July Sees Solana Stablecoin Transfers Surge 53% to $215B: A Deep Dive into Ecosystem Growth

Stablecoins play a pivotal role in fueling the DeFi landscape on Solana, powering protocols like Jupiter and Raydium, lending platforms such as Kamino, and yield-farming initiatives. Among these stablecoins, USD Coin ($USDC) and Tether ($USDT) are dominant, providing liquidity crucial for trading and the active memecoin market.

Speed, Low Fees, and Integration

With the recent passage of the GENIUS Act, which establishes clearer regulatory guidelines for stablecoin issuance and cross-border transfers, Solana’s lightning-fast transactions and minimal fees have become even more attractive for stablecoin use. The network now powers rapid international payments and microtransactions, and its integrations with platforms such as Stripe and Shopify have brought traditional finance and decentralized finance closer together. 

Analyzing Recent Stablecoin Trends

To better understand Solana’s stablecoin dynamics, let's dive into recent onchain data. After a two-month downward trend from April to June, Solana’s stablecoin supply dropped from $13.9 billion to $11.3 billion, a decrease exceeding 18%. However, July saw a significant reversal, with the stablecoin supply bouncing back by over $920 million, surpassing $12.2 billion, the highest level in the past three months.

$USDC Dominates, $USDG and $FDUSD Surge

Circle's $USDC remains the undisputed leader on Solana, with its supply surging more than 11% in the past month alone. This substantial growth reinforced $USDC’s position at the top. In contrast, the supply of Tether’s $USDT remained relatively unchanged, maintaining its second-place ranking.

Aside from these two prominent stablecoins, notable growth was observed in smaller competitors. $USDG, introduced by the Global Dollar Network in February, experienced a remarkable 43% increase, rising from $102.9 million in June to $147.5 million in July. $FDUSD, another emerging stablecoin, recorded exceptional growth from $104 million in May to over $304 million in June, showcasing its potential. Meanwhile, $ZUSD faced a severe contraction, plummeting from $8.6 million in June to less than $160,000 by July, highlighting the volatility among smaller stablecoins.

Market Shares and Supply Fluctuations

Currently, $USDC dominates the Solana stablecoin market, accounting for over 72% with a circulating supply exceeding $8.79 billion. $USDT follows with a 19.6% share, holding around $2.38 billion. $FDUSD ranks third, representing about 2.5% of the market, emphasizing the significant gap between the top two stablecoins and their smaller counterparts.

Despite a substantial increase of $889.2 million in $USDC's supply over the past 30 days, recent data reveals a sharp decline exceeding $500 million in just the last week. Meanwhile, $USDG added approximately $44.5 million in the same period. On the downside, $AUSD faced the largest reduction over the past month, losing about $9.5 million. PayPal's stablecoin $PYUSD notably gained over $22.3 million in supply within the past seven days.

Holder Distribution and Adoption

When it comes to stablecoin adoption measured by wallet counts, $USDC is once again far ahead, boasting over 5 million holders. $USDT follows closely with more than 2.2 million holders. This vast difference underlines their dominance and widespread acceptance compared to other stablecoins, like $PYUSD with approximately 31,300 wallets and $EURC with about 27,500 wallets, occupying distant third and fourth places respectively.

Rising Swap Volumes and Peer-to-Peer Transactions

The dominance of $USDC and $USDT extends beyond supply and holder counts to include swap volumes on decentralized exchanges. Over the last two months, stablecoin swap volumes have surged significantly, with average daily volumes increasing from around $610 million in late June to over $900 million in July. Notably, on July 22, $USDC set an impressive record with swap volumes exceeding $1.92 billion.

Additionally, the number of peer-to-peer (P2P) stablecoin transfers has risen sharply. July alone saw transactions spike by over 63%, reaching approximately 26.9 million transfers. Once more, $USDC topped the charts with over 20 million transactions, interacting with more than 15,000 programs. $USDT secured the second spot with approximately 5.1 million transfers, while $PYUSD nearly doubled its previous month's transactions, surpassing 910,000.

Stablecoin transfer volumes on Solana also surged by 53% in July, reaching over $215 billion. $USDC ranks first with more than $185 billion in volume, and $USDT comes second with over $24 billion. In third place is $USDG, which despite having a supply considerably smaller than stablecoins such as $FDUSD or $PYUSD, saw its transfer volume exceed $2.28 billion, an 86% increase compared to the previous month.

Key Takeaways

With an 8.2% supply rebound to $12.2 billion and a 63% jump in P2P transfers, Solana’s stablecoin ecosystem is powering unprecedented DeFi growth. $USDC’s 11% month‑over‑month surge and a record $1.92 billion onchain swap day underscore deep liquidity, while emerging tokens like $USDG (+43%) and $FDUSD (+200 million USD) are carving out market share. As Solana navigates post GENIUS Act regulations, these stats confirm its standing as a high velocity hub for stablecoin driven finance.

Stay tuned for further insights into how these platforms evolve and shape the future of DeFi trading on Solana.
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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