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The Solana network continues to witness rapid expansion, with stablecoin issuer Circle minting a further 250 million USDC on Solana just hours ago, according to Spot On Chain data. This brings the total USDC minted on Solana in 2025 to a staggering $6 billion, including 1.25 billion USDC in the past week alone, indicating huge amounts of funds entering the crypto market.
As a result, the supply of stablecoins on Solana increased by 112% in January to a record high of $11.1 billion as demand for stablecoins grew amid the crypto bull market.
Circle’s USDC remains the stablecoin of choice among Solana ecosystem users, accounting for 77% of the market share.
Since the cycle's bottom in November 2022, Solana has outpaced Bitcoin and Ethereum in terms of price appreciation and relative capital inflows. A continuous period of favorable capital inflows has resulted in a net liquidity rise, providing significant tailwinds for price appreciation.
Tomiwabold OlajideAt the time of writing, SOL, the native token of the Solana blockchain, had dropped 4.92% in the previous 24 hours to $228. It had achieved an all-time high of nearly $300 last month, peaking at $294 on Jan. 19. Solana is the fifth largest cryptocurrency, with a market valuation of $111 billion.
Stablecoin market capitalization soars
The overall stablecoin market capitalization rose by 57% in 2024, from $130 billion to $204 billion. In January, the stablecoin sector's overall market capitalization increased by 5.68% to $223 billion, marking the 16th consecutive month-end increase. Tether (USDT)'s market capitalization increased by 1.38% to $140 billion, setting a new record for end-of-month market capitalization.
As digital assets retraced in value, stablecoins' market cap dominance increased to over 6%.
Stablecoins are a sort of cryptocurrency that normally maintains a one-to-one value with fiat currencies like the dollar. They are typically backed by cash and cash equivalents.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Denys Serhiichuk
Dan Burgin
Vladislav Sopov