Solana, the second-largest blockchain by Total Value Locked (TVL), has seen its ecosystem grow exponentially, driven by the rapid growth of its stablecoin market cap.

Data from decentralized finance (DeFi) analytics platform DefiLlama shows that the network’s stablecoin market cap has reached $10.7 billion.

The previous all-time high for all stablecoins on Solana was around $6.259 billion in June 2022. Between December 2022 and January 2024, the figure remained below the $2 billion mark, while the blockchain’s largest competitor, Ethereum, reached $101 billion.

Justin Sun’s Tron has also seen its stablecoins’ market cap grow during this period, from $31 billion in June 2022 to nearly $50 billion in early 2024.

The blockchain’s technical capabilities are also being tested. It is reported to process around 350 million transactions daily, generating $50 million in fees, which translates to $19.4 billion in annualized value.

Unlike Tron and Ethereum, where Tether is the dominant stablecoin with 98.3% and 56.3% respectively, Solana’s largest stablecoin is USDC, representing 77.2% of the market cap. Over the past week, the ecosystem has issued $3.75 billion worth of tokens, bringing the total to $8.26 billion.

USDT has a value on the network of just under $2 billion, with PayPal’s PYUSD a distant third at $150 million.

According to analysts, the surge was primarily driven by meme coin pairs using USDC and USDT. It coincided with the launch of two tokens on the blockchain, one by US President Donald Trump and one by First Lady Melania.

The Official Trump coin (TRUMP) was the talk of the town over the weekend, reaching a dizzying market cap of $15 billion and momentarily eclipsing Pepe and Shiba Inu to become the second-largest meme coin on the market. However, the introduction of Melania Meme (MELANIA) has spoiled TRUMP’s parade, causing the presidential token to lose half its value in just a few hours.

Right now, TRUMP is trading around $36, with a market cap of $7.25 billion, making it the 29th-largest cryptocurrency on the market. The other token has fallen 24% in the last 24 hours and is currently changing hands at $2.79.

Incidentally, the hype surrounding the launch of the two meme coins has pushed the price of SOL up 18%, helping it reach a new all-time high of $270.

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