Introduction
Stablecoins are kind of like the unsung heroes of crypto. They don’t promise 100x returns, they don’t start flame wars on Twitter (most of the time), and yet, they power more real-world use than almost anything else in the space. If you’ve been around the DAO space or worked with any contributor payments, you already know this. No one wants to get paid in a token that tanks 30% overnight.
That’s why I’ve been increasingly drawn to what’s happening with stablecoins on Solana. As someone who’s worked on DAO tooling, cross-chain infrastructure, and generally cares more about utility than ideology, I’ve been watching Solana’s resurgence closely. It’s not just about NFTs and fast swaps anymore. Solana is quietly (and now not-so-quietly) becoming the best backend for stablecoin-powered products.
So in this post, I’m doing a deep dive—not just stats and hype, but a builder-focused breakdown of where things stand, what’s actually shipping, and why I think Solana + stablecoins might be one of the most important narratives of the next cycle.
How Big is the Stablecoin Wave on Solana?
Alright, let’s start with the numbers—but don’t worry, I’ll keep it human.
Back in late 2023, stablecoin activity on Solana was... not great. Post-FTX, a lot of capital had fled, and the chain was rebuilding trust. Fast forward to early 2025, and Solana’s stablecoin ecosystem has gone from ghost town to booming city.
Some context:
In January 2025, Solana had around $5.2B in stablecoins circulating. A month later? Over $11.7B. That’s a 2.2x jump.
It now ranks third overall in stablecoin liquidity, behind Ethereum and Tron (yes, Tron is surprisingly huge for stablecoins).
The transaction activity is even wilder: in January 2025 alone, there were over 263 million peer-to-peer stablecoin transfers. That’s nearly 9 transfers per second, not counting swaps on DEXs.
Daily active stablecoin addresses? Over 3 million. That’s an 8x jump from late 2023.
What this tells me is simple: Solana’s low fees and fast finality make stablecoins actually usable for things like micropayments, remittances, payroll, and even cross-border B2B flows.
And it’s not just USDC. Sure, that’s still the dominant one (70% of supply), followed by USDT (~18%). But now there’s a growing long tail of stablecoins like PayPal’s PYUSD, Maker’s new USDS (formerly DAI), and FDUSD from Asia.
Real-World Use
What excites me most is that this isn’t just about trading. It’s about actual use—real payments, not just liquidity farming. Here are a few integrations that stood out to me:
Stripe + USDC on Solana
Yes, that Stripe. The same Stripe that powers half the internet. In late 2024, they added support for USDC payments via Solana, and the results were pretty amazing: businesses in 70+ countries could now accept stablecoins with fiat payout. Stripe handles all the complexity—you send USDC, they handle the rest.
And here’s the kicker: they picked Solana because it’s fast and cheap. No one wants to pay $10 in gas to send $20, right?
Shopify + Solana Pay
This one is fun. Solana Pay was integrated into Shopify stores back in 2023, starting with USDC payments, but it has since expanded to support many assets.
It’s simple: you go to checkout, click the Solana Pay option, scan a QR code, and boom—USDC gets sent from your wallet to the merchant instantly. No banks, no chargebacks, just clean UX.
Visa: Using Solana to Settle Payments
Visa (yes, Visa) is using Solana to settle millions in daily transactions. In 2023, they added Solana to their pilot, moving USDC between entities like Worldpay and Nuvei. This isn’t theory. This is real settlement infrastructure being tested at scale.
So let’s be clear: Solana’s stablecoin story isn’t about memecoins or short-term hype. It’s about Stripe, Visa, and Shopify treating Solana as infrastructure.
So Who’s Building What?
Here’s a quick (but personal) map of the stablecoin ecosystem on Solana as I see it. I’ve grouped it by use case, but this is far from exhaustive.
Payments / Fintech
KAST – Digital banking with a debit card linked to your USDC on Solana
Sphere – Powering remittances using a “stablecoin sandwich” model (fiat → USDC → fiat)
Solana Pay – Merchant payment rails with wallet-native checkout
DeFi & Liquidity
Perena – Stablecoin AMM, launched by former Solana stablecoin lead
USD* – A single stablecoin backed by a basket of USDC, USDT, and PYUSD
Huma, Synatra – Lending and yield infra for stablecoin credit
Treasury, DAOs & Dev Infra
Squads Altitude – Bankless treasury accounts with multi-sig
Circle CCTP – Native USDC bridging (Ethereum ↔ Solana) without wrappers
Wormhole – Messaging layer used by DAI (USDS) to bridge to Solana
RWA & Regulated Issuers
PYUSD – PayPal’s stablecoin
FDUSD – Launched from Hong Kong
USDe (Ethena) – Delta-neutral synthetic stablecoin
All of this shows a key point: Solana isn’t just a chain with stablecoins. It’s becoming a hub where payments, liquidity, governance, and compliance intersect.
The Grown-Ups Are Watching
Let’s be real — if crypto wants to grow up and play in the big leagues, it can’t dodge regulation forever. And stablecoins, sitting right at the intersection of crypto and traditional money, are squarely in regulators’ sights. Whether you’re building DeFi tools, DAO treasuries, or just trying to integrate USDC into a Web2 product, it’s worth understanding how different regions are treating this new class of digital dollars.
United States – Enter the GENIUS Act
After years of hand-wringing and tweet-thread policy debates, the US finally made a move. In June 2025, the GENIUS Act passed the Senate — the first serious piece of legislation dedicated to stablecoins. While the name might make you roll your eyes, the intent is clear: stablecoins need adult supervision.
Under this law, all major stablecoin issuers are required to hold 100% of reserves in cash or short-term Treasuries — no funky collateral, no smoke and mirrors. If you're issuing billions worth of tokens, you’re also subject to mandatory audits and regular federal oversight. The idea here is to make stablecoins as safe and boring as bank deposits — and honestly, that’s probably a good thing if we want institutions to touch them.
What’s interesting is the bill doesn’t totally centralize power with the federal government. State regulators can still play a role, as long as their standards line up. This opens the door for a mix of fintech innovation and compliance — something Solana-native projects like KAST or Squads could benefit from, especially as more startups consider issuing branded stablecoins.
APAC – Patchwork of Innovation and Guardrails
Now let’s look east. The Asia-Pacific region is a mixed bag when it comes to stablecoins, but some countries are stepping up in a big way.
In Hong Kong, stablecoins are being embraced — with guardrails. A new law that took effect in 2025 requires issuers to be licensed by the HK Monetary Authority (HKMA). Issuers must maintain high-quality reserves, offer smooth redemption, and manage risk. It's a strong “same risk, same regulation” approach — but the vibe is pro-innovation. That’s why names like FDUSD chose to launch from Hong Kong.
Singapore has also taken a measured route. The Monetary Authority of Singapore (MAS) rolled out an opt-in framework where issuers of SGD or G10-pegged stablecoins can become officially regulated. If you don’t opt in, you can’t call your token “MAS-compliant” — but the rules aren’t forced on everyone. MAS is focusing on value stability, redemption guarantees, and reserve transparency, which make it ideal for enterprise use cases.
On the flip side, Japan has kept things very tight. Only licensed banks or trust companies can issue stablecoins — essentially ruling out most crypto-native projects. However, things are slowly loosening up. Circle’s USDC is expected to make its way into Japan via SBI, a regulated local player. Once approved, USDC could be listed for trading and used for compliant payments.
Elsewhere in APAC: Australia is drafting crypto reforms, India remains skeptical, and China is focused on its own CBDC (not stablecoin-friendly). The UAE, while not APAC, deserves a shoutout too — it’s building a crypto-regulation sandbox that encourages stablecoin adoption under tight controls.
Product Ideas That Matter
Let’s shift gears from what exists to what’s possible — and more importantly, what’s realistically buildable today on Solana. These ideas aren't “when we get L3s and intent-based routers” moonshots. They’re concepts that combine composability, stablecoins, and Solana’s UX to solve actual user problems. A few of these I’ve been noodling on myself, and others are inspired by things I’ve seen in the trenches.
DAO Treasury Bot – On-Chain CFO
Every DAO has the same three problems: custody, capital efficiency, and contributor payouts. So… what if we automated all of that?
Picture a dApp that:
Uses Squads Altitude as the treasury vault,
Automatically moves idle USDC into USDY or Perena to earn yield,
And streams contributor salaries via Zebec on a schedule.
It’s basically a CFO-in-a-box — but programmable, transparent, and permissionless. This could also integrate multisig governance triggers (like stop salary if proposal X fails), and it fits perfectly for DAOs, collectives, or even freelance orgs operating internationally.
Cross-Border Payment Hub
One of the biggest pain points in global payments is cost and latency. In emerging markets, even a $5 remittance fee matters.
You could build a remittance app where:
A sender in, say, the US pays in dollars (via card or ACH),
It gets converted into USDC and transferred instantly on Solana,
And the recipient cashes out in local fiat on the other end.
Projects like Sphere are already showing signs of this model working. The beauty? The user never has to know it’s crypto. You abstract the wallets, show balances in fiat, and optimize speed and cost under the hood using stablecoins on Solana. The potential to bring financial access to regions with high remittance costs is huge.
Final Thoughts
Stablecoins are where crypto meets the real world. And Solana, with its speed, UX, and growing credibility, is shaping up to be the chain that makes stablecoins actually usable at scale.
As someone who has worked across DAO tooling and bridging solutions, I see stablecoins as the monetary layer for Web3 coordination. They enable real-time finance, borderless collaboration, and true financial sovereignty—all without asking users to take on crazy volatility risk.
The way I see it, the "stablecoin wars" won’t be won by whoever shouts decentralization the loudest. They’ll be won by whoever makes stablecoins the most usable, reliable, and programmable. And right now? Solana is leading that charge.
Let’s keep building.
~ Mehta
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