January 2025 saw a significant change in where USDC lives on-chain. @solana’s portion increased from 9% to 17.5%, consistent with surging stablecoin settlement and app usage, while Ethereum’s share declined from 68.6% to 62.4%. This spike coincided with the launch of Donald Trump's memecoin $TRUMP on January 17th, which briefly reached a FDV of over $80 billion, before retreating to $26 billion by month end. While $TRUMP's initial hype has diminished, the effect it triggered may have altered the chain-level USDC distribution in a more persistent way - at least relative to the prior baseline. Data: @artemis Sheets/Excel Plug-in