Supply of non-USDC/USDT stablecoin on Solana sees tenfold increase from January 2025

On-chain data revealed that non-USDC/USDT stablecoins on Solana have surged by more than 10x since January 2025. The expansion of non-USDC/USDT stablecoins shows that the stablecoin landscape on Solana has become a lot more diversified over the past year. 

At the time of publication, the stablecoin market cap is $14.227 billion, up 3.47% over the past 7 days. USDC still dominates the stablecoin space, accounting for around 57.43% of the entire stablecoin market.

Stablecoin supply on Solana increases by 75% YTD

USDT accounts for roughly 17.74% of the entire stablecoin market cap. The remaining non-USDC/USDT stablecoins make up ~25% of SOL’s total stablecoin supply. Cryptopolitan previously reported in December that stablecoin supply on Solana hit a new all-time high of $16.2 billion.

On-chain data revealed that non-USDC/USDT stablecoins have surged from ~3% a year ago. USD1 accounts for around 6.77%, followed by USDG and PYUSD accounting for 5.92% and 5.84%, respectively. 

Stablecoin supply on Solana has also increased by more than 75% since January 2025. The growth has been driven by demand for decentralized finance (DeFi) and faster, cheaper transactions.

Solana also hosts over a dozen other deployments, including non-dollar stablecoins like the Swiss franc (VCHF) and the Euro (EURC). Solana-native applications are also launching their own stablecoins: Phantom (the leading Solana wallet) launched CASH, and Jupiter launched jupUSD. 

Non-USD stablecoins and app-specific units show that Solana is evolving into a multi-currency settlement layer. The surge also suggests that Solana’s app ecosystem is mature enough for native teams to expand their offerings to multiple financial products.

For Solana, the diversification from non-USDC/USDT stablecoins reduces concentration risk and signals issuer confidence.

A year ago, a regulatory issue affecting Circle (USDC’s issuer) would have threatened Solana’s entire stablecoin network. Today, a diversified issuer set makes the network more resilient, with more new issuers choosing Solana, signaling confidence in the ecosystem.

IMF warns stablecoin surge could disrupt capital flows

The International Monetary Fund (IMF) reported that stablecoin growth is fueled by their interconnections with mainstream finance stemming from its potential use cases and asset backing. The fund also acknowledged that stablecoins are primarily used to trade native crypto assets, which are then settled in traditional currencies. 

The IMF noted that the growth of stablecoins is driven by their ability to enable faster and cheaper payments, especially across borders and for remittances. The fund also believes that stablecoins could drive innovation by increasing competition with established payment service providers, making retail crypto payments more accessible. 

Stablecoin supply on Solana surpassed that of Bitcoin and Ethereum for the first time late last year. The IMF warned that the surge could disrupt capital flows and accelerate currency substitution. On-chain data revealed that stablecoins account for roughly 7% of the overall crypto market, having attracted more funds than native crypto assets in 2025.

The IMF report suggests that stablecoins are growing because the global payments system is slow, fragmented, and expensive. The fund also noted that people have opted out of that friction in the past two years, with USDC and USDT tripling in size since 2023. Both USD-backed tokens reached a combined $260 billion in 2024, with $23 trillion in trading volume.

The surge in non-USDC/USDT stablecoins signals that stablecoins are not going away, but they are becoming the digital edge of the dollar system. Those assets are also heading toward consolidation, regulation, and eventual absorption into the banking system to help institutions gain visibility and control over global money flows.

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