The market capitalization of stablecoins on the Solana layer 1 blockchain jumped by $900 million over a 24-hour period on Tuesday.
stable coins, blockchain tokens backed by fiat currency or debt assets, surged to a market capitalization of $15.3 billion on the Solana network, according to DeFiLlama.
The spectacular rise occurred when decentralized finance platform Jupiter launched its stablecoin JupUSDdeveloped in partnership with synthetic stablecoin issuer Ethena.
Solana’s stablecoin ecosystem is dominated by Circle’s USDC (USDC), a dollar-pegged token, which represents more than 67% of the network’s total market capitalization.
The increase in stablecoins on Solana reflects increased investment activity and investor interest, as the Solana ecosystem evolves into a hub of internet capital markets, where value and risk are fully transferred via on-chain rails.
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Stablecoins become essential plumbing as assets move on-chain
Stablecoin settlement volume increased by 87% in 2025, according to the financial rating agency Moody’s Investors Service.
Stablecoins are essential infrastructure for tokenized real-world assets (RWA), which are physical or traditional assets represented on-chain, Moody’s said. Tokenized RWAs require stablecoins for liquidity and on-chain settlement.
Asset tokenization opens up new use cases, such as the ability to use traditionally illiquid asset classes such as art, real estate, and collectibles as backing collateral for loans in DeFI applications.
The RWA market is expected to reach 30 trillion dollars by 2030, according to several traditional financial institutions.
Stablecoins are among the leaders of this growth. The total market capitalization of supersized stablecoins, tokens backed 1:1 with fiat cash deposits and government debt, is approaching $300 billion, according to RWA.xyz.
Under the GENIUS Act, which was signed into law by US President Donald Trump in July 2025, regulated payment stablecoins must be backed on an individual basis by high-quality liquid assets, thereby excluding algorithmic or under-collateralized models.
Algorithmic stablecoins, which use software or complex market transactions to maintain their fiat currency pegs, are not recognized under the GENIUS Act.
The GENIUS Act also prohibits stablecoin issuers from sharing yield directly with customers, a provision that has sparked debate over the future role of banks.
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