Altcoin News

Solana Stablecoin Supply Rises 8%, USDC Surges 20%

  • Solana’s total stablecoin supply jumps 8% to $1.676 billion.
  • USDC on Solana sees a substantial 20% increase, reaching $735 million.
  • Solana’s native token, SOL, experiences over a 20% surge in the same period.

The Solana blockchain has recently witnessed a notable increase in its stablecoin supply, as reported by DeFiLlama. Over the past week, there’s been an 8% growth in the overall supply of stablecoins on the Solana network, pushing the total to approximately $1.676 billion. This uptick reflects a growing confidence and utility in the Solana ecosystem, particularly in the realm of stablecoins.

Read CRYPTONEWSLAND on google news

Among the stablecoins on Solana, USDC, the second-largest stablecoin on the chain, has shown an impressive growth of 20%, elevating its supply to $735 million. This significant rise in USDC supply suggests a heightened demand and trust in this particular stablecoin among Solana users. The increase in USDC’s presence on the platform aligns with broader trends in the stablecoin market, where USDC has been gaining ground against other stablecoins in various ecosystems.

In contrast to USDC’s remarkable growth, USDT, another major stablecoin, remained relatively stable in its supply on the Solana network. This stability indicates a more steady demand for USDT in the Solana ecosystem, contrasting with the dynamic changes observed in USDC’s supply.

Parallel to the developments in the stablecoin sector, Solana’s native token, SOL, has also experienced a significant uptick in its value. Over the same one-week period, SOL’s value has surged by over 20%, mirroring the overall positive sentiment in the Solana ecosystem. This increase in SOL’s price could be attributed to the growing stablecoin activity and the enhanced perception of the blockchain’s stability and utility.

In summary, the recent data from DeFiLlama highlights a vibrant phase for the Solana blockchain, underscored by the growth in its stablecoin supply, the notable surge in USDC, and the strong performance of its native token, SOL. As the blockchain continues to evolve, these trends may play a critical role in shaping its position in the competitive landscape of the cryptocurrency market.

Crypto Geek

CryptoGeek who prefers to be known in the crypto universe as Crypto enthusiast and part-time writer, diving deep into the world of blockchain to serve up insightful content with a hint of humor. Committed to demystifying the complexities of cryptocurrency, expect a blend of sharp analysis and accessible explanations that make the cryptoverse feel like home.

Recent Posts

BlockDAG Spearheads Altcoin Revolution: Eyeing $30 Amidst Shiba Inu & Arbitrum Surge

Experience the surge of #BlockDAG, outperforming #ShibaInu and #Arbitrum with its impressive potential for a…

42 mins ago

Spot Bitcoin ETFs Trigger Wave Of Bullishness For Stacks (STX), ETFSwap (ETFS), And ConstitutionDAO (PEOPLE)

The #SpotBitcoinETFs approval continues to fuel bullish trends for #Stacks(STX), #ETFSwap(ETFS), and #ConstitutionDAO(PEOPLE). #BitcoinETFs #Bitcoin…

42 mins ago

Ripple President Monica Long Discusses Business Expansion and Regulatory Clarity, XRP Rising

#Ripple President Monica Long discusses business growth, legal clarity on #XRP, expansion beyond payments, and…

48 mins ago

Notcoin Gains Momentum with 20% Jump, Market Eyes Further Growth Potential

Notcoin jumps 20% in 24 hours, hitting $0.01623 with a $491M trading volume and $1.64B…

1 hour ago

Solana Adds ‘Blinks’ and ‘Actions’ For Effortless Crypto Trading on Social Apps

#Solana introduces #'Blinks' and #'Actions' for effortless crypto trading on popular social apps. #Solana #Blinks…

2 hours ago

Nubank Partners with Lightspark to Bring Bitcoin Lightning Network to Its 100 Million Customers

#Nubank partners with #Lightspark to integrate the #Bitcoin Lightning Network. #Nubank #Lightspark #BitcoinLightningNetwork.

2 hours ago