Solana Stablecoin Market Soars to $15 Billion Amid Memecoin Revival

Solana’s stablecoin market capitalization has experienced a remarkable surge, reaching an all-time high of $15 billion, a significant increase from approximately $7 billion in 2024. This growth is largely fueled by a resurgence in memecoin trading activity across the blockchain.

Key Takeaways

Solana's stablecoin market cap reached $15 billion, up from $7 billion in 2024.
USDC leads the market with 65% share, followed by USDT and others.
Memecoin trading on Solana is surging, with notable token price increases.
Total Value Locked (TVL) and transaction volumes are growing alongside this resurgence.
Solana applications generated $2.39 billion in revenue in 2025, marking significant growth.
Western Union's forthcoming dollar-backed stablecoin on Solana and Morgan Stanley's ETF filing signify growing institutional interest.

Solana Stablecoin Market Tripled to $15B ATH as Memecoin Frenzy Returns

In the last year alone, Solana has issued nearly $10 billion in stablecoins, highlighting a 200% year-to-date increase that signals robust capital inflows. Recent data from Token Terminal indicates that over $900 million in new stablecoins were minted within just 24 hours.

Circle’s USDC is the leading player in the Solana stablecoin market, holding over 65% of the market share at $9.2 billion. This is followed by Tether's USDT at $2.19 billion, PayPal USD at $952 million, Global Dollar at $888 million, and President Trump-affiliated World Liberty Financial’s USD1 at $151.8 million.

This rapid expansion comes as the broader Solana ecosystem regains its foothold, with the market capitalization of Solana rising by 14.1% week-over-week to $75 billion, reversing a month-long decline.

Memecoin Revival Fuels Trading Activity

The memecoin sector on Solana has seen a vibrant resurgence, leading to significant double-digit gains that have sparked renewed interest among traders and increased transaction volumes.

Tokens such as Bonk have surged by 50% over the past week, while PENGU has risen by over 40%. Notable assets like FARTCOIN, Dogwifhat, and Brett have each experienced gains exceeding 30% within the same timeframe.

Solana Stablecoin - Coinmarketcap Table

The native token of the memecoin launchpad Pump.Fun saw a notable increase of 42.2%, further reinforcing the recovery momentum in this sector and reflecting renewed confidence in speculative trading.

Currently, the entire memecoin market is valued at $44 billion, reflecting a 3.64% rise in 2026, with trading volumes climbing by more than 20% as both retail and institutional participants return to high-velocity trading activities.

The market rally is bolstered by healthy on-chain fundamentals on Solana, which indicate organic growth within the network. Metrics from DeFiLlama show that Solana’s Total Value Locked (TVL) increased by 12.5%, daily transactions rose by 17.3%, and decentralized exchange (DEX) trading volume climbed by 13.1% week-over-week.

Solana Stablecoin TVL Chart

Record Revenue Generation

According to recent research from the Solana Foundation, applications built on Solana generated $2.39 billion in revenue in 2025, marking a 46% year-over-year increase and achieving a new record high.

Seven applications surpassed the $100 million revenue mark, led by Pump.Fun, Axiom Exchange, Meteora, Raydium, Jupiter, Photon, and BullX, representing a shift towards increased monetization.

Moreover, a wider array of smaller Solana applications collectively generated over $500 million in revenue, illustrating that success is not limited to just a few major players.

Network revenue reached $1.4 billion, a staggering forty-eight-fold increase over two years. The blockchain processed a total of 33 billion non-vote transactions during the year, maintaining an average of over 1,050 non-vote transactions per second.

Solana has solidified its reputation as the most popular blockchain for on-chain trading, recently overtaking BNB Chain to become the second-most popular Layer 1 network for stablecoin transfers.

Additionally, the volume of tokenized equity products on Solana has reached $874.19 million, positioning it as the largest network in this emerging category, surpassing both Ethereum and BNB Chain in market capitalization.

In a notable development, Western Union has announced plans to launch a dollar-backed stablecoin on Solana, creating a revolutionary new method for global customers to transfer money with lower fees and faster transaction times. The company, known for building the first transcontinental telegraph line in 1861, aims to adapt its historic services to a digital age where transactions can be completed in seconds, around the clock.

Western Union's US Dollar Payment Token, set to be launched by Anchorage Digital Bank, is expected to debut in the first half of 2026.

Recently, Morgan Stanley also filed with the SEC to establish a Solana-linked ETF along with a Bitcoin product, marking a significant milestone for institutional acceptance.

Furthermore, the Solana-based decentralized exchange Jupiter has introduced JupUSD, a reserve-backed USD stablecoin designed to integrate seamlessly across its suite of products, expanding the ecosystem's financial infrastructure.