Stablecoins are increasingly becoming essential infrastructure across both decentralized and traditional financial systems, supporting payments, settlement, and onchain liquidity worldwide.
The total market capitalization of stablecoins on the Solana network jumped by roughly $900 million within a 24-hour period on Tuesday, marking one of the sharpest single-day increases seen on the blockchain.
According to data from DefiLlama, Solana’s stablecoin market cap climbed to approximately $15.3 billion. Stablecoins are digital tokens typically backed by fiat currencies or debt instruments and are designed to maintain a stable value.
The sudden increase followed the launch of JupUSD by decentralized finance platform Jupiter, developed in collaboration with synthetic stablecoin issuer Ethena. The new issuance injected substantial liquidity into Solana’s onchain ecosystem.
Solana’s stablecoin market remains heavily concentrated in Circle’s USDC, which accounts for more than two-thirds of the network’s total stablecoin supply. The dominance of USDC highlights its role as the primary settlement asset across Solana-based applications.
The rapid growth in stablecoin supply reflects rising investor activity and renewed confidence in the Solana ecosystem, which is increasingly positioning itself as a hub for internet-native capital markets. In this model, value transfer, settlement, and risk management take place entirely through onchain infrastructure.
Stablecoins underpin the growth of onchain assets
Stablecoin usage has expanded rapidly in recent years. Settlement volumes rose by 87% in 2025, according to Moody’s Investors Service, underscoring their growing role in global finance.
Stablecoins are also a core component of tokenized real-world assets (RWAs), which represent traditional assets such as real estate, art, or commodities on the blockchain. These tokenized assets rely on stablecoins for liquidity, pricing, and settlement within decentralized finance platforms.
By bringing traditionally illiquid assets onchain, tokenization enables new use cases, including using real-world assets as collateral for loans in DeFi applications. As a result, RWAs are expected to become a major growth driver for blockchain-based finance.
Estimates from several traditional financial institutions project the RWA market could reach $30 trillion by 2030. Stablecoins are expected to play a central role in that expansion.
The total market value of fiat-backed stablecoins—those fully backed by cash or government securities—has climbed toward $300 billion. Regulatory clarity has also increased following the passage of the GENIUS Act, signed into law by Donald Trump in July 2025. The legislation requires regulated payment stablecoins to maintain full, high-quality liquid asset backing, effectively excluding algorithmic or under-collateralized designs.
The law also prevents stablecoin issuers from distributing yield directly to users, a provision that has sparked debate about the future relationship between banks, stablecoin issuers, and digital payments.
