Source: Cointelegraph
Original: “Solana (SOL) Stablecoin Total Value Surges by $1 Billion in December”
According to data from DefiLlama, Solana added another $1 billion in total stablecoin value in December, primarily in US dollar stablecoins (USDC).
The influx highlights the accelerated adoption of stablecoins and the rise of the Solana network in 2024, especially in the decentralized finance (DeFi) sector.
Data shows that Solana now hosts approximately $5 billion in total value locked (TVL) in stablecoins, with nearly $4 billion composed of USDC.
Tether's USDt (USDT) is the second most popular stablecoin on Solana, with a TVL of about $1 billion.
Source: Dan Smith
Adoption of Stablecoins
According to CoinGecko, as of December 31, the total market capitalization of USDT and USDC in blockchain networks was $137 billion and $44 billion, respectively.
The market capitalization of stablecoins surged sharply after Donald Trump won the presidential election in November. Cointelegraph Research indicates that many believe Trump's victory in the U.S. presidential race will benefit the industry.
According to a research report from Citibank on December 26, since November, the total market capitalization of the top three stablecoins—USDT, USDC, and Dai (DAI)—has increased by over $25 billion.
Citi stated that this is particularly beneficial for DeFi, as "stablecoins are the gateway to decentralized finance."
Source: Citi
Ethereum Challenger
Solana has emerged as a strong challenger to Ethereum in DeFi and other applications requiring smart contracts.
According to TradingView data, Solana has outperformed Ethereum by about 8 times since 2023.
According to DefiLlama, Solana's TVL grew approximately 5 times in 2024, increasing from about $1.4 billion to over $8.6 billion.
Grayscale Research stated in a report on December 30: "As speculation around Solana-based memecoins and AI agent tokens intensifies, more retail traders are entering the cryptocurrency market through Solana."
In December, Grayscale added Jupiter (JUP) and Jito (JTO)—two Solana-native DeFi applications—to its list of 20 tokens to watch in Q1 2025.
According to cryptocurrency research firm Kairos Research, the Solana staking pool Jito generated over $100 million in priority fees and tips in November and December.
However, according to DefiLlama, as of December 31, Ethereum's stablecoin TVL still significantly exceeds that of Solana, surpassing $110 billion.
Related Articles: DeFi Development Plans to Raise $1 Billion to Boost Solana (SOL) Ecosystem Investments and Expand Capital Reserves
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