Stablecoin Supply on Solana Hits Record Highs: A Deep Dive into Onchain Data

Over the past few months, the supply of stablecoins on Solana has reached all-time highs. While many initially attributed this surge to the popularity of memecoins and expected a decline once that hype faded, recent onchain data reveals a different story.

In this piece, we'll explore the latest trends and insights from Solana's stablecoin ecosystem.

Stablecoin Supply Reaches New Heights

Currently, based on Flipside data, the total stablecoin supply on Solana exceeds $12.8 billion, marking the highest level since January 2021. This growth highlights increased adoption and deeper liquidity across the network.

In March alone, over $1.2 billion in stablecoins were minted, reflecting a notable 10.7% increase compared to the previous month.

January 2025 marked the most significant monthly addition, with stablecoin supply surging by $5.7 billion. Conversely, the largest decline happened in February 2024, with a reduction of $3.3 billion.

$USDC Maintains Dominance, Competition Intensifies

$USDC continues to dominate, holding a supply of over $9.95 billion—77.4% of the market. Meanwhile, $USDT holds the second-largest position with $2.39 billion (18.5%). Smaller stablecoins, including $PYUSD, $USDS, and $USDY, collectively account for 2.75% of the market.

For the past several months, $USDC has consistently dominated the stablecoin market on Solana. The only exception occurred in February 2024, when $USDT temporarily took the lead, reaching a supply of $1.89 billion and capturing 52.3% of the total stablecoin market. 

Additionally, between May and August 2024, $PYUSD briefly rose to prominence, achieving a supply of $561 million and accounting for 10.1% of the market, slightly reducing $USDC's dominance during that period.

Recent Supply Trends

The past week saw $USDT experience the most significant growth, increasing by $350 million. $USDC grew by $51 million, followed by $USDS with a modest $4.2 million increase.

Over the past month, $USDC grew by $312 million and $USDS by $10.3 million. On the flip side, $PYUSD saw the most considerable decrease of $15.9 million, while $SUSD declined by $7.5 million.

Stablecoin Trading Activity on Solana

In the last year, stablecoin trading volume on Solana DEXs surpassed $272.6 billion across 349.4 million trades. January 2025 set a record monthly volume of $62.4 billion, although this was followed by a sharp 50% decline in February. March 2025 trading volume currently exceeds $14.9 billion.

$USDS and $EURC saw remarkable growth. $USDS trading surged dramatically, from $2.5 million in November to $194 million this month. $EURC similarly increased from $11.5 million in February to over $68.6 million in March.

The trading volume charts highlight the impressive influence of memecoins. Even two months after its launch, $TRUMP continues to set records, with the $TRUMP-$USDC pair reaching a massive $3.9 billion trading volume over the past 30 days—making it the second-largest pair on Solana after $SOL-$USDC. 

Another notable memecoin, $Fartcoin, also entered the top 20 with trading volumes exceeding $141 million.

Stablecoin Utility and Integration

A stablecoin's success largely depends on its integration across various protocols. Over the last 30 days, $USDC leads significantly, integrated with 1,160 programs. $USDT follows with 635 integrations, while the newer stablecoin $USDS has rapidly integrated with 266 programs, surpassing older stablecoins like $PYUSD and $EURC.

DEX platforms and DeFi protocols are the most common points of stablecoin integration. Jupiter remains the primary hub, followed by Ellipsis. Meanwhile, newer entrants like $FDUSD are diversifying integrations, moving beyond initial platforms like Kamino to include Jupiter and Meteora.

Adoption and Holder Growth

$USDC leads stablecoin adoption with over 3.9 million wallet holders, more than double $USDT’s 1.8 million holders. 

$SUSD and $EURC have also experienced significant holder growth, with $SUSD reaching over 48,500 wallets in January and $EURC rapidly growing from 3,100 to nearly 27,000 wallets in two weeks. Interestingly, despite significant trading activity, $USDS has seen slower wallet adoption, currently holding 6,465 wallets.

Looking Ahead

Stablecoins have become crucial to Solana’s ecosystem, driving liquidity and facilitating numerous transactions. While $USDC remains dominant, emerging competitors are beginning to challenge its position. The future promises exciting dynamics as competition and integration further evolve.

One thing remains clear—the stablecoin landscape on Solana continues to thrive and diversify rapidly. 

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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