Solana has quietly become one of the most important chains for stablecoins. With over $15 billion in supply, Solana is the third-largest blockchain for stablecoins.
While USDC and USDT dominate by volume, 2025 has brought a wave of new Solana stablecoins. The coins range from yield-bearing tokens to compliance-focused consortium coins.
This guide breaks down everything you need to know about stablecoins on Solana. We'll look at which coins are available, how they work, best use cases, and infrastructure.
Why Solana for stablecoins?
Before diving into specific coins, let's see why Solana became so attractive for stablecoin issuers and users.
- Transaction speed and cost. Solana processes thousands of transactions per second with sub-second finality. Stablecoin transfers cost fractions of a cent, making the network practical for payments.
- Easy user experience. Unlike Ethereum and EVM, Solana doesn’t have smart contract token approval. Users can swap or perform any other action in a single transaction. Modern Solana wallets like Zerion also show all tokens and transactions in an easy UX. The same onchain data is also available to developers via Zerion API.
- Token Extensions for compliance. Solana's Token Extension program lets issuers embed controls directly into stablecoins. Features such as permanent delegates, transfer hooks, and transfer fees facilitate compliance.
- Native cross-chain support. Technologies like Circle's Cross-Chain Transfer Protocol (CCTP) and Wormhole's Native Token Transfers (NTT) allow stablecoins to move between chains. Coins are burned at the source and minted at the destination. This creates unified liquidity without wrapped tokens.
- Growing DeFi ecosystem. Lending protocols (Kamino, marginfi) and DEXs (Jupiter, Raydium) create organic demand for stablecoins.
The result: in two years, Solana stablecoins capitalization increased by 10x from $1.5 billion to $15 billion.
The major players: Fiat-backed stablecoins
Like on other chains, fiat-backed stables dominate by market capitalization and adoption. These stablecoins are centralized, fully reserved, and built for institutional use.
USDC (Circle)
Supply: ~$10.6 billion
Issuer: Circle Internet Financial
USDC is the largest stablecoin on Solana and the standard for institutional treasury management. Circle backs every USDC with cash and short-duration U.S. Treasuries held in segregated accounts at banks like BNY Mellon. Daily reporting on Circle's portfolio is available via BlackRock.
What makes USDC special on Solana:
- Circle Mint allows institutions to mint and redeem USDC directly, bypassing exchanges
- CCTP integration enables native cross-chain transfers without bridges or wrapped tokens
- Off-ramping through Circle Accounts lets companies withdraw USDC to U.S. bank accounts after KYC
- Weekly attestation reports provide transparency on reserves
Many enterprises choose USDC specifically because of the off-ramp. If you're generating revenue onchain, USDC offers the cleanest path back to traditional banking.
USDT (Tether)
Supply: $2.4 billion
Issuer: Tether Limited
Tether launched on Solana in 2020 and remains the second-largest stablecoin on the network. USDT is backed by cash, U.S. Treasuries, reverse repos, and other liquid assets.
Tether publishes quarterly assurance reports with attestation by BDO. It offers redemptions for institutional users (minimum $100,000).
PayPal USD (PYUSD)
Supply: $617 million
Issuer: PayPal and Paxos Trust
PYUSD launched on Solana in May 2024 and became the first major stablecoin to fully leverage Solana's Token Extensions. Paxos issues PYUSD on behalf of PayPal, backed by USD deposits, U.S. Treasuries, and reverse repos. KPMG provides a monthly attestation.
PayPal's integration gives PYUSD a unique on-ramp: buy PYUSD directly through PayPal accounts. The stablecoin uses permanent delegates, transfer hooks, and transfer fees to enforce compliance.
Global Dollar (USDG)
Supply: $471 million
Issuer: Global Dollar Network / Paxos Digital Singapore
USDG launched on Solana in 2025 as a consortium stablecoin issued by Paxos Digital Singapore. It's regulated by the Monetary Authority of Singapore (MAS). Backed by USD deposits and short-duration U.S. government securities.
The Global Dollar Network uses a partnership model where institutions join the consortium to mint USDG for payment flows. The stablecoin is built with Solana's Token Extensions for compliance. It also offers revenue-sharing for network partners. Custodians include Paxos and Anchorage with banking partners DBS, Dreyfus, Standard Chartered, and Banking Circle.
First Digital USD (FDUSD)
Supply: $131 million
Issuer: First Digital Labs / FD121 (BVI) Ltd.
FDUSD launched natively on Solana in January 2025. It's issued by First Digital Labs, backed 1:1 by cash and short-term U.S. Treasuries, and custodied by First Digital Trust under Hong Kong regulation.
Institutions can open accounts with First Digital to mint FDUSD directly. The coin has integrated with major DeFi protocols like Kamino and Raydium. It's positioning itself as a compliance-forward alternative to USDC and USDT.
World Liberty Financial USD (USD1)
Supply: $175 million
Issuer: World Liberty Financial
USD1 launched in March 2025 as a fiat-backed stablecoin maintaining a 1:1 peg with the U.S. dollar. It's backed by short-term U.S. government treasuries, dollar deposits, and cash equivalents. BitGo serves as custodian for USD1's reserves, providing regulated storage for the backing assets.
Agora USD (AUSD)
Supply: $39 million
Issuer: Agora Finance
AUSD is backed by cash, overnight repurchase agreements, and short-term U.S. Treasuries. Agora Finance emphasizes full collateralization and redeemability. State Street is the custodian and fund administrator and VanEck is the asset manager.
AUSD represents the emerging category of multi-chain fiat-backed stablecoins for cross-border payments.
USD CoinVertible (USDCV)
Supply: $26 million
Issuer: SG-FORGE, the digital asset subsidiary of the Societe Générale group
USDCV is a MiCA-regulated token, backed by 100% cash held in accounts opened at the Bank of New York Mellon Corporation (BNY) and Societe Générale. The stablecoin is redeemable at Bitstamp as a “preferred partner”. It is also available via Bitpanda, Flowdesk, Keyrock, and Wintermute.
Beyond fiat-backing: Innovative stablecoins
While fiat-backed coins dominate liquidity, Solana is also home for new stablecoin models.
Sky Dollar / USDS (formerly DAI)
Type: Over-collateralized DeFi stablecoin
Issuer: MakerDAO / Sky LLC
USDS is the rebranded version of DAI, backed by ETH, U.S. Treasuries, and other collateral managed by Sky LLC. Minting happens on Ethereum, but Wormhole's Native Token Transfers (NTT) bring USDS to Solana as a native token without any wrapping.
NTT burns USDS on the source chain and mints the same supply on the destination chain, unifying liquidity across ecosystems. For DeFi users, USDS offers decentralization and over-collateralization.
sUSD (Solayer)
Type: Yield-bearing stablecoin
Issuer: Solayer
sUSD is Solana's first permissionless interest-bearing stablecoin. It's backed by U.S. Treasury bills and uses a token-extension "multiplier" to accrue interest without minting new tokens. Holders earn approximately 4-5% annual yield.
Instead of holding USDC at zero yield, users can hold sUSD and earn T-bill rates. This stablecoin integrates with DeFi protocols. This lets users deploy coins in liquidity pools or lending markets while earning a base yield.
Solstice USX (USX)
Type: Synthetic
Issuer: Solstice Finance
USX is a synthetic stablecoin that offers a delta-neutral institutional yield. Collateralized by hedged positions across a range of crypto assets and tokenized Treasuries. Approved participants can mint USX 1-1 by depositing USDC or USDT.
Ondo USD Yield (USDY)
Type: Tokenized note
Issuer: Ondo Finance
USDY is a tokenized note secured by short-term U.S. Treasuries and bank demand deposits. Unlike traditional stablecoins, USDY doesn't maintain a fixed 1:1 peg. Instead, holders earn yield through an increasing redemption value.
USDY is available on Ethereum, Solana, and other chains. Enterprises use it to earn passive yield on stable holdings without leaving the blockchain. It's great for managing treasuries that would otherwise sit idle in USDC.
Ethena USDe (USDe)
Type: Synthetic
Issuer: Ethena Labs
USDe is backed by delta-neutral vaults with staked crypto assets and short positions in perpetuals. The protocol also offers yield through staking via sUSDe. Originally an Ethereum-native stablecoin, USDe also launched on Solana in August 2024.
MoveUSD
Type: Deposit-token stablecoin
Issuer: CFX Labs
MoveUSD represents a claim on deposits held at Metropolitan Capital Bank & Trust. When users deposit USD into the bank, CFX Labs mints MoveUSD. The coin uses Wormhole NTT to enable native versions on Solana, Base, and Ethereum without wrapping.
Perena USD (USD*)
Type: Aggregated stablecoin
Issuer: Perena
USD* (aka USD Star) is a unified yield-bearing asset backed by a curated basket of vaults. The token auto-compounds swap fees and yields, acting as a liquidity hub for Solana stablecoins.
Users can hold USD* and benefit from the combined liquidity and yields from different stablecoins. The market cap remains small. But it shows how Solana enables composable stablecoin primitives.
Non-USD stablecoins: Euro, Yen, and beyond
As Solana's FX markets mature, non-USD stablecoins are emerging.
- EURC: Euro-backed stablecoin issued by Circle
- EUROe: Euro-pegged stablecoin managed by Membrane Finance
- VEUR & VCHF: Euro and Swiss Franc stablecoins issued by VNX
- GYEN: Yen-pegged stablecoin by GMO Trust, a subsidiary of GMO Internet Group
With these tokens, you can manage FX exposure onchain and settle cross-border transactions. Liquidity remains limited. But as international adoption grows, expect these coins to play a larger role in Solana's payments infrastructure.
The infrastructure layer
Stablecoins don't exist in a vacuum. They rely on a complex network of minting platforms, custodians, bridges, and on/off-ramps.
Custodians
- BNY Mellon & BlackRock: Hold portions of Circle's USDC reserves
- First Digital Trust: Custodian for FDUSD
- Metropolitan Capital Bank & Trust: FDIC-insured backing for MoveUSD
- Paxos & Anchorage Digital: Institutional custody for USDG
- Copper: Institutional-grade MPC custody
Cross-chain bridges
- Wormhole NTT: Burns tokens on the source chain, mints on destination (used by USDS, MoveUSD)
- Circle CCTP: Native USDC transfers across chains without wrapping
- LayerZero Omnichain Fungible Token (OFT): Tokens exist on multiple blockchains with a unified supply (used by Ethena’s USDe).
On-ramps and off-ramps
- Circle Business accounts: Direct bank withdrawals for USDC holders
- Coinflow: Supports ACH and push-to-card
- PayPal: Buy/sell PYUSD using PayPal balances or linked bank accounts
- Alchemy Pay, Banxa, Ramp Network: Global fiat-to-crypto gateways supporting Solana stablecoins
Platforms
- Agora Finance: White label stablecoins
- BitGo: A custodian and digital assets infrastructure company offering stablecoins-as-a-service
- Bridge: Stripe-owned, fully integrated platform for stablecoins
How to choose a Solana stablecoin
With over ten stablecoins available, the choice depends on your use case.
- For institutional treasury management: USDC is the standard. Circle Mint offers direct minting and redemption. CCTP enables cross-chain movement. Circle Business accounts provide clean off-ramping to U.S. banks.
- For trading and high liquidity: USDT remains the most liquid stablecoin globally. If you're moving large volumes on exchanges, USDT typically offers the deepest order books.
- For earning yield: sUSD (Solayer) and USDY (Ondo) offer T-bill yields. PST (Huma) provides real-world invoice financing yields. Solstice’s USX offers an even higher “delta-neutral” yield. These stablecoins turn idle dollars into productive assets.
- For decentralization: USDS (Sky/Maker) is still the most decentralized option. It’s backed by over-collateralized vaults rather than centralized fiat reserves.
- For experimental use cases: Perena's USD* offer exposure to stablecoins with auto-compounding yields. But this comes with higher risks and lower liquidity.
Tracking stablecoin holdings
Managing multiple stablecoins across different protocols can get complex quickly. You need visibility into your holdings, yields, and exposure across the ecosystem.
This is where accessing reliable onchain data becomes critical. Tools like the Zerion API make it easier to track stablecoin balances and transactions. You can do that all without building your own indexer or querying multiple protocols.
Whether you're building a dashboard or a payment app, an API for Solana onchain data saves development time.
Challenges and considerations
Solana's stablecoin ecosystem is maturing rapidly, but challenges remain.
- Liquidity concentration. USDC and USDT account for the vast majority of stablecoin supply. While new entrants are emerging, most have limited liquidity and have not yet been tested during market stress.
- Regulatory uncertainty. Stablecoin regulation is evolving globally. Coins like USDG (MAS-regulated) and PYUSD (Paxos-issued, NYDFS-regulated) have clear regulatory frameworks. But others operate in gray areas.
- Centralization concerns. Most stablecoins can be frozen by their issuers. Circle, Tether, and Paxos all maintain freeze authority. For users prioritizing censorship resistance, this is a critical consideration.
What's next for Solana stablecoins?
The trajectory is clear: more diversity, more yield, more compliance.
We can expect continued growth in yield-bearing stablecoins as enterprises look for ways to earn on idle treasuries. We'll likely see more consortium models, where groups of institutions share stablecoin infrastructure. Token Extensions will become table stakes for any serious stablecoin issuer.
Cross-chain interoperability will improve further. As NTT and CCTP gain adoption, the concept of a "wrapped" stablecoin may fade entirely. Liquidity will unify across chains, and users will care less about where a stablecoin originates.
Finally, watch for non-USD stablecoins. As crypto becomes genuinely global, EUR, JPY, and GBP stablecoins will play a larger role. Solana's speed and cost structure make it ideal for FX settlement.
The bottom line
Solana has moved beyond being just a fast blockchain for traders. It's becoming a settlement layer for dollar-denominated transactions, with stablecoins as the rails.
Solana's stablecoin ecosystem now offers options that weren't imaginable a few years ago. Whether you're managing treasury, building a payments app, or looking for yield, there is a stablecoin for you.
With over $15 billion in stablecoin supply and growing infrastructure, Solana is impossible to ignore.