Solana: Relying on a diverse range of stablecoins up to 20%, a turning point from the dominance of USDC/USDT

SchroedingerGas · 2026-01-26T07:01:51+00:00

Recent data shows a notable shift in Solana's stablecoin landscape, with non-USDC and non-USDT stablecoins now comprising 20% of the total supply, up from 3% a year ago, indicating diversification and growing trust in the ecosystem.

SchroedingerGas

2026-01-26 07:01:51

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The latest data from Token Terminal shows a notable shift in the stablecoin structure on Solana. The share of stablecoins other than USDC or USDT has now reached 20% of the total stablecoin supply, a significant jump from just 3% a year ago.

The share of non-USD stablecoins has increased sevenfold in one year

This rapid growth reflects a clear trend: Solana is no longer solely dependent on the top two stablecoins. The ecosystem has now expanded to include PYUSD (PayPal), USDG (Gravitas), USD1 (Sterling), and more than ten others, including non-USD stablecoins like Swiss Franc (VCHF) and Euro (EURC). This proliferation indicates that various issuers are turning to Solana as a strategic destination to deploy their payment solutions.

Native Solana applications are launching their own stablecoins

Another significant trend is that native projects on Solana are beginning to develop their own stablecoins. Phantom, the most popular crypto wallet on the network, has launched CASH, while Jupiter, the leading DEX aggregator platform, has introduced jupUSD. This move demonstrates the maturity of the Solana application ecosystem, where development teams are expanding their operations across various financial products.

Token diversification makes the Solana network more flexible

From a systemic risk perspective, this diversification offers considerable benefits. About a year ago, if Circle faced regulatory challenges affecting USDC, the entire stablecoin infrastructure on Solana could have been threatened. Today, with multiple issuers present, the network has become more resilient and adaptable. The fact that new issuers continue to choose Solana also reflects their increasing confidence in the platform’s long-term growth potential.

SOL2,63%

USDC-0,01%

PYUSD0,03%

USDG-0,03%

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