Solana (SOL), the Layer-1 blockchain designed for high-speed and low-cost transactions, has been at the center of a trading frenzy with Donald Trump’s Memecoin driving Stablecoin supply on the network to a fresh record high.

The total stablecoin supply on Solana has risen to $10.5 billion and doubled since the start of January, according to data source Artemis. Circle’s USDC led the rise to surpass $8 billion in total circulation on Solana, adding more than $4 billion this month, while Tether’s USDT grew to $2 billion from $917 million per Artemis. Stablecoins are a key piece of infrastructure in the crypto-economy, serving as a popular source of liquidity for crypto trading.

Solana and its ecosystem of built-in protocols has become a busy hub for trading and launching tokens in red-hot, fast-growing crypto sectors such as memecoins and crypto AI agents.

The network’s stablecoin liquidity growth was steady in recent months as digital asset markets rejuvenated with crypto-friendly Trump’s election victory, but it skyrocketed with the January 17 launch of Trump coin, the “official” memecoin tied to the US president. Released on Solana, the token gained massive trading volume across decentralized exchanges, driving transaction activity and liquidity inflow to the network.

Before the token was listed on popular centralized exchanges like Binance and Coinbase, trading of the Trump coin was first available on the decentralized exchange (DEX) Meteora paired against the USDC stablecoin, David Duong and David Han of Coinbase Institutional Research noted in a Friday report. That being said, it required fast traders to first acquire USDC in order to purchase the coin and drive USDC influx into the network.

Along with stablecoin growth, trading volume on Solana-based decentralized exchanges (DEX) also increased to record highs of more than $25 billion daily, executing 74% of total DEX trading volume across all blockchains, the report noted.

“Stunning numbers,” Sean Farrell, head of digital asset research at Fundstrat, said in an X post.

The increased activity was reflected in Solana’s native token (SOL) price, which posted the biggest gain through this week with 20% among the broad market Coindesk 20 index members, much better than Bitcoin’s (BTC) 2% advance.

Read more: Solana Bull bets big on Sol Rallying at $400

While USDC and Tether’s USDT dominate the stablecoin market at Solana—as they do in the broader crypto community—there are a growing number of up-and-coming issuers recently expanding into blockchain, noted Tom Wan, chief data officer at Entropy Advisors.

Last week, Hong Kong-based First Digital added Native Support on Solana for its $1.8 billion FDUSD Fiat-stable Stablecoin. Defi Lending Behemoth Sky, formerly Makerdao, also brought its dividend-generating USDS Stablecoin to the network in November.