Points of Focus

• Solana’s non-USDC and USDT stablecoin supply has reached $4.81 billion, led by USD1 and USDG.
• The milestone reflects growing diversification of onchain liquidity rather than a decline in USDC or USDT.
• A broader stablecoin mix may improve DeFi liquidity and reduce concentration risk on the network.

Solana’s stablecoin supply, excluding Circle’s USDC (USDC) and Tether’s USDt (USDT), has risen to $4.81 billion, indicating that newer issuers are taking a greater portion of the network’s liquidity, according to DefiLlama.

The increase has been led mainly by USD1, which holds roughly $1.02 billion in supply, and USDG, which stands at about $1 billion. Combined, these two tokens represent almost half of Solana’s non-USDC/USDT stablecoin market.

The development underscores the expansion of Solana’s overall stablecoin landscape as issuers other than Circle and Tether grow their footprints. Although USDC and USDT continue to dominate dollar-pegged assets on the chain, alternative stablecoins are gradually claiming a larger share of onchain liquidity.

BREAKING: @WesternUnion's @USDPT_ is live on Solana.

A federally regulated digital dollar, issued by @Anchorage Digital, integrated directly into Western Union's infrastructure across 200+ countries.

Borderless money is here. pic.twitter.com/KtkUvT00RX

— Solana (@solana) May 4, 2026

Alternative issuers expand Solana liquidity

Stablecoins play a core role in crypto markets by enabling decentralized exchanges, lending protocols, cross-border payments, treasury functions, and cross-chain transfers.

A more diverse set of stablecoins provides decentralized applications with additional assets to incorporate and gives users more choices for settlement and collateral. It also lessens dependence on only a few issuers for onchain liquidity.

The current data do not show absolute declines in USDC or USDT. Rather, they point to newer stablecoins expanding in parallel with the leading ones as Solana draws fresh payment, institutional, and decentralized finance (DeFi) activity.

Diversification may reinforce DeFi

A wider stablecoin foundation could enhance liquidity throughout Solana’s DeFi ecosystem and lower concentration risk should any single issuer face operational or regulatory difficulties.

Issuer competition may further promote greater reserve transparency, broader wallet and exchange support, and deeper connections with lending and trading protocols.

Supply growth by itself, however, does not ensure substantial adoption.

Observers will monitor whether the alternative stablecoins achieve elevated trading volumes, increased use as lending collateral, and expanded payment activity, while also upholding transparent reserves and dependable redemption processes.

At present, the $4.81 billion figure shows that Solana’s stablecoin environment is extending past its two primary issuers, even while USDC and USDT remain the foundation of the network’s dollar liquidity.