The stablecoin market on Solana is accelerating its differentiation. USDC remains the largest single stablecoin on the network, but its share has dropped to 44%. Meanwhile, US dollar-backed tokens such as USD1, USDGO, and PYUSD are expanding rapidly, driving the total scale of stablecoins on Solana to over $16 billion.

USDC still ranks first

In the past two days, Circle has newly minted approximately 1.25 billion USDC on Solana. Since 2026, the cumulative minting volume has exceeded 92 billion coins. However, the redemption rate is even faster, and the new mintings have not translated into a corresponding increase in supply. Currently, the stock of USDC on Solana is about 7 billion US dollars, making it still the largest stablecoin in terms of volume.

New stablecoins are accelerating their entry

The scale of stablecoins that are not USDC and not USDT has reached a new high of 5.59 billion US dollars. The supply of USD1 is approximately 1.32 billion US dollars, while that of USDG is about 612 million US dollars. The issuance volume of Anchorage Digital also expanded from an initial 50 million US dollars to 1.37 billion US dollars after 7 months.

Income and ecological choices are changing the direction.

The tokenized dollar products of PayPal, Western Union's USDPT, as well as BlackRock, are also bringing new stablecoin liquidity to Solana. Some new issuers offer rewards or returns, while on Solana, there are virtually no native coinholding returns. For institutions and DeFi users, when choosing a stablecoin, considerations extend beyond just liquidity and brand to also include returns, issuer, regulatory framework, and use cases.

Frictions have arisen in the relationship between Circle and Solana.

The article mentioned that after Drift was attacked on April 1st, Circle faced criticism within the Solana ecosystem. Some participants then turned to other stablecoins, arguing that Circle should freeze the stolen funds. At that time, Circle CEO Jeremy Allaire stated that the company would not intercept funds without a legal precedent. Since then, USDC's market share in the Solana stablecoin market has decreased by 33% compared to that time.

Additional information:Circle also launched its own mainnet yesterday, Arc. This is a Layer chain based on USDC, and institutions such as BlackRock, Visa, Mastercard, and DTCC participated in its founding validator lineup.