According to asset manager VanEck, stablecoins are experiencing a bull market despite a decline in the performance of smart contract platforms like Ethereum and Solana amidst broader market uncertainty. This situation is attributed to US President Donald Trump's trade policies, which have led to cautious market behavior. In March, stablecoins saw a significant increase of nearly $10 billion in market capitalization, fueled by the adoption of tokenized treasury bills, even as yields fell to between 3% and 5%. In contrast, Solana reported considerable declines, with daily fee revenues and decentralized exchange volumes decreasing by 66% and 53%, respectively, largely due to a slowdown in memecoin trading which has been a prominent activity on its platform. Meanwhile, Ethereum's layer-2 networks have fared slightly better, though they too experienced a drop in trading volumes. This mixed environment showcases the contrasting trajectories of stablecoins and smart contract platforms in the current market landscape.

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