Solana Reaches $15 billion ATH Stablecoin Supply as Phantom, Solstice, and Brex Unveil New Products and Services

In a 2023 interview, Anatoly Yakovenko, co-founder of Solana Labs, expressed his view that stablecoins represent the “killer app” of cryptocurrency and will play a key role in driving global adoption. The Solana ecosystem has experienced tremendous growth since then, particularly in the stablecoin sector.

With total supply surpassing $15 billion for the first time, the network has solidified its position as one of the most active blockchains for stablecoin activity. A surge of new product launches and institutional integrations have contributed to this milestone, including Phantom's rollout of Phantom Cash, Solstice Finance’s debut of the $USX stablecoin, and Brex’s adoption of stablecoin payments.

Together, these developments highlight the growing role of Solana in powering stablecoin use cases for both retail and institutional users.

Phantom Cash: Expanding Wallets into Money Apps

Phantom, one of Solana’s most widely used crypto wallets, has announced Phantom Cash, a new consumer payments service. The service introduces features such as instant bank and card funding, fee-free stablecoin trading, Visa-backed payments through Apple Pay and Google Pay, and peer-to-peer transfers. Phantom Cash is powered by $CASH, a U.S. dollar-pegged stablecoin issued through Bridge, a company Stripe acquired earlier this year.

Framing the launch of the token, some social media users humorously referenced an earlier incorrect rumour suggesting Phantom would launch a native token. However, $CASH is not the first token to be affiliated with Phantom, with the company launching its own liquid staking token, Phantom Staked SOL ($PSOL), back in May.

The launch marks the first deployment of Stripe’s Open Issuance platform, which allows businesses to create and manage stablecoins with minimal technical overhead. Open Issuance outsources reserve management to financial giants, including BlackRock, Fidelity, and Superstate, while liquidity is supported by Lead Bank.

Phantom’s integration gives Stripe a practical use case for its infrastructure and highlights its ambition to bring stablecoins into mainstream payments. Alongside Phantom’s launch, other companies, such as MetaMask and Hyperliquid, are preparing to issue stablecoins through Open Issuance.

Phantom Cash is currently available in early access and is expected to roll out more broadly in the coming months. The move builds on Phantom’s momentum from earlier this year, including raising $150 million in a Series C round and enabling perpetual futures trading directly in its app.

Solstice Finance Launches $USX and YieldVault

Solstice Finance has introduced $USX, a Solana-native stablecoin fully collateralized by fiat-backed stablecoins, such as $USDC and $USDT, with proof of reserves provided through Chainlink. The launch comes with over $160 million in total value locked (TVL) and introduces Solstice’s YieldVault program, which gives users access to institutional-grade delta-neutral trading strategies.

Backed by investors including Galaxy Digital, Deus X Capital, and Bitcoin Suisse, Solstice positions $USX as a stablecoin built specifically for Solana. The project aims to address what it sees as a gap in the market: the absence of a yield-native, Solana-born stablecoin.

“Legacy stablecoins maintain majority market share, yet not a single leading stablecoin was born natively on Solana and no dominant yield-native stablecoins currently exist in the ecosystem. We see stables often being bridged to other chains for best-in-class yield – that’s stable TVL leaving our ecosystem to try and earn elsewhere. We built $USX addressing this market gap on day one, a stablecoin that maintains all of the frictionless transaction benefits while giving access to institutional-grade yields that are native to the protocol,” said Ben Nadareski, CEO and Co-Founder of Solstice.

Brex Introduces Stablecoin Payments for Enterprises

While Phantom and Solstice are focused on consumer and DeFi users, Brex is targeting enterprises with its stablecoin payments solution. Brex, the Silicon Valley finance platform used by over 30,000 companies, will launch native stablecoin payments with Solana integration from the start.

Brex will become the first global corporate card provider to enable instant balance payments with stablecoins. Customers will be able to accept stablecoin payments with automatic USD conversion, send stablecoins directly from their USD balances, and even pay their card balances using stablecoins.

The rollout will start with $USDC and will be available to businesses in the coming months. Brex highlighted that the service eliminates the fragmented workflows typically associated with stablecoin transactions by consolidating everything within its platform. Payments will settle instantly with zero fees, offering businesses faster liquidity access and greater flexibility in managing cross-border expenses. Early adopters already include companies such as Solana Foundation, Figure, and Alchemy.

Solana Stablecoin Supply Reaches $15 Billion

These developments come at a time when Solana’s stablecoin supply has reached an all-time high of $15 billion. Circle alone minted approximately 7.25 billion $USDC on Solana in September, marking the largest monthly minting in the network’s history. The growth underscores Solana’s rising importance as a hub for stablecoin activity.

Stablecoins play a crucial role in decentralized finance, enabling users to transact with predictable value while bridging traditional financial systems with blockchain-based applications. Solana’s fast transaction speeds and low fees make it a particularly attractive network for stablecoin issuers and users. The addition of consumer-focused solutions such as Phantom Cash, yield-focused platforms like Solstice, and enterprise-focused services like Brex further diversify use cases across the ecosystem.

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