Solana’s Stablecoin Landscape

Many thanks to 0xIchigo and Brady for reviewing earlier versions of this work.

Introduction

Stablecoins are the first class of cryptocurrency assets to achieve global product-market fit. No longer confined to crypto-native use cases, they increasingly serve as backend payment infrastructure for international money flows. 

Over the past 12 months, organic on-chain stablecoin transaction volume has exceeded $6.9 trillion USD, across 1.4 billion individual stablecoin transactions. The market capitalization for all stablecoins currently sits at $243.8 billion USD, reflecting 52% year-over-year growth. Standard Chartered Bank projects that the stablecoin market could expand 10-fold to $2 trillion within three years.

Traditional fintech and enterprise companies are now rapidly embracing stablecoins, with new adoption announcements surfacing nearly every week. Several key developments are driving this accelerating momentum:

High-profile Adoption

In February, Stripe announced its $1.1 billion acquisition of stablecoin payment API platform Bridge. Estimates from Artemis indicate Bridge is processing $1.5 billion in monthly total payment volume (TPV). Assuming a 20–30 basis point take rate implies a $36–$54 million net revenue run rate, and a 20–30x revenue multiple on the acquisition. The Stripe founders highlighted the acquisition and its importance during their recent event:

The high-profile deal is being hailed as stablecoins’ “Instagram moment,” drawing comparisons to Facebook’s $1 billion acquisition of Instagram in 2012. That acquisition transformed a little-known photo app into one of Facebook’s most valuable assets. Similarly, this move is seen as a potential turning point, positioning stablecoins as a core component of Stripe’s future and accelerating their role in mainstream financial infrastructure.

But the momentum extends well beyond Stripe. SpaceX already uses stablecoins to aggregate Starlink’s global revenue, streamlining cross-border flows and minimizing currency conversion costs. Meanwhile, according to The Wall Street Journal, major U.S. banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are engaged in early-stage discussions to develop a joint stablecoin initiative, signaling intense institutional interest in the technology.

Regulatory Clarity

A shift in the U.S. political landscape has ushered in a new era of regulatory clarity for digital assets, particularly stablecoins. Under the new administration, the SEC has moved from regulation-by-enforcement to establishing a rules-based approach. Newly installed Chair Paul Atkins has ordered staff to draft formal rules covering issuance, custody, and trading of digital assets and, for the first time, issued a staff statement laying out how reserve-backed dollar stablecoins can avoid being treated as securities.

A bipartisan framework is on the verge of becoming law. In May, the Senate voted 66-32 to advance the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), the first comprehensive federal stablecoin bill. The measure would require one-for-one reserve backing, prohibit rehypothecation (i.e., using collateral provided by a client for borrowing or trading activities), and establish a clear federal charter for issuers.

Together, these regulatory developments are providing long-awaited clarity. The message for major corporations, fintechs, and financial institutions is clear: dollar-linked stablecoins will be treated as money, not as unregistered securities.

There is now consensus in Washington that stablecoins can strengthen the global role of the U.S. dollar. Their widespread use is expected to drive demand for U.S. debt instruments and expand the reach of dollar-denominated financial infrastructure.

For example, Tether alone holds over $99 billion in U.S. Treasury bills, making it one of the largest holders of U.S. government debt, highlighting how stablecoin adoption is becoming intertwined with American monetary influence. Citigroup estimates that by 2030, stablecoin issuers could hold more US Treasuries than any single jurisdiction today.

Interestingly, stablecoin growth has historically tracked closely with the development of the broader crypto market, primarily due to their original role as trading pairs on exchanges. However, this correlation is expected to weaken as stablecoins expand further into non-crypto-native use cases, such as payments, remittances, and real-world commerce.

Infrastructure Maturity

Crypto infrastructure has advanced significantly in recent years, and Solana stands out as a leading example of this progress. As a high-throughput, low-cost blockchain capable of handling thousands of transactions per second, Solana enables scale and efficiency far beyond earlier-generation blockchains.

At the core protocol level, the pace of innovation has been remarkable, driven by upgrades such as local fee markets, QUIC-based networking, an improved transaction scheduler, Timely Vote Credits (TVC), stake-weighted Quality of Service (QoS), the development of a second validator client (Firedancer), and continual increases in available blockspace.

User experience at the application layer has also advanced significantly. Modern Solana wallets like Phantom and Solflare are secure, intuitive, and easy to onboard with. Meanwhile, competition among trading venues has intensified, giving users access to tight spreads, deep liquidity, and highly responsive markets.

Solana is especially well-positioned for stablecoin adoption thanks to the introduction of token extensions—a robust, fully audited, and freely available standard. These extensions unlock advanced functionality tailored to institutional needs, including:

Confidential Balances: These allow transaction amounts to remain private to consumers while still being visible to regulators. This mirrors traditional commerce, where customers can make purchases without exposing merchant financials.

Transfer Hooks: Enable token transfers to trigger specific program logic. This sets the groundwork for future programmable finance applications, such as fee-on-transfer logic or automated compliance triggers.

Permanent Delegate: This feature grants a designated address ongoing control over all token accounts for the mint, including the ability to burn or transfer tokens. This is critical for compliance and regulatory enforcement, allowing law enforcement actions such as asset freezes or seizures when required.

Article Structure

This article provides an overview of the current state of stablecoins on Solana. Our goal is to quantify adoption levels, highlight the diversity of stablecoin offerings, and explore their real-world use cases. The analysis is organized into five main sections:

• Stablecoin Adoption on Solana – A data-driven look at headline metrics to assess the network's scale and growth of stablecoin usage.
• Stablecoins Issued on Solana – A detailed breakdown of major stablecoin issuers and an overview of emerging long-tail stablecoin providers.
• Borderless Finance: The Stablecoin Sandwich – An exploration of one of stablecoins’ most impactful and lesser-understood use cases for cross-border payments.
• Solana Stablecoin Off-Ramp Solutions – A review of the latest wave of off-ramping products connecting on-chain stablecoins to traditional payment systems.
• Stablecoin Benefits to Consumers – A final look at how stablecoins on Solana empower users, from DeFi yields and remittances to financial stability and savings.

Solana’s stablecoin ecosystem is growing at a remarkable pace, with new projects and announcements emerging almost every week. While this article aims to offer a broad and representative overview, the fast-moving nature of the space means we may not capture every development. While the article flows best when read in order, each section is designed to stand alone and can be read independently.

Stablecoin Adoption on Solana

This section presents key data on stablecoin adoption and usage trends on Solana, highlighting growth in transaction volumes, user participation, and overall network activity.

Solana Total Stablecoin Supply

Solana’s stablecoin supply experienced rapid growth in the first quarter of 2025. The total USD value of stablecoins on the network more than doubled, rising from $5.2 billion in January to $11.7 billion in February, a 2.25x increase. This spike coincided with the launch of the TRUMP token, which drew global attention to the Solana ecosystem. The TRUMP token’s primary liquidity pool was a USDC pair on decentralized exchange Meteora.

This surge accelerated a broader upward trend in liquidity that began from a low of $1.5 billion in December 2023. The growth is particularly significant given that Solana's stablecoin liquidity has historically lagged behind other major blockchain networks. Solana ranks third in stablecoin liquidity among all public blockchain networks behind Ethereum and Tron.

Solana Monthly Stablecoin Transactions 

In Q1 2025, Solana averaged over 200 million on-chain stablecoin transactions per month, following the strong trend in network activity for the quarter. January marked a peak with 263.9 million transactions, followed by 237.7 million in April (the latest full month of data). This represents nearly a tenfold increase from September 2023, when monthly stablecoin transactions were just 25.2 million.

Solana Stablecoin Transaction Volume

Peer-to-peer stablecoin transaction volume on Solana has also been notably strong in 2025. In January alone, the network recorded $59.2 billion in peer-to-peer stablecoin transfers, up significantly from the September 2024 low of just $10.6 billion. Peer-to-peer data captures only direct transfers between individual wallet addresses, excluding transactions such as those that involve liquidity pools, MEV arbitrage activity, and intra-CEX transactions.

Solana Addresses Interacting with Stablecoins

In Q1 2025, the average daily number of unique addresses interacting with stablecoins on Solana exceeded 3 million, reaching a peak of 4.4 million in January. The growth marks an eightfold increase compared to October 2023, when daily stablecoin activity involved 347,000 unique addresses.

Stablecoins Issued on Solana

Solana has a diverse stablecoin ecosystem, with new issuances regularly expanding the variety of options. USDC dominates in both volume and adoption, accounting for over 70% of all stablecoins issued on the chain, followed by USDt in a strong second position (~18%). Beyond these two leaders, a vibrant long tail of emerging stablecoins are gaining traction, contributing to the ecosystem's diversity and enhancing consumer choice. The following section highlights key details on major and up-and-coming stablecoins currently active on Solana.

USDC (USD Coin)

Issued by Circle, USDC is Solana's most widely used stablecoin. Backed 1:1 by U.S. dollars or dollar-denominated assets such as U.S. Treasury securities, USDC is the default stablecoin in many DeFi protocols due to its deep on-chain liquidity and broad integrations.

Circle publishes monthly attestation reports for USDC reserve holdings, with an extensive public list of its licenses. The USDC Circle Reserve Fund is held at The Bank of New York Mellon and is managed by BlackRock. Cash is held in segregated accounts with U.S.-regulated financial institutions. The company filed for an IPO in April of this year (S1 filing) with plans to list on the New York Stock Exchange.

Circle offers a product called Circle Mint, which allows institutional clients to mint and redeem USDC directly. Under the European Union’s MiCAR (Markets in Crypto-Assets Regulation), Circle has committed to redeeming all USDC tokens presented for redemption, regardless of whether the holder is a Circle Mint customer.

The Cross-Chain Transfer Protocol (CCTP) is a permissionless on-chain bridging mechanism developed by Circle, which facilitates secure, one-to-one transfers of USDC between blockchain networks, including Solana, through native burning and minting.

The current supply of USDC issued on Solana is $9.35 billion, with 4.3 million individual token accounts.

USDt (Tether)

USDt, issued by Tether Limited, is the world’s largest stablecoin by market capitalization, with a total supply exceeding $150 billion. Initially launched in 2014, USDt was the first stablecoin and remained the only one on the market until early 2018, pioneering the model of fiat-backed digital tokens. USDt launched on Solana in September 2020. 

Like other major stablecoins, USDt is fiat-backed, with reserves consisting of U.S. dollars, cash equivalents, short-term deposits, and highly liquid assets, including U.S. Treasury bills, overnight reverse repurchase agreements, and money market funds. Tether publishes quarterly assurance reports conducted by the independent accounting firm BDO.

Tether offers fiat redemption services via its website, Tether.to, where verified users can deposit USDt and redeem it for fiat currencies into linked bank accounts. The minimum redemption amount is $100,000 USD.

The current supply of USDt issued on Solana is $2.39 billion, with 1.98 million individual token accounts, making it the second-largest stablecoin by liquidity on the network.

PYUSD (PayPal USD)

PYUSD, issued by PayPal in partnership with Paxos Trust Company, launched on Solana in May 2024, following its initial debut on Ethereum in August 2023. As a fiat-backed stablecoin, PYUSD is fully collateralized by U.S. dollar deposits, short-term U.S. Treasuries, and other cash equivalents. It is issued under the regulatory oversight of the New York State Department of Financial Services (NYDFS), and its reserve holdings are subject to monthly attestation reports conducted by KPMG.

PYUSD is among the first major stablecoins to leverage Solana’s token extensions to enhance its functionality. It incorporates several mint extensions, including Permanent Delegate, Transfer Hooks, and Transfer Fees.

The current supply of PYUSD issued on Solana is $215.9 million, with 20.4 thousand individual token accounts.

USDS (Sky)

Sky, formerly known as Maker, is one of the longest-standing protocols in DeFi, originating in 2014. Initially launched as MakerDAO, it rose to prominence through its DAI stablecoin, which has since been rebranded as USDS. Today, USDS is the third-largest stablecoin by market capitalization, with a total supply of $4.2 billion across all blockchains.

USDS is an overcollateralized, DeFi-native stablecoin backed by a mix of crypto and real-world assets. Its reserves, held on Ethereum mainnet, include ETH, staked ETH, U.S. Treasury bonds, and other stablecoins, primarily USDC. Users can mint USDS by opening collateralized debt positions, which are subject to liquidation if the collateral value falls below a certain threshold.

In November 2024, Sky expanded USDS to the Solana ecosystem using Wormhole’s Native Token Transfers (NTT) framework, enabling seamless movement of native USDS tokens between Ethereum and Solana.

The current supply of USDS issued on Solana is $102.4 million, with 7.5 thousand individual token accounts.

Long-tail US Dollar Solana Stablecoins 

Solana hosts a growing ecosystem of long-tail stablecoins that serve a variety of use cases and originate from diverse issuers:

• USDe (Ethena): A synthetic, crypto-collateralized stablecoin that maintains its peg through a delta-neutral strategy using staked ETH and short perpetual futures.
• FDUSD (First Digital USD): Issued by First Digital Labs, a Hong Kong–regulated entity, FDUSD is a fiat-backed stablecoin focused on compliance and transparency.
• USDG (Global Dollar): The stablecoin of the Global Dollar Network consortium, supported by major players including Robinhood, Anchorage Digital, Paxos, and Galaxy.
• AUSD (Agora USD): A stablecoin collateralized by cash, U.S. Treasury bonds, and repo agreements. Agora was founded by a family member of VanEck asset management.
• sUSD (Solayer USD): Solana’s first permissionless interest-bearing stablecoin (IBE), collateralized by short-term treasury bills.
• MoveUSD: A stablecoin developed by U.S.-based fintech company, CFX Labs, focused on cross-border payments.
• cfUSD (Brale): Issued by American payments infrastructure provider Brale, in collaboration with Coinflow.
• USDY (Ondo USD Yield): A yield-bearing stablecoin issued by Ondo Finance and backed by U.S. Treasuries and bank deposits.
• PST (Huma): The native stablecoin of the Huma PayFi Network, supported by Solana, Circle, and Galaxy Digital.
• *USD (Perena): USD Star is the flagship LP token of the Perena protocol, backed by a weighted basket of PYUSD, USDC, and USDt tokens.
• yUSD (Synatra): A receipt token representing staked USDC within the Synatra protocol, enabling participation in yield-generating strategies.

It is worth noting that the growing diversity of stablecoin designs can introduce confusion, particularly regarding their backing. For the average retail user, it’s often unclear whether a stablecoin is fiat-backed, crypto-collateralized, or driven by more complex mechanisms like delta-neutral trading strategies. This creates a risk spectrum, ranging from conservatively managed, narrow banking-style tokens fully backed by cash or treasuries to more speculative, higher-yield, asset-referenced tokens backed by crypto, trade finance, or other non-traditional collateral. 

This issue is likely to increase as the number of stablecoins entering the market grows. Greater transparency and clearer classification standards may be needed to help users assess the risk and reliability of these different stablecoin models.

Borderless Finance: The Stablecoin Sandwich

Stablecoins are gaining traction as the backend payment rails for global cross-border payments. Many consider this the killer use case powering the current wave of stablecoin adoption. The term “stablecoin sandwich” has gained popularity as a way to explain how stablecoins are used to facilitate international payments. The model is simple:

• Convert region A’s local fiat currency to stablecoins
• Transfer USD-denominated stablecoins internationally through a blockchain like Solana
• Convert the stablecoins to region B’s local fiat currency‍

This process mirrors the liquidity routing patterns seen on decentralized exchanges for token trades. TokenA -> Native token (SOL) -> Token B is a common trading route, as there tends to be greater liquidity on the native token pairs, allowing for better price execution and larger trade sizes.

The U.S. dollar is central to global foreign exchange (FX) markets, featuring in nearly 90% of all FX transactions, making it the most traded currency worldwide. This dominance spans across all major FX instruments and counterparty types. According to data from the Bank for International Settlements (BIS), the USD is present in at least 85% of trades in the spot, forward, and swap markets. This means the deepest liquidity and best quotes can be found on swaps between local currency and USD. Businesses benefit from local currency exchange rates on each side of the stablecoin sandwich transaction, reducing conversion costs.

This system enables faster, cheaper, and more accessible financial flows, especially between regions with weak financial connectivity. In Latin America, for example, importers can pay Asian suppliers through stablecoin sandwiches. Transactions that commonly took days can now settle in minutes, accelerating goods movement, reducing storage costs, and significantly improving working capital efficiency.

The stablecoin sandwich flow abstracts away the blockchain from end users. It allows them to transact using local fiat currency without directly touching stablecoins, requiring no education or shift in behavior. It’s simply another API.

The non-wholesale cross-border payments market had an estimated global total addressable market (TAM) of $39.9 trillion in 2024 and is projected to grow to $64.5 trillion by 2032, reflecting a compound annual growth rate (CAGR) of 6.2%. 

Common use cases for cross-border value transfer include:

• Remittances
• E-commerce marketplace payouts
• Supplier and B2B payments
• International payroll

Within this context, the blockchain layer of the stablecoin sandwich is the most efficient component, particularly on high-performance networks like Solana. Peer-to-peer stablecoin transfers on Solana cost less than $0.01 and settle in under one second. A single CLI command can instantly generate new wallet addresses for free. Solana operates 24/7 and is available across all time zones and business hours.

What are the operational challenges of borderless finance?

The more complex and resource-intensive parts of cross-border stablecoin transfers lie in the on- and off-ramp infrastructure. These layers handle the conversion between local fiat currencies and stablecoins and require deep integration with local financial systems. 

Key operational demands include:

Regulatory Compliance 

Involves rigorous KYC (Know Your Customer), KYB (Know Your Business), and AML (Anti-Money Laundering) procedures to meet jurisdictional requirements and prevent fraud.

Liquidity Sourcing

Accessing stablecoin liquidity (e.g., USDC, USDT) through providers like Circle, ZeroHash, Bridge, exchanges, or market makers to support timely settlement.

Messaging and Metadata

Transmitting transaction data, such as FBO (For Benefit Of) instructions and routing identifiers, to off-ramp providers and banking partners to ensure funds reach the correct beneficiaries.

Security

Secure on-chain custody, delegated access controls, and operational security protocols for managing large value flows.

Payment Orchestration

Dynamically selecting the most efficient payment rail, whether local bank deposits, mobile money, or card networks, for final fiat delivery.

Sphere is a prominent Solana-based team specializing in on- and off-ramp infrastructure. Their products, SpherePay and SphereNet, use stablecoin sandwich models to facilitate cross-border payments between domestic real-time payment (RTP) systems such as Brazil’s Pix, China’s Internet Banking Payment System (IBPS), India’s UPI, and the U.S. FedNow.

Solana Stablecoin Off-ramp Solutions

Traditionally, blockchains have operated as siloed financial systems with limited connections to the broader real-world economy. Retail users have had to rely on clunky on- and off-ramp processes controlled by a handful of centralized exchanges, which act as gatekeepers to the wider crypto ecosystem.

That paradigm is now shifting. A new wave of products is bridging the gap by linking Solana based stablecoin balances directly to prepaid debit cards, both physical and virtual, as well as to virtual bank accounts. These allow users to spend stablecoins effortlessly at millions of merchants worldwide, breaking down barriers between the on-chain economy and everyday financial activity.

Users typically must complete a standard KYC (Know Your Customer) verification process to access these services, which can operate under custodial, semi-custodial, or self-custodial models. Once approved, cards can be easily linked to users’ Apple Pay or Google Wallet accounts. Merchants receive their local currency while the equivalent USDC stablecoin balance is deducted from the card’s account.

Comparing Solana Stablecoin Debit Cards

Below are a few examples of this model:

KAST

Digital banking platform KAST provides physical and digital Visa cards linked directly to on-chain Solana USDC balances, allowing users to earn 2–6% in reward points on spending. Through its partnership with Bridge, KAST also enables users to open virtual U.S. bank accounts, supporting instant Fedwire transfers and automated clearing house deposits or withdrawals.

Fuse

Developed by Solana-based multisig protocol Squads, Fuse is a personal finance wallet app that offers virtual Lead Bank prepaid Visa cards, also through a partnership with Bridge. Users can also open virtual U.S. bank accounts to receive payments in USD and Euros and earn yield on stablecoins via DeFi integrations with Drift and Lulo.

Sanctum

Liquid staking infrastructure provider Sanctum is developing Cloud Card, the first debit card powered by Liquid Staking Tokens (LSTs), in partnership with popular DEX aggregator Jupiter and BasedApp. Set to launch in Q4 2025, Cloud Card will be available in over 100 countries.

Solflare

Together with Mastercard, Solana wallet provider Solflare will launch a branded debit card allowing users to spend USDC directly from their self-custody Solflare wallet. The rollout will initially be for the UK and European Economic Area (EEA). 

Solayer

Solana-native team Solayer currently offers users an Emerald Visa debit card, available in over 100 countries. This card lets users earn a 4% yield on their savings balance via sUSD, Solayer’s stablecoin backed by U.S. Treasury bills.

MoonPay

This month, MoonPay announced the launch of branded Mastercard cards linked to users’ on-chain stablecoin balances. The initiative leverages stablecoin API-based infrastructure from Iron, a Solana Permissioned Environment (SPE) operator acquired by MoonPay earlier this year.

The trend of crypto platforms issuing debit cards that enable customers to spend with stablecoins extends well beyond Solana. Other organizations issuing stablecoin balance cards include MetaMask, Kraken, Biptap, and Bitrefill.

Stablecoin Benefits to Consumers

For consumers, saving and spending in stablecoins offer attractive alternatives to local fiat currencies with high inflation and restrictions on international transfers. Stablecoins offer self-custody, access to yield from defi or treasury bills, and dollar-dominated accounts.

Attractive Yield Generation

Stablecoins are the financial backbone of decentralized finance (DeFi), powering lending, borrowing, and yield generation strategies across Solana. Unlike traditional bank deposits, which typically offer low interest rates, stablecoin holders can freely tap into various yield opportunities that deliver higher returns.

Kamino, Solana’s leading DeFi protocol with $2.44 billion in total value locked (TVL), is a key destination for those seeking stablecoin yield. The platform supports lending markets for USDC, USDT, PYUSD, USDG, USDS, and FDUSD and has earned a strong reputation for reliability. It is backed by multiple security audits, a highly respected developer team, and a clean operational history with no major exploits or user fund losses. 

The largest stablecoin pool on Kamino is the primary USDC market, which currently holds 314.07 million USDC, up from 114.34 million just six months ago (a 2.7× increase). This lending market’s yield varies dynamically with demand, spiking to over 20% during high-activity periods such as January and falling to 2–3% during quieter times. Over the past 90 days, the average yield has stabilized around 5%. These returns are primarily fueled by leveraged traders borrowing stablecoins to increase exposure to more volatile assets.

Accessing these yields is straightforward: Solana users simply deposit their stablecoins into Kamino to earn. Beyond lending, alternative sources of yield include:

• Liquidity pools, which earn from trading fees.
• Delta-neutral strategies on perpetual markets, where yield is generated via funding rate differentials.
• Natively yield-bearing stablecoins such as those backed by U.S. Treasury bills, which pass through yield directly to holders (several of these are covered in the ‘Stablecoins Issued on Solana’ section).

However, DeFi yields carry added risk. Despite significant advances in auditing and monitoring, exploits occasionally occur.

Store of Value

In regions grappling with economic instability or high inflation, stablecoins have emerged as a preferred alternative to local currencies for a stable store of value. Stablecoins offer a reliable means of preserving purchasing power and hedging against local currency volatility. This has been especially impactful in emerging markets, where businesses and individuals have limited access to US dollar-denominated banking accounts. Stablecoins offer an alternative, acting as easily accessible proxy accounts for the dollar.

The macroeconomic consequences of persistent currency devaluation, such as shrinking consumer confidence and reduced investment, exacerbate GDP erosion over time, reinforcing the growing reliance on dollar-pegged digital assets as a lifeline for financial stability. In many of these markets, stablecoins routinely trade at a premium, reflecting users’ willingness to pay for stability and capital protection. 

Remittances and Cross-Border Transactions

Stablecoins are transforming cross-border payments and remittances, offering a faster, cheaper, and more accessible alternative to traditional remittance channels. Legacy systems often impose high fees, lengthy settlement times, and require intermediaries; barriers that disproportionately affect migrant workers and underbanked populations.

With stablecoins, users can send money peer-to-peer instantly across borders, sidestepping the inefficiencies of fiat rails and centralized remittance providers. This enables migrant workers to support their families more effectively.

To illustrate the impact, according to data from Chainalysis, sending a $200 remittance from Sub-Saharan Africa using stablecoins is approximately 60% cheaper than through conventional fiat-based remittance methods, resulting in more money reaching the recipient and less lost to fees.

Conclusion

This article explored the rapidly evolving stablecoin landscape on Solana. We began by quantifying current adoption trends and analyzing headline metrics that reflect growing network usage. We then provided a detailed look at the wide range of stablecoins issued on Solana, from major fiat-backed players to emerging long-tail assets with innovative designs.

We also examined one of the most compelling use cases—cross-border payments—through the lens of the “stablecoin sandwich” model. In addition, we reviewed the latest developments in stablecoin off-ramping solutions. 

Finally, we highlighted the consumer-facing benefits of Solana stablecoins, including access to DeFi opportunities, improved remittance options, and enhanced financial stability.

With its high throughput, low transaction costs, strong developer ecosystem, and active user base, Solana is uniquely positioned to become a leading hub for the next wave of stablecoin adoption.

Further Resources

• Visa Onchain Stablecoin Analytics Dashboard
• The Stablecoin Era - Squads Blog
• Anchoring Economies: The Role Of Stablecoins In Emerging Markets - Squads Blog