Solana stablecoin market cap surges $900M on JupUSD launch
The market capitalization of stablecoins on the Solana layer-1 blockchain increased by $900 million over a 24-hour period on Tuesday, reaching $15.3 billion, according to DeFiLlama.
The rise followed the introduction of decentralized finance platform Jupiter’s JupUSD stablecoin, launched in collaboration with synthetic stablecoin issuer Ethena.
The Solana stablecoin market cap surges. Source: DeFiLlama
Circle’s USDC (USDC) remains the dominant stablecoin on Solana, accounting for over 67% of the network’s total stablecoin market capitalization.
The expansion of stablecoin supply on Solana aligns with increased onchain activity as the ecosystem develops its role in facilitating capital markets and risk transfer via blockchain infrastructure.
Stablecoins emerge as core infrastructure as assets move onchain
Stablecoin settlement volumes rose 87% in 2025, Moody’s Investors Service reported.
Moody’s noted that stablecoins serve as key infrastructure for tokenized real-world assets (RWAs) by providing onchain liquidity and settlement.
Tokenization enables new applications, including using traditionally illiquid asset classes such as art, real estate and collectibles as collateral for loans in DeFi.
The RWA market could reach $30 trillion by 2030, according to multiple traditional financial institutions.
The total market capitalization of overcollateralized stablecoins—tokens backed 1:1 by fiat cash deposits and government debt securities—is approaching $300 billion, per RWA.xyz.
Under the GENIUS Act, signed into law by U.S. President Donald Trump in July 2025, regulated payment stablecoins must be fully backed on a one-to-one basis with high-quality liquid assets, effectively excluding algorithmic or under-collateralized models.
Algorithmic stablecoins are not recognized under the GENIUS Act. The law also bars stablecoin issuers from directly sharing yield with customers, a provision that has prompted debate regarding the future role of banks.
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