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SOLANA SURGE
The Solana Surge: Almost Doubling Stablecoin Supply in Three Months
Discover how Solana’s stablecoin supply skyrocketed to over $6B, fueled by key investments, meme tokens, and the race to outpace Ethereum
Solana blockchain has rapidly emerged as one of the most promising alternatives to Ethereum, the pioneer of smart contracts and decentralized applications (dApps). Known for its high throughput, low transaction costs, and scalability, Solana has attracted a diverse range of developers and investors seeking faster and more efficient blockchain solutions. Over the past few months, Solana’s ecosystem has experienced exponential growth, with a particularly notable spike in stablecoin activity.
According to Artemis data (chart below), Solana’s stablecoin supply is nearing a major milestone: its market capitalization has reached $9.88 billion, a significant 67.59% increase over the past week. This substantial growth has propelled Solana’s stablecoin supply to a new all-time high, eclipsing its previous record of $6.25 billion in June 2022. The primary driver of this surge is the rapid expansion of Circle’s USDC on the network over the past few weeks.