Odaily Planet Daily reports that Token Terminal stated on X that non-USDC and USDT stablecoins currently account for approximately 20% of the total supply of Solana stablecoins, a significant increase from 3% a year ago. In addition to mainstream varieties, Solana now hosts custody for PYUSD, USDG, USD1, and more than ten other deployments, including non-USD stablecoins such as Swiss Franc (VCHF) and Euro (EURC).
Native applications on Solana are also launching their own stablecoins, such as Phantom Wallet’s CASH and Jupiter’s jupUSD. This indicates that the Solana application ecosystem has matured, with native teams expanding their products into various financial instruments. For Solana, this diversification reduces concentration risk and demonstrates issuer confidence. A year ago, regulatory issues with Circle could have threatened the entire Solana stablecoin infrastructure, but today, the diversified issuers make the network more resilient, and new issuers choosing Solana also reflect confidence in the ecosystem.
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