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Solana's non-USDC/USDT stablecoin supply is up 15x YoY
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Each week in The Snapshot, we share data-driven insights, highlight new listings, and showcase our latest product updates.
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Solana's non-USDC/USDT stablecoin supply is expanding
Solana's non-USDC/USDT stablecoin supply has grown over 15x since January 2025, expanding from a negligible base to over $3.3b. A year ago, this category barely registered at $242.6m market cap. Today, it spans institutional issuers, payment companies, and Solana-native apps alike.
The ecosystem is no longer a two-stablecoin market. USDG (Global Dollar Network) leads the new entrants at $876.6m on Solana, followed by USD1 (World Liberty Financial) at $870.3m, PYUSD (PayPal/Paxos) at $818.8m, then a long tail including USX (Solstice Finance), CASH (Phantom), EURC (Circle), jupUSD (Jupiter), and more. The issuer diversity is notable: a payments consortium, a politically connected venture, a Big Tech stablecoin, a wallet-native token, and a DEX-native stablecoin.
A more diversified stablecoin ecosystem reduces concentration risk and signals that Solana's stablecoin opportunity extends well beyond USDC and USDT. Each new entrant gaining traction validates the opportunity for the next, potentially creating a self-reinforcing cycle for issuers choosing where to deploy stablecoins.
New entrants are taking market share
Non-USDC/USDT stablecoins have reached 20% of Solana's total stablecoin supply, a new all-time high, up from 4% at the start of 2025. This 5x increase in market share over 12 months reflects how fast new entrants are scaling relative to the incumbents.
The share shift is a stronger signal than absolute growth alone. In a rising market, every stablecoin's supply can grow without taking share from competitors. A shift in market share indicates new entrants are finding increasing product-market fit, not simply riding the same tide.
If market share holds, these numbers get bigger with total supply. A hypothetical $100b Solana stablecoin market would mean a $20b addressable market for issuers outside Circle and Tether, large enough to justify significant investment and attract additional issuers.
USDG
USDG (Global Dollar Network) now has more supply on Solana than on Ethereum. USDG launched on both chains, but Solana has become the clear growth center, reaching $876.6m market cap versus $357.7m on Ethereum. Supply on Solana overtook Ethereum in August 2025 and has been on a steep uptrend since, while the Ethereum deployment has seen steadier growth.
USDG is one of the clearest examples of a stablecoin's primary chain migrating from Ethereum to Solana. Many stablecoins launch on Ethereum first due to its incumbent liquidity, but USDC and USDT dominate stablecoin supply there, leaving little room for new entrants. Solana offers a large active user base and a more level playing field in absolute terms, giving newer issuers like Global Dollar Network more room to compete.
If other issuers follow a similar trajectory, Solana could shift from secondary deployment chain to primary one for new stablecoins. More competition among issuers deepens the network's liquidity, which could make it a more attractive target for the next entrant. A pattern may be emerging where Solana is becoming the chain of choice for stablecoin issuers looking to establish a foothold outside of Ethereum.
USD1
USD1 (World Liberty Financial) has grown 8x on Solana since the start of 2026, becoming the fourth-largest stablecoin on the network. USD1 is issued by World Liberty Financial, a DeFi project associated with the Trump family. Its market cap on Solana now sits below $1b at $870.3m. For context, the only stablecoins on Solana to have previously crossed $1b are USDC, USDT, and briefly PYUSD in late 2025.
Solana has become increasingly attractive for stablecoin deployments. The network's total stablecoin market cap now exceeds $14b, supported by low transaction fees, high throughput, a large active user base, and deep DeFi composability. USD1 appears to be benefiting from the same structural tailwinds that have driven USDC and USDT growth on the network.
A politically connected issuer gaining real traction on Solana could signal growing strategic confidence in the network as a stablecoin hub. Whether USD1's growth is driven primarily by its political associations, its DeFi utility, or both, the outcome is the same: meaningful new liquidity flowing into Solana from an issuer that could have deployed elsewhere.
jupUSD
Jupiter's native stablecoin (jupUSD) has grown over 15x since its January 2026 launch, reaching $64.5m market cap. The stablecoin’s reserves are reportedly held in USDtb (backed by BlackRock's BUIDL fund) and USDC.
jupUSD represents a new category: Solana-native apps vertically integrating into stablecoin issuance. For Jupiter, owning the primary dollar asset across its swap aggregator, perpetuals platform, lending markets, and additional products creates a flywheel. Users stay in-ecosystem, platform stickiness increases, and Jupiter captures fee revenue that would otherwise flow to third-party issuers.
The question is whether app-native stablecoins become a broader pattern on Solana. Jupiter has a distribution advantage most issuers lack, routing a significant portion of Solana's DEX volume. Phantom's CASH suggests Jupiter is not alone in pursuing this strategy. If more major Solana apps follow, app-native stablecoins could become a structurally important stablecoin category.
Access the charts here.
Project updates:
Added notional trading volume for Aster, with $116.5b in volume over the past 30 days.
Listed Archax, the first FCA-regulated digital securities exchange, broker, and custodian in the UK.
Listed ETHGas, a protocol that transforms Ethereum blockspace into a tradable commodity, enabling instant settlement and gasless user experiences.
Listed Justoken, an RWA tokenization platform for commodities, energy, and natural resources.
Listed Kindred, an AI companion protocol on Sei that transforms licensed IP characters into emotionally intelligent digital companions.
Listed Odyssey Finance, a DeFi super-app using ERC-4337 smart accounts for gasless, cross-chain yield strategies.
Listed Sygnum, the world's first regulated digital asset bank, offering trading, custody, staking, and tokenization from Switzerland and Singapore.
Interested in getting listed? Read more here.
Tokenized asset updates:
Listed ASUSDF (Aster Staked USDF), the yield-bearing token of Aster's USDF stablecoin. Users stake USDF to mint ASUSDF, which accrues yield from delta-neutral strategies via Ceffu custody.
Listed HOLLAR (Hydrated Dollar), Hydration's decentralized, over-collateralized stablecoin on Polkadot. Minted against crypto collateral with automated peg stabilization via the HOLLAR Stability Module.
Total tokenized asset coverage now stands at 2,985. Explore all listings on Tokenized assets.
Since Token Terminal’s standardized metrics went live on Binance several months ago, the scope of our work has expanded from a data integration to in-depth quarterly (and monthly) reporting. We’re proud to work with teams that prioritize transparency and clear stakeholder communication.
Featured report: Aethir Q4 2025
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Additional reports are also live for:
“January reinforced Aave's position as foundational infrastructure for onchain lending.”
“Q4 2025 marked the strongest quarter of the year for dYdX, with trading activity accelerating meaningfully into year-end.”
"Significant progress was made in Q4, adding core elements like an Android app, free physical cards, and multiple types of fiat transfers."
"The team is deepening integrations with tokenized real-world assets following partnerships with Securitize and BlackRock's sBUIDL, with Euler's modular vault architecture being naturally suited for institutional-grade RWA lending."
"Fluid launched on Plasma, grew across almost every metric, and secured more partnerships and integrations in Q4."
"The focus this quarter was reinforcing core infrastructure, improving routing transparency, and preparing for a broader rollout of privacy-forward products in 2026."
"Q4 2025 marked a clear inflection point for Moonwell. While total value locked and active loans declined, core business metrics moved decisively higher."
"MAU growth on Morpho has been rapid, driven by integrations with large-scale distribution applications such as Coinbase, World App, Bitget, and more."
"Boros recorded over $6b notional volume within five months of launch, though it still represents only ~0.1% of total crypto OI."
"Raydium’s balance sheet remains healthy with substantial holdings in SOL and USDC relative to costs. This is reflected by Q4 profit margins of 91%, despite the decline in overall revenue."
"The increase in Avalanche’s TVL share reflects organic demand driven by asset availability and borrower activity, rather than a deliberate reallocation of strategic focus."
"Users prefer active strategy exposure, keeping the same BTC exposure, just opting for liquidity and flexibility in SolvBTC over liquid staked assets like xSolvBTC."
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Investor relations is becoming a more formalized function in crypto. As capital allocators apply traditional financial frameworks to digital assets, the standard for performance reporting continues to rise.
Token Terminal works with stablecoin and RWA issuers, lending platforms, decentralized exchanges, and more to help teams establish a public financial track record that is standardized, verifiable, and comparable across the market. The standardized metrics are distributed through platforms such as Bloomberg, Binance, and CoinGecko, ensuring broad accessibility for institutional and retail audiences.
Our work spans data infrastructure, smart contract registry management, metric methodology standardization, data transformation, distribution, and ongoing maintenance. This enables project teams to present consistent, decision-grade data to the market while continuing to focus on product development and growth.
Aave, Ether.fi, LayerZero, Orca, Pendle, and Raydium are among the teams that have integrated standardized reporting into their investor relations strategy.
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