Summary

The growth of stablecoins on Solana (SOL) is driven by the expanding use of USDC for payments on Solana, the emergence of new issuers on the blockchain, and liquidity incentive programs on decentralized exchanges (DEX) of Solana.
1. Expansion of payments and integrations with USDC on Solana, including the development of Visa settlements using USDC.
2. The volume of stablecoins on Solana increased from approximately $8 billion to $12 billion in 2025, mainly due to USDC, as well as the emergence of PYUSD and USDG.
3. Liquidity incentive programs in partnership with Bonk and Raydium projects attract capital to the Solana blockchain, which typically passes through USDC.
Detailed Overview
Expansion of Use for Payments
The use of USDC for payments and settlements on Solana is actively growing, strengthening demand for stablecoins in the network. Visa intends to continue developing settlements using USDC, including Solana as one of the platforms for transaction execution [reported this week].
Institutional payment systems reduce delays and fees compared to traditional methods, channeling volumes to blockchains with low fees and high throughput, such as Solana.
The overall stablecoin market, valued at approximately $310 billion, confirms the prospects for their use in payments and increasing interest from institutional users [details]).
What this means: Considering Solana from a payments perspective, USDC is a key instrument. It is important to monitor partnerships for settlements and integrations with merchants to assess sustainable demand.
New Issuers and Supply Growth
The range of stablecoins on Solana has expanded with the emergence of new issuers such as PYUSD from PayPal and USDG from Paxos, which contributed to the increase in supply from about $8 billion to $12 billion in 2025 [details].
USDC retains the largest share on Solana, providing the foundation for trading, settlements, and activity in DeFi [in the same report].
The expansion of institutional use of stablecoins occurs against the backdrop of market growth and improved regulatory clarity [explanation].

What this means: The diversity of issuers enhances resilience and broadens the use cases for stablecoins. Keep an eye on changes in the shares of USDC, PYUSD, and USDG — this will help understand the directions of capital movement.
Liquidity and Incentives
Incentive programs attract liquidity and users to Solana platforms. The growth of USD1 was supported by the "某交易所" program and collaboration with Solana-native projects like Bonk and Raydium, which aim to attract capital that usually passes through USDC on Solana.
Liquidity mining and yield enhancement mechanisms help accelerate the adoption of new stablecoins and increase trading pool depth.
It is important to remember the risks: for example, Solana-native USX temporarily lost its peg to the dollar on DEX due to low secondary market liquidity, but after intervention by reserves and market makers, parity was restored.
What this means: Incentives can accelerate the adoption of new stablecoins, but careful monitoring of liquidity depth and buyback mechanisms is necessary. Less well-known stablecoins may be more vulnerable to market stresses.
Conclusion
The growth of stablecoins on Solana is driven by the expanding use of USDC for payments, the emergence of new issuers on the blockchain, and liquidity incentive programs that deepen trading pools. This enables faster settlements and broader application options, but new stablecoins may face liquidity challenges. Therefore, it is important to carefully monitor issuer quality, buyback conditions, and pool liquidity depth.