Solana Stablecoin Stack Cracks $15B as New Issuers Muscle In on the USDC-USDT Duopoly

Solana's total stablecoin market capitalization crossed $15 billion for the first time, reaching $15.16 billion according to DeFiLlama data cited by Token Terminal. The milestone was accompanied by a 3% move higher in SOL over the past 24 hours, with the token trading above $78 on daily volume of $1.94 billion.

USDC remains the dominant issuer on the network at $7.09 billion, with Circle's recent $250 million USDC mint on Solana reported as part of the supply build-up behind the $15 billion threshold. USDT sits at $2.91 billion on Solana per DeFiLlama, leaving roughly $5.16 billion in supply outside the two largest issuers.

The more notable shift sits inside that remaining slice. The non-USDC, non-USDT stablecoin segment on Solana hit an all-time high of $4.81 billion, according to SolanaFloor data, driven primarily by USD1, the dollar-pegged stablecoin associated with World Liberty Financial, and USDG from Global Dollar. That segment now accounts for nearly one-third of Solana's total stablecoin supply.

The diversification of issuer concentration signals that dollar liquidity on Solana is no longer a two-party dependency. New entrants including USD1 and USDG have moved the segment's share from a marginal slice of the network's stablecoin base to close to a third of total supply, broadening the mix of entities responsible for on-chain dollar settlement.