Solana’s stablecoin supply surged by an impressive 112% in January, reaching a record $11.1 billion, according to CCData, a subsidiary of CoinDesk.

This spike in stablecoin supply closely aligned with the launch of Donald Trump’s memecoin, $TRUMP, which brought a surge of activity and capital inflows to the network. Since the $TRUMP token’s debut on January 18, Solana’s stablecoin supply increased by 73.6%, triggering a notable rise in decentralized exchange (DEX) trading volumes. This momentum pushed Solana past its previous supply record from 2022, solidifying its position as the third-largest blockchain by stablecoin supply, behind Ethereum and Tron.

CCData also highlighted that the overall market capitalization of stablecoins has surpassed $200 billion, marking an increase of $37 billion since President Trump’s election win in November. Additionally, Tether’s USDT dominance dropped from 67.5% to 64.9% in January — its lowest share since May 2023.

Ripple’s USD stablecoin capitalized on this trend, ranking as the fourth-largest stablecoin by trading volume on centralized exchanges for January.

XRP, Ripple’s native token, benefited as well, rising by 33% this month to trade above $3.10. Ripple’s CEO, Brad Garlinghouse, indicated that this market momentum has led to an uptick in U.S.-based deals and hiring, attributing part of this growth to the market buzz surrounding the “Trump effect.”