Stablecoin Growth on Solana
The Solana blockchain is making waves in the cryptocurrency space, with its stablecoin market cap soaring to $14 billion by the end of Q3 2025, marking a robust 36.5% quarter-over-quarter (QoQ) growth. According to a sneak peek from Messari’s upcoming “State of Solana Q3” report, shared by Matthew Nay on X, this impressive rise reflects Solana’s increasing dominance in the stablecoin ecosystem.
The data, sourced from DeFiLlama and dated September 30, 2025, highlights a steady upward trajectory since October 2024, with the market cap already surpassing $15 billion in October 2025.
Key Stablecoins and Their Performance
Leading the charge is USDG (Global Dollar), which has climbed to the third spot with a market cap of $492 million, showcasing its growing adoption. Other major players include USDC ($10.0B, up 39.6% QoQ), USDT ($2.4B, up 3.1% QoQ), and PYUSD ($445M).
This growth underscores Solana’s appeal as a high-speed, low-cost blockchain, attracting stablecoin issuers and users alike. The report also teases a new ecosystem map, promising deeper insights into this dynamic landscape.
Solana vs. Ethereum: Stablecoin Rivalry Intensifies
This surge comes on the heels of regulatory clarity from the GENIUS Act, which has spurred stablecoin innovation across blockchains. Solana’s ability to process transactions efficiently, combined with its expanding DeFi and NFT ecosystems, positions it as a formidable contender against Ethereum, which still leads with a $172.4 billion stablecoin market cap. As the full report drops next week, the crypto community eagerly awaits detailed analysis on Solana’s user activity, transaction volumes, and future potential.
For investors and enthusiasts, Solana’s stablecoin growth signals a maturing market, offering stability amidst crypto volatility. With new chains and innovations on the horizon, the competition is heating up, and Solana is clearly in the race to redefine the stablecoin narrative.