The cryptocurrency landscape is seeing significant shifts, with two major developments capturing attention: the rising influence of stablecoins on Solana and the legal efforts surrounding former FTX CEO Sam Bankman-Fried. Solana’s stablecoin supply has surged by over 73% since mid-January, fueled in part by the launch of Donald Trump’s meme coin, which has driven record trading activity on the network. Meanwhile, Bankman-Fried’s parents are reportedly exploring the possibility of a presidential pardon for their son, who is currently serving a 25-year sentence for fraud-related charges.
Sam Bankman-Fried’s Parents Reportedly Seeking Presidential Pardon for Their Son
The parents of Sam “SBF” Bankman-Fried, the disgraced former CEO of FTX, are reportedly exploring the possibility of securing a presidential pardon for their son, who is currently serving a 25-year prison sentence for fraud-related charges. According to a Jan. 30 Bloomberg report, Joseph Bankman and Barbara Fried have already engaged with legal professionals and individuals with ties to former President Donald Trump’s administration to assess the feasibility of clemency.
Bankman-Fried’s downfall remains one of the most infamous collapses in financial history. Once celebrated as the face of cryptocurrency’s mainstream adoption, his empire unraveled in November 2022, when FTX collapsed virtually overnight due to massive financial mismanagement and the alleged embezzlement of customer funds. His November 2023 trial ended with a guilty verdict on seven felony charges, including wire fraud, securities fraud, and commodities fraud, culminating in a March 2024 sentencing of 25 years in prison.
While many in the crypto community initially believed Bankman-Fried would have a better chance at clemency under President Joe Biden, recent developments suggest that Trump’s return to power could provide a more favorable path for his supporters in the industry.
Trump’s recent policy shifts have positioned him as an unlikely ally to the crypto world, a stark contrast to the regulatory crackdown under Biden’s administration. The former president has signaled openness to crypto-friendly policies, a move that has garnered increasing interest from major industry figures.
According to white-collar prison consultant Sam Mangel, multiple defendants convicted of financial crimes have submitted clemency requests since Trump re-entered the political scene, hoping to benefit from his history of pardoning high-profile figures. This optimism was further fueled by Trump’s decision to commute the sentence of Silk Road founder Ross Ulbricht, who had spent 11 years behind bars on a double life sentence.
The commutation of Ross Ulbricht’s sentence has given hope to Bankman-Fried’s legal team, but the cases are vastly different. While Ulbricht was convicted of running the dark web marketplace Silk Road, which facilitated billions of dollars in illegal drug trades, his supporters have long argued that his sentence was excessive and symbolic of government overreach.
Bankman-Fried’s downfall wiped out billions of dollars in customer funds, leading to immense public backlash. Unlike Ulbricht, he lacks a grassroots movement advocating for his release, making the case for clemency significantly more challenging.
Despite the crypto industry’s growing ties to Trump, his willingness to intervene in Bankman-Fried’s case remains uncertain. Trump has historically been skeptical of cryptocurrency, famously calling Bitcoin a “scam” during his presidency. However, his recent policy changes, including support from major crypto executives and a shift toward embracing the industry, indicate a possible softening stance.
Nevertheless, Bankman-Fried’s political baggage complicates matters. The former FTX CEO was one of the largest donors to Democratic candidates, including President Joe Biden’s 2020 campaign, which could further hurt his standing with Trump’s allies.
What’s Next for SBF?
Even if Trump secures another term, there is no guarantee that Bankman-Fried will receive clemency. His case remains a cautionary tale of corporate fraud, investor deception, and regulatory failures in the crypto space. Unlike previous Trump pardons, such as Steve Bannon and Roger Stone, Bankman-Fried does not share strong political ties with Trump’s inner circle.
For now, his parents are exhausting all legal avenues, but the road to clemency is far from guaranteed. Meanwhile, the crypto industry continues to evolve, with Bankman-Fried’s name serving as a reminder of both its potential and its pitfalls.
The fate of Sam Bankman-Fried’s presidential pardon request remains highly uncertain, even amid growing speculation about Trump’s influence on the crypto industry. While his parents’ legal efforts continue, the public perception of FTX’s collapse and its victims' financial losses could make clemency an uphill battle.
Trump Meme Coin Hype Fuels 73% Surge in Solana’s Stablecoin Supply
The total supply of stablecoins on Solana has surged by more than 73% since mid-January, as capital continues to flood into the network following the launch of US President Trump’s meme coin, $TRUMP.
According to a Jan. 30 report by research firm CCData, Solana’s stablecoin supply now stands at $11.1 billion, marking an astonishing 112% increase since Jan. 1. This dramatic growth has pushed Solana past BNB Chain, making it the third-largest blockchain network by stablecoin supply—trailing only Ethereum and Tron.
The official Trump (TRUMP) meme coin was launched on Jan. 18, followed by the Melania (MELANIA) token on Jan. 19—both built on Solana. These launches ignited record-breaking decentralized exchange (DEX) trading activity, sending network activity skyrocketing.
The Trump-linked meme coins generated unprecedented on-chain user adoption, with Moonshot, the platform facilitating purchases of the meme coins, reporting more than 200,000 new users onboarding onto Solana within days of the launch.
At its peak, the fully diluted value (FDV) of the $TRUMP token exceeded $80 billion within 24 hours, before retracing to $26 billion as of Jan. 30, according to CoinMarketCap. The frenzy surrounding Trump’s crypto involvement has dramatically shifted trading patterns and capital flows within the Solana ecosystem.
Solana’s explosive growth in stablecoin supply has allowed it to leapfrog BNB Chain, which had long held its position as the third-largest blockchain for stablecoin settlements. However, Solana still remains behind Ethereum and Tron, both of which have entrenched dominance in the stablecoin market.
The rise in stablecoin supply is a reflection of growing liquidity and adoption, further solidifying Solana’s status as a leading hub for decentralized finance (DeFi), non-fungible tokens (NFTs), and meme coin speculation.
Amid this surge in on-chain activity, Circle’s USD Coin (USDC) has emerged as the dominant stablecoin on Solana, comprising nearly 78% of the total stablecoin supply. In contrast, Tether’s USDT has struggled to gain traction, holding only 12% of Solana’s stablecoin market share, according to CCData.
At a market capitalization of $50 billion, USDC remains the second-largest stablecoin globally, trailing Tether (USDT), which holds a commanding lead at $140 billion, according to CoinGecko. However, Circle’s influence on Solana is growing rapidly, driven by both institutional adoption and the network’s DeFi resurgence.
The Trump meme coin frenzy has reignited interest in Solana’s high-speed, low-cost network, bringing unprecedented liquidity and volume to its DeFi protocols.
While Ethereum and Binance Smart Chain (BSC) continue to dominate in trading volume, Solana’s low transaction fees and fast processing times have made it the preferred blockchain for memecoin speculation, NFT trading, and rapid asset transfers.
The meme coin mania has also triggered intermittent congestion issues on the network, raising questions about Solana’s ability to scale efficiently under heavy demand. However, Solana’s recent stability upgrades and validator optimizations have helped keep it operational despite record user influxes.
What’s Next for Solana and Stablecoins?
The crypto industry’s ties to the former president are strengthening. The launch of politically branded tokens like $TRUMP and $MELANIA could set a precedent for a new wave of politically driven crypto assets, further accelerating Solana’s on-chain adoption.
If Solana continues to gain stablecoin market share, it could pose a formidable challenge to Tron, which has dominated cross-border stablecoin transactions for years. Meanwhile, Ethereum remains the king of DeFi, but Solana’s momentum suggests that a multi-chain future is emerging.
For now, the combination of meme coin speculation, stablecoin adoption, and increased liquidity is fueling Solana’s rise, setting the stage for what could be a transformative year for the blockchain and its ecosystem.
The surge in Solana’s stablecoin supply—fueled by the Trump meme coin hype and increased capital inflows—has reshaped the network’s position in the crypto ecosystem. As Solana challenges established players like BNB Chain and Tron, its rising influence in DeFi and stablecoin settlements show its growing role as a major blockchain powerhouse.
With 2025 shaping up to be a critical year for both crypto regulation and market expansion, Solana’s momentum could continue accelerating—especially if political narratives remain intertwined with blockchain innovation.
