cheap to use, more users are flocking to the Ethereum alternative. There, they can mint meme coins and engage in DeFi.
Recently, the Trumps launched their meme coins on Solana, not Ethereum, and within hours, these tokens exploded in valuation. Although prices have since plunged, this endorsement is valuable for Solana and increases credibility, especially now that the team is working on improving network reliability.
#Solana ETF Update
The #SEC approval deadline for the Solana ETF applications is set for January 25, 2025, for the initial review of applications from institutions like #VanEck, #21Shares, #Canary, and #Bitwise. However, there is also a mention of another deadline for…
— MartyParty (@martypartymusic) January 22, 2025
Circle will also win should Bitwise, 21Shares, and VanEck succeed in their spot Solana ETF applications.
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The post Solana Flips Ethereum, Tron in 30-day Stablecoin Growth: What Does It Mean? appeared first on 99Bitcoins.
