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Solana stablecoin ecosystem explodes: supply doubles, volume surges by 10 times
Rapid Development of Solana Stablecoin Ecosystem
The Solana stablecoin ecosystem has experienced significant growth recently. In the first quarter of 2025, the supply of stablecoins on the network increased from $5.2 billion in January to $11.7 billion in February, more than doubling. This surge coincided with the launch of the TRUMP token, which attracted global attention to the Solana ecosystem.
The trading activity of stablecoins has also increased significantly. In the first quarter of 2025, Solana's average monthly on-chain stablecoin transaction volume exceeded 200 million, nearly 10 times that of September 2023. The number of unique addresses interacting with stablecoins daily also rose from 347,000 in October 2023 to a peak of 4.4 million in January 2025.
USDC and USDt remain the dominant stablecoins on Solana, accounting for 70% and 18% of the total supply, respectively. However, the ecosystem is becoming more diversified, with a variety of emerging stablecoins like USDe, FDUSD, and USDG offering users more options.
Stablecoins are becoming an important tool for global cross-border payments. The "stablecoin sandwich" model greatly improves the efficiency of cross-border transfers by exchanging local fiat currency for stablecoins, transmitting them over the blockchain, and then exchanging them back to the destination fiat currency. This model is particularly suitable for transactions between regions with weaker financial connectivity.
The new generation of products is linking Solana stablecoins with physical and virtual debit cards as well as virtual bank accounts, making it easier for users to use stablecoins in their daily lives. Several institutions, including KAST, Fuse, and Sanctum, have launched or are planning to launch related services.
For consumers, stablecoins offer many benefits. On DeFi platforms, stablecoin holders can earn returns far exceeding those of traditional banks. In economically unstable regions, stablecoins have become important value storage tools. In cross-border remittances, stablecoins significantly reduce costs and time.
As the ecosystem continues to improve, Solana is expected to become an important platform for the next wave of stablecoin adoption. Its high performance and low cost characteristics, along with an active developer community, have laid a solid foundation for the further development of stablecoins.