Solana Stablecoin Supply Hits $17.39B ATH, Up 7% in 24 Hours

Solana’s stablecoin supply has reached a new all-time high of $17.39 billion, marking another sharp expansion in dollar-backed liquidity on the network.

The total supply stood at approximately $16.13 billion yesterday, September 24, representing an increase of $1.26 billion, or 7.8%, in 24 hours.

The latest record also came only 3 days after Solana set its previous ATH. The market reached approximately $16.87 billion on September 22 before breaking above that level today.

The latest surge followed fresh issuance from the network’s 2 largest stablecoin issuers. Circle minted approximately $751 million in $USDC, while Tether minted about $530 million in $USDT on Solana over the past 24 hours. 

Combined, the 2 issuers added roughly $1.28 billion in new stablecoins, slightly above the network’s net $1.26 billion increase.

$USDC Remains Largest, But Its Dominance Has Shifted

$USDC currently accounts for 47.31% of Solana’s stablecoin supply, making it the network’s largest stablecoin.

That share has changed considerably in recent months.

Last week, $USDC dominance fell to approximately 44%, down from 80.3% at its February 2025 all-time high. $USDC presently accounts for $8.23 billion of the total supply. $USDT comes next with $2.66 billion.

Regulation Adds Another Layer

The stablecoin expansion comes as U.S. regulators move to implement the GENIUS Act. On September 24, the Federal Reserve proposed 2 rules covering payment stablecoin issuers under its supervision. The framework would require issuers to fully back stablecoins with permitted reserve assets, including short-term Treasury bills and other high-quality liquid assets. It would also introduce capital and risk-management requirements and establish a process for Fed-supervised banks seeking approval to issue payment stablecoins.

The proposals also address stablecoin-related activities at Fed-supervised banks and certain arrangements involving rewards or yield. The Fed opened a 60-day public comment period before it considers final rules.

For Solana, the latest stablecoin supply all-time high shows how quickly dollar liquidity can expand when multiple issuers compete for activity on the same network. While USDC remains the largest individual asset, the market now contains a broader mix of stablecoins.

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