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When Donald Trump paired his Solana memecoin with USDC, the Solana community’s stablecoin provide predictably shot upwards — creating 306 days of provide progress over an extended weekend, as we put it on this e-newsletter.
Though a lot of this provide progress stemmed from a memecoin that had about 48 hours of relevance, Solana’s stablecoin provide remains to be close to its all-time excessive. On February 11, Solana had $12.4 billion in stables. In the present day, it has $12.1 billion.
“Positively it has been stickier than anticipated,” Blockworks Analysis analyst Carlos Gonzalez Campo mentioned of Solana’s stablecoin provide once I requested him about it on the Lightspeed podcast this week.
The stablecoin provide progress means Solana’s liquidity is deeper now, Gonzalez Campo mentioned, noting the stickiness might be partly a results of bear market circumstances the place customers are swapping out of riskier tokens to carry stablecoins on Solana apps as a substitute. He additionally famous how USDC borrows on Solana cash market Kamino are round all-time highs, which he interpreted as that means buyers are leveraging up on lengthy SOL publicity following its latest worth slide.
Solana can be seeing an accelerating variety of new stablecoin manufacturers becoming a member of the community. One such instance is USDG, a brand new stablecoin from Paxos with backing from companions together with Robinhood, Galaxy Digital and Commonplace Chartered. The token has a bit of over $100 million in provide on Solana.