The stablecoin market on the Solana blockchain has experienced explosive growth over the past year, outpacing all other major networks. According to DefiLlama data, the total market capitalization of stablecoins on Solana has surged from under $6 billion a year ago to $13.3 billion, having reached a record high of over $16 billion in December 2025. This represents the fastest growth rate among the top 10 blockchains since the start of 2025.
In comparison, stablecoin market cap on Ethereum grew by nearly 43% to $164 billion, while Tron saw a 40% increase to $82 billion over the same period. Analysts attribute Solana's success to its combination of affordability and speed, making it an attractive platform for stablecoin payments. "Solana may eventually catch up to Tron as the leading blockchain for fast and low-cost stablecoin payments," said Zach Pandl, head of research at Grayscale, noting that crypto trading apps are likely to fuel further usage.
This growth is part of a broader trend of increasing real-world adoption for stablecoins as payment rails. Neobank Revolut reported a staggering 156% year-over-year increase in stablecoin payments, cumulatively sending over $10.5 billion as of December 2025. This growth occurred without a major crypto price rally, indicating use for everyday transactions rather than speculation. Data shows most Revolut stablecoin payments were between $100 and $500, signaling normal spending behavior.
Major traditional finance players are increasingly choosing Solana for their stablecoin initiatives. PayPal launched its PYUSD stablecoin on Solana nearly two years ago, Western Union plans to issue USDPT on the network in 2026, and payments giant Visa debuted stablecoin settlement for partners using Solana in December. Notably, Jack Dorsey's Cash App, despite its Bitcoin-maximalist leadership, announced its USDC stablecoin feature would utilize Solana.
The regulatory landscape has provided a foundation for this expansion, with the GENIUS Act—signed into law by US President Donald Trump in July 2025—establishing a framework for issuing stablecoins. However, risks remain, as highlighted by the temporary depegging of Ethena's USDe stablecoin in October, underscoring the importance of issuer trust and regulatory oversight.
