Institutional stablecoins are taking off on Solana

Solana currently trades at 2.95x its ecosystem TVL

• SOL traded at 14x its ecosystem TVL in December 2023; it now trades at 2.95x. This measures how much SOL is valued (assuming full dilution) relative to the capital deposited into the applications on the chain. Since December 2023, Solana’s ecosystem TVL has grown from $3B to $35B while its FDV increased from $40B to $100B.

• Stablecoins account for the majority of ecosystem TVL, totaling $13.45B. Comparatively, liquid staking protocols account for $7.1B, lending $4.8B, and DEX/DEX aggregators another $4.8B. Stablecoins currently represent 43.2% of Solana’s ecosystem TVL, and have seen the most growth in absolute terms since December 2023.

• Solana's $35B ecosystem is roughly one-tenth of Ethereum's. If TVL grows another 10x as more assets move onchain, and FDV/ecosystem TVL trends toward Ethereum’s ratio and reaches 2x, SOL’s FDV would sit at $700B. Currently, two stablecoin issuers (Circle and Tether), plus a handful of protocols account for the majority of Solana’s ecosystem TVL. New entrants could challenge these incumbents and drive additional growth.

Institutional stablecoins are gaining traction on Solana

• Two institutional stablecoins—USDG and PYUSD—have reached $655M and $1B in outstanding supply on Solana. Outstanding supply represents the total amount of stablecoins in circulation on the blockchain. USDG is issued by Paxos for the Global Dollar Network, a consortium spanning exchanges (Robinhood, OKX, Gate), neobanks, fintechs, wallets, and infrastructure providers across 30+ partners. PYUSD is issued by Paxos for PayPal. Both allow partners to earn yield on treasury reserves and share it with users.

• PYUSD grew from $170M to $1B in 2025, while USDG has reached $655M within months of launch. Successful crypto-native stablecoins followed similar trajectories: USDS and USDe both crossed $1B in their first year, then saw significant growth to $9.9B and $9.1B currently. With distribution that reaches beyond crypto-native audiences, USDG and PYUSD are positioned to challenge USDC and USDT on Solana.

• Both stablecoins remain early-stage despite rapid growth. USDG is held by 7,203 unique addresses on Solana; PYUSD is held by 45,790. Meanwhile, Robinhood alone reported 26.8M funded accounts in Q3, while PayPal reported 227M monthly active accounts. If these institutional stablecoin issuers leverage their reach more aggressively and succeed on Solana, it could shift the chain’s usage from speculative trading to payments.

USDC users favor Solana for frequent, smaller transfers

• Of the 11.7M monthly USDC senders across all chains, Solana accounts for 4M—more than any other chain. Monthly USDC senders measures unique addresses that sent USDC within a 30-day rolling window. Base accounts for 2.4M senders, while Ethereum accounts for 1.3M. Solana's monthly USDC senders have grown more than 10x since October 2023, making it the most active chain for USDC transfers by user count.

• So far in 2025, a USDC transfer on Solana has averaged $2.4K, compared to $21.9K on Base, and $99.6K on Ethereum. Base leads with $13.5T in YTD USDC transfer volume, followed by Ethereum at $8T and Solana at $4T. Despite having more senders than Ethereum and Base combined, Solana's total transfer volume is lower, indicating it processes frequent, smaller transactions rather than fewer large ones.

• With more than a third of all USDC senders, but only 12.5% of the USDC supply across all chains, Solana demonstrates higher stablecoin velocity than its peers. Solana tends to process more lower-value transfers than Ethereum, which puts the chain in a great position to attract retail users and payments-related use cases.

Access the charts here.

5 new projects are live on Token Terminal

New standardized listings (full listing with up to 15 metrics)

1. USDCV, a USD stablecoin issued by Societe Generale

2. JPYC, a Japanese Yen stablecoin issued by JPYC EX

New basic listings

1. Railgun, a privacy-preserving smart contract system 

2. SSV Network, a DVT staking protocol on Ethereum

3. Takara Lend, a lending protocol on Sei

Expanded coverage

• Near Intents added as a product for NEAR Protocol

• Circulating asset market cap added for Securitize

• Plasma coverage added for Fluid, Balancer, and Pendle

Interested in getting listed? Read more here.

Tokenized Assets page live

Token Terminal launched a new Tokenized Assets page providing industry-leading analytics for real-world assets (RWAs) onchain.

Key highlights:

• Coverage: Stablecoins, tokenized funds, and tokenized stocks

• Market cap: a new metric measuring the total value that has been tokenized onchain for a specific asset

• Features: Overview charts, leaderboards by growth, and unified data table with filtering

Our goal is to build and maintain a single source of truth for tracking RWA adoption across assets, issuers, and chains.

We're continuing to expand the dataset throughout Q4 with additional RWA-specific metrics, which will be available through our API.

Explore the Tokenized Assets page here.