According to a Odaily by Token Terminal on the X platform, 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 currencies, Solana currently custodies PYUSD, USDG, USD1, and more than ten other deployments, including non-USD stablecoins such as the Swiss Franc (VCHF) and the Euro (EURC).
Solana's native applications are also launching their own stablecoins, such as Phantom wallet launching CASH and Jupiter launching jupUSD. This indicates that the Solana application ecosystem has matured, and the native team is expanding its products to a variety of financial products. For Solana, this diversification reduces concentration risk and reflects the issuers' confidence. A year ago, regulatory issues with Circle would have threatened the entire Solana stablecoin foundation, but today's diversified issuers make the network more resilient, and new issuers choosing Solana demonstrate their confidence in the ecosystem.
