USD1 on Solana: 175M Supply and $1.2B Trading Volume in the First Month
A New Player in Solana’s Stablecoin Arena
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World Liberty Financial (WLF) has been steadily expanding its stablecoin, $USD1, across multiple chains. After launching on Ethereum, BNB, and Tron, the project turned its attention to Solana, where the stablecoin market cap has already surpassed $13.4B. The move came in mid-August, and within just a month, $USD1 has carved out a noticeable position in Solana’s fast-growing stablecoin ecosystem.
Rapid Supply Growth
According to Dune data, $USD1 minting on Solana began on Sept 14. In only two weeks, the supply climbed past 58M tokens, showing quick adoption. WLF then announced an additional 100M minted on Aug 30, pushing the total supply to more than 183M by Sept 1.
Since that peak, supply growth has stabilized. At the moment, $USD1’s circulating supply on Solana stands at 175.4M. While it remains far behind giants like $USDC and $USDT, $USD1 currently ranks as the sixth-largest stablecoin on Solana by market cap. If we only consider stablecoins with supply below 1B, then $USD1 moves up to fourth place, just behind $USDG at 492M.
Climbing the Ranks in Holders
Where $USD1 really stands out is in wallet distribution. More than 40.5K wallets now hold $USD1, second only to PayPal’s stablecoin, which has 43.3K holders. By comparison, $USDG, the supply leader outside $USDC and $USDT, has only 3.7K wallets.
The strongest wave of new holders came on Sept 18, when over 8.6K wallets added $USD1 in a single day, largely driven by Letsbonk.fun adopting $USD1 pairs on its launchpad. Still, distribution data shows a retail-heavy profile:
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72.4% of wallets hold under $10
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19.1% hold between $10–$100
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More than 97.7% of wallets hold under $1K
At the other end of the spectrum, concentration is high. A BitGo custody address holds 51.1% of supply, worth $89.6M. Bullish.com comes next with $18.3M (10.5% of the total). The USD1–USDC pool on Raydium ranks third, with $10.6M.
DEX Trading Activity
In its first month, $USD1 has already recorded over $1.2B in trading volume on Solana’s DEXs. The activity has been heavily concentrated in two pairs:
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WSOL–USDC: 58% of total trades
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USDC–USD1: 38.2% of total trades
The busiest trading day came on Sept 1, when USD1 logged $159M in volume within 24 hours.
TVL Trends and Recent Shifts
Liquidity pools have also played a role in $USD1’s expansion. TVL in Solana spot DEX pools surged to $25.6M in early September, reflecting the initial wave of supply and trading activity. For a few weeks, the figure held steady. By Sept 21, TVL had dropped more than $5M, settling at $20.1M. More than 95% of this liquidity is concentrated in Raydium pools, underlining the protocol’s dominance in Solana’s spot trading.
What $USD1’s First Month Tells Us
Taken together, $USD1’s first month on Solana reflects both early adoption and the challenges that new stablecoins typically face in this ecosystem. With a circulating supply of $175M, more than 40.5K holders, and $1.2B in trading volume, the numbers point to strong initial activity. Yet history on Solana shows that the dominance of $USDC often pulls liquidity and demand away from newer entrants. Many stablecoins experience a sharp rise in supply at launch, followed by a slowdown as utility remains limited and user interest shifts back to established leaders. Whether $USD1 can avoid this pattern and maintain relevance will depend on its ability to build meaningful use cases and sustain liquidity over time.
This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.
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