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This article provides an overview of the current state of stablecoins on Solana. It aims to quantify adoption levels, highlight the diversity of stablecoin products, and explore real-world use cases. The analysis is divided into five main sections:
Solana Stablecoin Adoption: A data-driven assessment of network scale and stablecoin usage growth through key metrics.
Stablecoins Issued on Solana: A detailed breakdown of the major stablecoin issuers and an overview of emerging long-tail stablecoin providers.
Borderless Finance: The Stablecoin "Sandwich": An exploration of one of the most impactful yet lesser-known use cases of stablecoins in cross-border payments.
Solana Stablecoin Off-Ramp Solutions: A review of the latest wave of products connecting on-chain stablecoins with traditional payment systems.
Benefits of Stablecoins for Consumers: A discussion on how Solana stablecoins empower users, covering everything from DeFi yields and remittances to financial stability and savings.
The Solana stablecoin ecosystem is developing at an astonishing pace, with new projects and announcements emerging almost weekly. Although this article aims to provide a broad and representative overview, it may not cover all dynamics due to the rapid evolution of the field. While reading the article in order is optimal, each section is designed to stand alone.
Solana Stablecoin Adoption
This section presents key data on Solana stablecoin adoption and usage trends, highlighting growth in transaction volume, user engagement, and overall network activity.
Solana Stablecoin Total Supply
Solana's stablecoins experienced rapid growth in Q1 2025. The total value of stablecoins on the network more than doubled, increasing from $5.2 billion in January to $11.7 billion in February, a 2.25x increase. This surge coincided with the launch of the TRUMP token, which attracted global attention to the Solana ecosystem. The primary liquidity pool for TRUMP is the USDC trading pair on the decentralized exchange Meteora.
This increase accelerated the broader liquidity upward trend that began in December 2023 from a low of $1.5 billion. Given that Solana's stablecoin liquidity has historically lagged behind other major blockchain networks, this growth is particularly significant. Among all public blockchain networks, Solana ranks third in stablecoin liquidity, behind only Ethereum and TRON.
Solana Monthly Stablecoin Transaction Volume
In Q1 2025, Solana averaged over 200 million on-chain stablecoin transactions per month, continuing the strong trend of network activity for the quarter. It reached a peak of 263.9 million transactions in January, followed by 237.7 million in April (the latest complete month data). Compared to 25.2 million in September 2023, this represents nearly a tenfold increase.
Solana Stablecoin Transaction Volume
Peer-to-peer stablecoin transaction volume on Solana was also robust in 2025. In January alone, the network recorded $59.2 billion in peer-to-peer stablecoin transfers, significantly higher than the low of $1.06 billion in September 2024. Peer-to-peer data captures only direct transfers between individual wallet addresses and excludes transactions involving liquidity pools, MEV arbitrage activities, and CEX internal trades.
Solana Addresses Interacting with Stablecoins
In Q1 2025, the average number of unique addresses interacting with stablecoins on Solana exceeded 3 million daily, peaking at 4.4 million in January. Compared to October 2023, this represents an eightfold increase in the number of unique addresses participating in stablecoin activities daily, which involved 347,000 unique addresses at the time.
Stablecoins Issued on Solana
Solana hosts a diverse stablecoin ecosystem, with new issuance projects regularly expanding the range of stablecoin options. USDC dominates in terms of transaction volume and adoption, accounting for over 70% of all stablecoins issued on Solana, followed by USDt (approximately 18%). Beyond these two leading stablecoins, a long tail of emerging stablecoins is gradually rising, supporting ecosystem diversity and user choice. The following sections highlight key details of the major and emerging stablecoins currently active on Solana.
USDC (USD Coin)
Issued by Circle, USDC is the most widely used stablecoin on Solana. USDC is backed 1:1 by USD or USD-denominated assets (such as U.S. Treasury bonds) and, with its deep on-chain liquidity and extensive integrations, has become the default stablecoin for many DeFi protocols.
Circle publishes monthly audit reports of USDC's reserve funds and publicly lists its extensive licensing. The USDC Circle Reserve Fund is held at Bank of New York Mellon and managed by BlackRock. Cash is held in segregated accounts at U.S.-regulated financial institutions. The company filed an IPO application in April of this year, planning to list on the New York Stock Exchange.
Circle offers a product called Circle Mint, which allows institutional clients to directly mint and redeem USDC. Under the European Union's Markets in Crypto-assets Regulation (MiCAR), Circle has committed to redeeming all submitted USDC tokens, regardless of whether the holder is a Circle Mint customer.
The Cross-Chain Transfer Protocol, developed by Circle, is a permissionless on-chain bridging mechanism that supports secure 1:1 transfers of USDC between blockchain networks, including Solana, through native burning and minting.
Currently, the supply of USDC issued on Solana is $9.35 billion, with 4.3 million unique token accounts.
USDt (Tether)
Issued by Tether Limited, USDt is the largest market cap stablecoin globally, with a total supply exceeding $150 billion. Launched in 2014, USDt was the first stablecoin and the only one on the market until early 2018, pioneering the fiat-backed digital token model. USDt launched on Solana in September 2020.
Like other major stablecoins, USDt is fiat-backed, with reserves consisting of USD, cash equivalents, short-term deposits, and highly liquid assets such as U.S. Treasury bonds, overnight reverse repurchase agreements, and money market funds. Tether releases quarterly audit reports conducted by the independent accounting firm BDO.
Tether offers fiat redemption services through its website Tether.to, where verified users can deposit USDt and redeem it for fiat currency, deposited into an associated bank account. The minimum redemption amount is $100,000.
Currently, the supply of USDt issued on Solana is $2.39 billion, with 1.98 million unique token accounts, making it the second-largest liquid stablecoin on the network.
PYUSD (PayPal Dollar)
PYUSD is issued by PayPal in collaboration with Paxos Trust Company and launched on Solana in May 2024, following its initial launch on Ethereum in August 2023. As a fiat-backed stablecoin, PYUSD is fully collateralized by USD deposits, short-term U.S. Treasury bills, and other cash equivalents. It is issued under the supervision of the New York State Department of Financial Services (NYDFS), with its reserve holdings subject to monthly audit reports by KPMG.
PYUSD is one of the first major stablecoins to leverage Solana's token extension capabilities to enhance its functionality. It integrates multiple minting extension features, including permanent delegation, transfer hooks, and transfer fees.
Currently, the supply of PYUSD issued on Solana is $215.9 million, with 20,400 unique token accounts.
USDS (Sky)
Sky, formerly known as Maker, is one of the oldest protocols in the DeFi space, originating in 2014. Initially launched as MakerDAO and gaining prominence with its DAI stablecoin, which has now been renamed USDS, USDS is now the third-largest stablecoin by market cap, with a total supply of $4.2 billion across all blockchains.
USDS is an overcollateralized, native DeFi stablecoin backed by a combination of crypto assets and real-world assets. Its reserves are held on the Ethereum mainnet, including ETH, staked ETH, U.S. Treasury bonds, and other stablecoins (primarily USDC). Users can mint USDS by opening collateralized debt positions, which are subject to liquidation if the collateral value falls below a certain threshold.
In November 2024, Sky expanded USDS to the Solana ecosystem using Wormhole's Native Token Transfer (NTT) framework, enabling seamless transfers of native USDS tokens between Ethereum and Solana.
Currently, the supply of USDS issued on Solana is $102.4 million, with 7,500 unique token accounts.
Diverse Stablecoin Options on the Solana Network
Solana hosts a growing long-tail stablecoin ecosystem, with stablecoins serving various use cases and issued by different entities:
USDe (Ethena): A synthetic crypto asset-backed stablecoin that maintains its peg using a delta-neutral strategy with staked ETH and short-term perpetual futures.
FDUSD (First Digital USD): A fiat-backed stablecoin issued by the Hong
This article provides an overview of the current state of stablecoins on Solana. It aims to quantify adoption levels, highlight the diversity of stablecoin products, and explore real-world use cases. The analysis is divided into five main sections:
Solana Stablecoin Adoption: A data-driven assessment of network scale and stablecoin usage growth through key metrics.
Stablecoins Issued on Solana: A detailed breakdown of the major stablecoin issuers and an overview of emerging long-tail stablecoin providers.
Borderless Finance: The Stablecoin "Sandwich": An exploration of one of the most impactful yet lesser-known use cases of stablecoins in cross-border payments.
Solana Stablecoin Off-Ramp Solutions: A review of the latest wave of products connecting on-chain stablecoins with traditional payment systems.
Benefits of Stablecoins for Consumers: A discussion on how Solana stablecoins empower users, covering everything from DeFi yields and remittances to financial stability and savings.
The Solana stablecoin ecosystem is developing at an astonishing pace, with new projects and announcements emerging almost weekly. Although this article aims to provide a broad and representative overview, it may not cover all dynamics due to the rapid evolution of the field. While reading the article in order is optimal, each section is designed to stand alone.
Solana Stablecoin Adoption
This section presents key data on Solana stablecoin adoption and usage trends, highlighting growth in transaction volume, user engagement, and overall network activity.
Solana Stablecoin Total Supply
Solana's stablecoins experienced rapid growth in Q1 2025. The total value of stablecoins on the network more than doubled, increasing from $5.2 billion in January to $11.7 billion in February, a 2.25x increase. This surge coincided with the launch of the TRUMP token, which attracted global attention to the Solana ecosystem. The primary liquidity pool for TRUMP is the USDC trading pair on the decentralized exchange Meteora.
This increase accelerated the broader liquidity upward trend that began in December 2023 from a low of $1.5 billion. Given that Solana's stablecoin liquidity has historically lagged behind other major blockchain networks, this growth is particularly significant. Among all public blockchain networks, Solana ranks third in stablecoin liquidity, behind only Ethereum and TRON.
Solana Monthly Stablecoin Transaction Volume
In Q1 2025, Solana averaged over 200 million on-chain stablecoin transactions per month, continuing the strong trend of network activity for the quarter. It reached a peak of 263.9 million transactions in January, followed by 237.7 million in April (the latest complete month data). Compared to 25.2 million in September 2023, this represents nearly a tenfold increase.
Solana Stablecoin Transaction Volume
Peer-to-peer stablecoin transaction volume on Solana was also robust in 2025. In January alone, the network recorded $59.2 billion in peer-to-peer stablecoin transfers, significantly higher than the low of $1.06 billion in September 2024. Peer-to-peer data captures only direct transfers between individual wallet addresses and excludes transactions involving liquidity pools, MEV arbitrage activities, and CEX internal trades.
Solana Addresses Interacting with Stablecoins
In Q1 2025, the average number of unique addresses interacting with stablecoins on Solana exceeded 3 million daily, peaking at 4.4 million in January. Compared to October 2023, this represents an eightfold increase in the number of unique addresses participating in stablecoin activities daily, which involved 347,000 unique addresses at the time.
Stablecoins Issued on Solana
Solana hosts a diverse stablecoin ecosystem, with new issuance projects regularly expanding the range of stablecoin options. USDC dominates in terms of transaction volume and adoption, accounting for over 70% of all stablecoins issued on Solana, followed by USDt (approximately 18%). Beyond these two leading stablecoins, a long tail of emerging stablecoins is gradually rising, supporting ecosystem diversity and user choice. The following sections highlight key details of the major and emerging stablecoins currently active on Solana.
USDC (USD Coin)
Issued by Circle, USDC is the most widely used stablecoin on Solana. USDC is backed 1:1 by USD or USD-denominated assets (such as U.S. Treasury bonds) and, with its deep on-chain liquidity and extensive integrations, has become the default stablecoin for many DeFi protocols.
Circle publishes monthly audit reports of USDC's reserve funds and publicly lists its extensive licensing. The USDC Circle Reserve Fund is held at Bank of New York Mellon and managed by BlackRock. Cash is held in segregated accounts at U.S.-regulated financial institutions. The company filed an IPO application in April of this year, planning to list on the New York Stock Exchange.
Circle offers a product called Circle Mint, which allows institutional clients to directly mint and redeem USDC. Under the European Union's Markets in Crypto-assets Regulation (MiCAR), Circle has committed to redeeming all submitted USDC tokens, regardless of whether the holder is a Circle Mint customer.
The Cross-Chain Transfer Protocol, developed by Circle, is a permissionless on-chain bridging mechanism that supports secure 1:1 transfers of USDC between blockchain networks, including Solana, through native burning and minting.
Currently, the supply of USDC issued on Solana is $9.35 billion, with 4.3 million unique token accounts.
USDt (Tether)
Issued by Tether Limited, USDt is the largest market cap stablecoin globally, with a total supply exceeding $150 billion. Launched in 2014, USDt was the first stablecoin and the only one on the market until early 2018, pioneering the fiat-backed digital token model. USDt launched on Solana in September 2020.
Like other major stablecoins, USDt is fiat-backed, with reserves consisting of USD, cash equivalents, short-term deposits, and highly liquid assets such as U.S. Treasury bonds, overnight reverse repurchase agreements, and money market funds. Tether releases quarterly audit reports conducted by the independent accounting firm BDO.
Tether offers fiat redemption services through its website Tether.to, where verified users can deposit USDt and redeem it for fiat currency, deposited into an associated bank account. The minimum redemption amount is $100,000.
Currently, the supply of USDt issued on Solana is $2.39 billion, with 1.98 million unique token accounts, making it the second-largest liquid stablecoin on the network.
PYUSD (PayPal Dollar)
PYUSD is issued by PayPal in collaboration with Paxos Trust Company and launched on Solana in May 2024, following its initial launch on Ethereum in August 2023. As a fiat-backed stablecoin, PYUSD is fully collateralized by USD deposits, short-term U.S. Treasury bills, and other cash equivalents. It is issued under the supervision of the New York State Department of Financial Services (NYDFS), with its reserve holdings subject to monthly audit reports by KPMG.
PYUSD is one of the first major stablecoins to leverage Solana's token extension capabilities to enhance its functionality. It integrates multiple minting extension features, including permanent delegation, transfer hooks, and transfer fees.
Currently, the supply of PYUSD issued on Solana is $215.9 million, with 20,400 unique token accounts.
USDS (Sky)
Sky, formerly known as Maker, is one of the oldest protocols in the DeFi space, originating in 2014. Initially launched as MakerDAO and gaining prominence with its DAI stablecoin, which has now been renamed USDS, USDS is now the third-largest stablecoin by market cap, with a total supply of $4.2 billion across all blockchains.
USDS is an overcollateralized, native DeFi stablecoin backed by a combination of crypto assets and real-world assets. Its reserves are held on the Ethereum mainnet, including ETH, staked ETH, U.S. Treasury bonds, and other stablecoins (primarily USDC). Users can mint USDS by opening collateralized debt positions, which are subject to liquidation if the collateral value falls below a certain threshold.
In November 2024, Sky expanded USDS to the Solana ecosystem using Wormhole's Native Token Transfer (NTT) framework, enabling seamless transfers of native USDS tokens between Ethereum and Solana.
Currently, the supply of USDS issued on Solana is $102.4 million, with 7,500 unique token accounts.
Diverse Stablecoin Options on the Solana Network
Solana hosts a growing long-tail stablecoin ecosystem, with stablecoins serving various use cases and issued by different entities:
USDe (Ethena): A synthetic crypto asset-backed stablecoin that maintains its peg using a delta-neutral strategy with staked ETH and short-term perpetual futures.
FDUSD (First Digital USD): A fiat-backed stablecoin issued by the Hong
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