Solana’s Stablecoin Market Explodes as Capital Moves Onchain

Total stablecoin market capitalization on Solana has climbed to $15 billion, marking one of the sharpest growth phases in the network’s history.

Key takeaways

• Solana’s stablecoin market cap has surged to about $15 billion.
• The launch of JupUSD acted as a major catalyst for new capital inflows.
• USDC continues to dominate stablecoin liquidity on Solana.
• Stablecoins are increasingly central to onchain capital markets and RWA settlement.

The surge follows the launch of JupUSD, a new stablecoin introduced by decentralized exchange Jupiter in collaboration with synthetic stablecoin issuer Ethena. The timing underscores how product launches tied to liquidity and settlement continue to act as catalysts for capital inflows across high-throughput blockchains.

Despite the influx of new stablecoin models, Solana’s ecosystem remains heavily concentrated around USDC. Issued by Circle, USDC accounts for more than two-thirds of Solana’s stablecoin supply, reinforcing its role as the network’s primary settlement asset.

Solana positions itself as onchain capital markets infrastructure

The rapid growth in stablecoin liquidity reflects a broader repositioning of Solana as a base layer for internet-native capital markets, where risk, value, and settlement are handled entirely onchain. As trading, lending, and token issuance migrate to decentralized rails, stablecoins are becoming the core medium through which these systems function.

Stablecoins are particularly critical to the growth of tokenized real-world assets (RWAs) — traditional or physical assets represented onchain. Whether backing loans, facilitating settlement, or providing liquidity, RWAs depend on stablecoins to operate efficiently inside decentralized finance systems. Tokenization also unlocks new use cases, allowing traditionally illiquid assets such as real estate, art, or collectibles to serve as collateral within DeFi applications.

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Industry projections suggest the RWA market could reach $30 trillion by 2030, a figure cited by several major financial institutions. Stablecoins are expected to play a central role in that expansion. Data from RWA.xyz shows the total market capitalization of fully collateralized stablecoins approaching $300 billion, driven largely by tokens backed one-to-one with cash and government securities.

Regulation reshapes the stablecoin landscape

In the United States, regulation is already shaping which models can participate in that future. The GENIUS Act, signed into law by Donald Trump in July 2025, mandates that regulated payment stablecoins be fully backed by high-quality liquid assets. The framework explicitly excludes algorithmic or under-collateralized stablecoins from recognition.

The legislation also bars issuers from sharing yield directly with users — a provision that has sparked debate over how stablecoins may intersect with traditional banking and savings products.

Taken together, Solana’s stablecoin surge highlights a structural shift underway across crypto markets. As assets move onchain and real-world finance adopts tokenization, stablecoins are no longer just trading tools — they are becoming the settlement layer for a rapidly evolving digital financial system.

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