Solana's stablecoin market capitalization has reached a historic peak of $15 billion, marking a staggering 200% year-over-year growth according to data from analytics platform Token Terminal. This milestone underscores a massive influx of capital and user activity onto the Solana blockchain.
The growth is driven by a combination of factors, including accelerating DeFi and payment activity and a resurgent memecoin trading frenzy. Over the past year alone, nearly $10 billion in stablecoins were issued on Solana, with over $900 million minted in just the last 24 hours leading up to the report.
Circle's USDC dominates the Solana stablecoin landscape with a 65% market share, valued at $9.2 billion. It is followed by Tether's USDT at $2.19 billion, PayPal USD at $952 million, Global Dollar at $888 million, and World Liberty Financial's USD1 at $151.8 million.
The stablecoin surge coincides with a broader Solana ecosystem revival. The network's total market cap expanded 14.1% week-over-week to $75 billion, erasing previous declines. Memecoins like BONK, PENGU, FARTCOIN, Dogwifhat, and Brett saw explosive gains of 30% to 50% over seven days, driving trading volumes and retail interest.
On-chain metrics reflect robust organic growth: Total Value Locked (TVL) jumped 12.5%, daily transactions rose 17.3%, and DEX trading volume climbed 13.1% week-over-week. Furthermore, applications built on Solana generated a record $2.39 billion in revenue in 2025, a 46% year-over-year increase.
Solana has also achieved significant positional milestones. It recently overtook BNB Chain to become the second-most popular Layer 1 for stablecoin transfers and now leads as the largest blockchain by market cap for tokenized equity products at $874.19 million, ahead of Ethereum and BNB Chain.
The ecosystem continues to attract major institutional and corporate interest. Western Union announced plans to launch a dollar-backed stablecoin on Solana in the first half of 2026, to be issued by Anchorage Digital Bank. In a watershed moment for institutional recognition, Morgan Stanley filed with the SEC to launch a Solana-linked ETF. Additionally, Solana-based DEX Jupiter introduced its own reserve-backed stablecoin, JupUSD.
