Solana Stablecoin Supply Hits $17 Billion Record High

Solana’s stablecoin ecosystem has reached an unprecedented milestone. The total stablecoin supply on Solana now stands at $17.48 billion, marking a new all-time high for the network. This achievement reinforces Solana’s growing importance as a hub for digital dollars within decentralized finance.

According to onchain data, $USDC continues to lead the charge with a commanding 72.3% share of the market, equivalent to $12.64 billion. Meanwhile, $USDT follows with 15.7% of the total supply, valued at approximately $2.74 billion. The remaining portion is spread across smaller stablecoins such as $PYUSD, $USDS, and $USDY.

Record-Breaking Minting by Circle

September marked a defining moment for Solana’s stablecoin ecosystem. Circle, the issuer of $USDC, minted roughly 7.25 billion $USDC on Solana during the month. This represents the largest monthly mint in Solana’s history and highlights the network’s growing appeal among stablecoin issuers.

Stablecoins have become integral to Solana’s ecosystem, facilitating smooth value transfer and providing essential liquidity for DeFi protocols. Solana’s low transaction costs and high throughput continue to attract capital inflows from both individual traders and institutional participants seeking efficiency and scalability.

Solana Leads All Chains in Stablecoin Inflows

Over the past 24 hours, Solana has outpaced all other Layer 1 and Layer 2 blockchains in terms of stablecoin inflows. This consistent momentum positions the network as one of the most active venues for stablecoin activity across the crypto landscape.

The network’s ability to handle large transaction volumes with minimal latency continues to distinguish it from its competitors.

Jupiter and Ethena Collaborate on $JupUSD

Adding to the momentum, Jupiter Exchange recently announced a strategic partnership with Ethena Labs to launch a Solana-native stablecoin, $JupUSD. Built on Ethena’s Stablecoin-as-a-Service stack, $JupUSD is set to go live in Q4 2025.

$JupUSD will integrate across Jupiter’s ecosystem and gradually replace approximately $750 million in stablecoins currently locked in the Jupiter Liquidity Pool (JLP). This transition aims to enhance liquidity management and introduce a more cohesive stablecoin framework for Jupiter users.

Implications for Solana’s Ecosystem

The record stablecoin supply and new initiatives such as $JupUSD indicate a maturing market on Solana. Greater onchain liquidity often precedes higher trading volumes and increased participation across decentralized finance protocols.

While $USDC remains the cornerstone of Solana’s stablecoin market, emerging players are introducing competition and diversification. These developments suggest that Solana’s stablecoin landscape is evolving into a more dynamic and resilient ecosystem.

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