2026-01-17 15:20:58

The Solana stablecoin ecosystem is quietly undergoing changes. Data shows that stablecoins other than USDC and USDT currently account for about one-fifth of the total stablecoin supply on Solana, a qualitative leap from 3% a year ago.

It's not just external stablecoins like Paypal's PYUSD, Goldfinch's USDG, and Unit-e's USD1 taking root on Solana. Non-dollar fiat-pegged assets such as Swiss franc VCHF and euro EURC are also circulating on-chain. Even more interestingly, leading applications within the Solana ecosystem are starting to go their own ways—Phantom Wallet has launched its own CASH, while aggregator Jupiter has introduced jupUSD.

This trend reflects several signals: First, the application layer of Solana has matured, and core teams within the ecosystem are no longer satisfied with single functions but are expanding into a matrix of financial products. Second, diversified stablecoin options can indeed disperse the risk concentration of a single issuer, which in itself demonstrates a healthy competitive landscape within the ecosystem and the confidence of its participants.

SOL1,11%

USDC0,01%

PYUSD-0,06%

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BearMarketLightning

· 01-20 14:22

Stablecoins are increasing, but it feels like things are getting more chaotic? --- Phantom and Jupiter are both creating their own coins. What are they up to... --- From 3% skyrocketing to 20%, this growth rate is indeed outrageous. It doesn't seem that simple. --- Diversification is good, but could it end up all being air coins? --- Speaking of which, USDC and USDT are being sidelined. Circle and Tether must be feeling pretty uncomfortable haha. --- Is an ecosystem maturity supposed to mean each operates independently? I feel like this is just the prelude to a harvest of the leeks... --- Swiss franc and euro stablecoins? Are they supplementing the non-USD narrative? --- Really? I haven't heard that Phantom is working on CASH. --- Risk diversification sounds good, but could liquidity be eaten up? --- This is another big escape in the crypto world. Let's see who survives the longest.

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MysteryBoxOpener

· 01-20 03:23

Solana's recent mix of stablecoins is quite interesting; Phantom and Jupiter are both starting to establish their dominance... But on the other hand, could this be too fragmented?

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OvertimeSquid

· 01-19 22:15

This wave of the Sol ecosystem is really starting to go wild, everyone wants to create their own stablecoin? Phantom and Jupiter have both taken action, it seems Raydium might also come next month. 20% of non-mainstream stablecoins have multiplied several times in a year, this pace is quite fierce. However, competition across multiple chains is always better than being beaten by USDT; diversification of risk is always good. Honestly, I am optimistic about the Sol trend. Finally, some projects are not just focusing on tokens but are getting serious. Is it a fragmented approach? More like a hundred flowers blooming; it all depends on who can last until the end.

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SignatureVerifier

· 01-19 17:57

yo hold up... 20% in a year? that's statistically improbable without some questionable mechanics underneath. technically speaking, someone should be auditing these new stablecoins' reserve structures three times over before we celebrate

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WhaleSurfer

· 01-17 15:50

Stablecoins are blooming everywhere. Phantom and Jupiter are both going independent, so USDT and USDC must be getting nervous now, haha.

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RektButSmiling

· 01-17 15:44

Laughing out loud, Phantom and Jupiter are also starting to issue tokens. This is a full-chain competition trend.

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CounterIndicator

· 01-17 15:35

Laughing out loud, Phantom and Jupiter are also starting to issue tokens, this is a full-chain competition --- USDC and USDT are about to be divided, the decentralized vibe is getting stronger and stronger --- Truly impressive, a 20% growth, this speed shows the SOL ecosystem really has something --- Multi-coin competition sounds nice, but honestly it's just each doing their own thing to grab traffic --- Risk diversification? I think everyone just wants to take a cut --- Swiss franc stablecoin, this niche demand... are there really trading volumes? --- Phantom issuing CASH is quite a creative move, turning the wallet into a bank, indeed

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TokenDustCollector

· 01-17 15:31

Damn, Phantom and Jupiter are both working on stablecoins, are they trying to collectively challenge USDT? --- jupUSD sounds like an aggregator trying to get a piece of the pie. More options never hurt, right? --- Jumping from 3% directly to 20%, this growth rate is really crazy. It feels like USDT's position is starting to wobble a bit. --- EURC and Swiss franc tokens in circulation... Are they serious? It seems like not many people are using them. --- The idea of each doing their own thing is interesting. The Solana ecosystem is really gaining strength, no longer relying entirely on major stablecoins. --- Honestly, it's still about reducing risk concentration, but could so many stablecoins instead cause liquidity fragmentation issues? --- Jupiter's jupUSD is indeed outrageous. Is this another innovation trying to balance the ecosystem or just a marketing gimmick? --- This move is a bit like back in the internet days when every app wanted to do payments, but none of them succeeded—repeating history.

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ImpermanentPhobia

· 01-17 15:21

Solana stablecoin this move feels a bit scattered and inconsistent Phantom and Jupiter each doing their own thing, is this ecosystem going to flourish with a hundred flowers blooming or turn into a chaotic mess? But honestly, going from 3% to 20%, that growth is really aggressive. Diversifying risk is good, but I worry that in the end, no one will use it Jupiter is launching jupUSD, is this aiming to challenge USDC? More stablecoins mean more security. Anyway, I can't hold too many varieties, it's easy to get confused

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