This report outlines the current state of stablecoins on Solana, quantifying adoption levels, highlighting product diversity, and exploring real-world use cases.

This section presents key data on stablecoin adoption and usage, emphasizing transaction volume, user engagement, and network growth.

Solana’s stablecoin supply surged in Q1 2025, more than doubling from $5.2B in January to $11.7B in February—a 2.25x increase. This spike coincided with the launch of the TRUMP token, which drew global attention to Solana. The token’s primary liquidity pool was a USDC pair on the decentralized exchange Meteora.

The growth accelerated a broader liquidity rebound from a December 2023 low of $1.5B. Notably, Solana historically lagged behind other major blockchains in stablecoin liquidity but now ranks third after Ethereum and Tron.

In Q1 2025, Solana averaged 200M+ monthly on-chain stablecoin transactions, peaking at 263.9M in January before settling at 237.7M in April (the latest full-month data). This marks a 10x increase from September 2023’s 25.2M transactions.

P2P stablecoin volume remained robust in 2025, with $59.2B transferred in January alone—far above the September 2024 low of $10.6B. Note: P2P data excludes liquidity pool swaps, MEV arbitrage, and CEX-internal transactions.

Q1 2025 saw 3M+ daily unique addresses interacting with stablecoins, peaking at 4.4M in January. This represents an 8x growth from October 2023’s 347K daily addresses.

Solana hosts a diverse stablecoin ecosystem, with USDC (70% dominance) and USDt (18%) leading the market. Below are key details on major and emerging stablecoins:

• Issuer: Circle

• Backing: 1:1 USD or USD-denominated assets (e.g., U.S. Treasuries).

• Audits: Monthly reserve reports; reserves held at BNY Mellon and managed by BlackRock.

• Regulation: Compliant with MiCAR; guarantees redemptions for all holders.

• Cross-Chain: Uses Circle’s Cross-Chain Transfer Protocol for seamless bridging.

• Stats: $9.35B supply on Solana; 4.3M token accounts.

• Issuer: Tether Limited

• Backing: Cash, cash equivalents, and liquid assets (e.g., U.S. Treasuries).

• Audits: Quarterly attestations by BDO.

• Redemption: Minimum $100K via Tether.to.

• Stats: $2.39B supply on Solana; 1.98M token accounts.

• Issuer: PayPal + Paxos

• Backing: USD deposits and short-term Treasuries.

• Regulation: NYDFS-regulated; KPMG-audited monthly.

• Innovation: Leverages Solana’s token extensions (e.g., transfer hooks, fees).

• Stats: $215.9M supply; 20.4K token accounts.

• Type: Overcollateralized DeFi stablecoin.

• Backing: Crypto + real-world assets (e.g., ETH, USDC, Treasuries).

• Cross-Chain: Uses Wormhole’s NTT for Ethereum-Solana transfers.

• Stats: $102.4M supply; 7.5K token accounts.

Solana’s ecosystem includes niche stablecoins catering to specialized use cases:

• USDe (Ethena): Synthetic, crypto-collateralized via delta-neutral strategies.

• FDUSD (First Digital USD): Hong Kong-regulated, fiat-backed.

• USDG (Global Dollar): Backed by an alliance including Robinhood and Galaxy.

• AUSD (Agora USD): Collateralized by cash and Treasuries (VanEck-affiliated).

• sUSD (Solayer USD): Solana’s first permissionless interest-bearing stablecoin (IBE).

• MoveUSD: Cross-border payments focus (by CFX Labs).

• cfUSD (Brale): Payment infrastructure-focused (Brale + Coinflow).

• USDY (Ondo USD Yield): Yield-generating, backed by Treasuries.

• PST (Huma): Native to Huma PayFi (supported by Circle/Galaxy).

• *USD (Perena): Basket-weighted (PYUSD/USDC/USDt).

• yUSD (Synatra): Receipt token for staked USDC yield strategies.

The proliferation of stablecoin designs—from bank-like (fiat-backed) to speculative (crypto-collateralized)—creates confusion for retail users. Risks vary widely:

• Low-risk: Fully reserved (e.g., USDC, PYUSD).

• Medium-risk: Overcollateralized (e.g., USDS).

• High-risk: Algorithmic or delta-neutral (e.g., USDe).

Solution: Clearer classification standards are needed to help users assess risks as the market expands.

Key Features:

• Bold headers for scannability.

• Data visualization cues (e.g., "10x increase") for impact.

• Comparative metrics (e.g., Solana vs. Ethereum/Tron).

• Structured profiles for each stablecoin (issuer, backing, audits).

• Risk framework to contextualize emerging stablecoins.

• Concise technical terms (e.g., "token extensions," "delta-neutral").

This report outlines the current state of stablecoins on Solana, quantifying adoption levels, highlighting product diversity, and exploring real-world use cases.

This section presents key data on stablecoin adoption and usage, emphasizing transaction volume, user engagement, and network growth.

Solana’s stablecoin supply surged in Q1 2025, more than doubling from $5.2B in January to $11.7B in February—a 2.25x increase. This spike coincided with the launch of the TRUMP token, which drew global attention to Solana. The token’s primary liquidity pool was a USDC pair on the decentralized exchange Meteora.

The growth accelerated a broader liquidity rebound from a December 2023 low of $1.5B. Notably, Solana historically lagged behind other major blockchains in stablecoin liquidity but now ranks third after Ethereum and Tron.

In Q1 2025, Solana averaged 200M+ monthly on-chain stablecoin transactions, peaking at 263.9M in January before settling at 237.7M in April (the latest full-month data). This marks a 10x increase from September 2023’s 25.2M transactions.

P2P stablecoin volume remained robust in 2025, with $59.2B transferred in January alone—far above the September 2024 low of $10.6B. Note: P2P data excludes liquidity pool swaps, MEV arbitrage, and CEX-internal transactions.

Q1 2025 saw 3M+ daily unique addresses interacting with stablecoins, peaking at 4.4M in January. This represents an 8x growth from October 2023’s 347K daily addresses.

Solana hosts a diverse stablecoin ecosystem, with USDC (70% dominance) and USDt (18%) leading the market. Below are key details on major and emerging stablecoins:

• Issuer: Circle

• Backing: 1:1 USD or USD-denominated assets (e.g., U.S. Treasuries).

• Audits: Monthly reserve reports; reserves held at BNY Mellon and managed by BlackRock.

• Regulation: Compliant with MiCAR; guarantees redemptions for all holders.

• Cross-Chain: Uses Circle’s Cross-Chain Transfer Protocol for seamless bridging.

• Stats: $9.35B supply on Solana; 4.3M token accounts.

• Issuer: Tether Limited

• Backing: Cash, cash equivalents, and liquid assets (e.g., U.S. Treasuries).

• Audits: Quarterly attestations by BDO.

• Redemption: Minimum $100K via Tether.to.

• Stats: $2.39B supply on Solana; 1.98M token accounts.

• Issuer: PayPal + Paxos

• Backing: USD deposits and short-term Treasuries.

• Regulation: NYDFS-regulated; KPMG-audited monthly.

• Innovation: Leverages Solana’s token extensions (e.g., transfer hooks, fees).

• Stats: $215.9M supply; 20.4K token accounts.

• Type: Overcollateralized DeFi stablecoin.

• Backing: Crypto + real-world assets (e.g., ETH, USDC, Treasuries).

• Cross-Chain: Uses Wormhole’s NTT for Ethereum-Solana transfers.

• Stats: $102.4M supply; 7.5K token accounts.

Solana’s ecosystem includes niche stablecoins catering to specialized use cases:

• USDe (Ethena): Synthetic, crypto-collateralized via delta-neutral strategies.

• FDUSD (First Digital USD): Hong Kong-regulated, fiat-backed.

• USDG (Global Dollar): Backed by an alliance including Robinhood and Galaxy.

• AUSD (Agora USD): Collateralized by cash and Treasuries (VanEck-affiliated).

• sUSD (Solayer USD): Solana’s first permissionless interest-bearing stablecoin (IBE).

• MoveUSD: Cross-border payments focus (by CFX Labs).

• cfUSD (Brale): Payment infrastructure-focused (Brale + Coinflow).

• USDY (Ondo USD Yield): Yield-generating, backed by Treasuries.

• PST (Huma): Native to Huma PayFi (supported by Circle/Galaxy).

• *USD (Perena): Basket-weighted (PYUSD/USDC/USDt).

• yUSD (Synatra): Receipt token for staked USDC yield strategies.

The proliferation of stablecoin designs—from bank-like (fiat-backed) to speculative (crypto-collateralized)—creates confusion for retail users. Risks vary widely:

• Low-risk: Fully reserved (e.g., USDC, PYUSD).

• Medium-risk: Overcollateralized (e.g., USDS).

• High-risk: Algorithmic or delta-neutral (e.g., USDe).

Solution: Clearer classification standards are needed to help users assess risks as the market expands.

Key Features:

• Bold headers for scannability.

• Data visualization cues (e.g., "10x increase") for impact.

• Comparative metrics (e.g., Solana vs. Ethereum/Tron).

• Structured profiles for each stablecoin (issuer, backing, audits).

• Risk framework to contextualize emerging stablecoins.

• Concise technical terms (e.g., "token extensions," "delta-neutral").