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Solana Stablecoin Supply Hit $11.8 Billion High as PayPal PYUSD Minted $420 Million in a Week
Stable dollars flooded Solana, and it changed how trading works. Solana stablecoin supply hit an $11.8 billion high after $1.9 billion of net mints in seven days. Circle added $1.1 billion of USDC, Tether $380 million of USDT, and PayPal added $420 million of PYUSD, the largest weekly mint for PYUSD on any chain. Daily DEX volume on stable pairs hit $3.4 billion, with 1 bps spreads for $5 million swaps.
Why this chain won the flow is cost plus apps. Transfer fees stay near $0.002, even at 3,800 TPS, so payroll and remittance firms save 98% versus wires. Two large fintech firms moved $240 million of cross-border volume to Solana USDC this week, cutting settlement from T+1 to 4 seconds. Jupiter routing cut stable to stable slippage 42% month over month, so $10 million USDC to USDT now costs $18. Perps venues hold $620 million of stable margin, so more stable supply means deeper order books and lower funding, now 0.008% per 8h versus 0.014% last month.
PYUSD growth shows real adoption. PayPal wallets now allow PYUSD on Solana with zero fee sends, and merchant checkout added a PYUSD rail. On-chain data shows 68k new PYUSD wallets funded, with median size $340, a retail print. PYUSD/USDC Curve-style pool holds $180 million and keeps peg within 2 bps. For DeFi, cheap stable dollars fuel loops. Kamino lending TVL rose to $2.1 billion, borrow cost fell to 4.8%, and levered SOL staking via stable loans pays 5.1% net.
Flow view is clear. Exchange balances for stablecoins rose $1.2 billion on Solana, while Ethereum stable balances fell $320 million, a sign capital rotated to where fees are low and apps are fast. SOL/BTC ratio added 3.2% on the week as more stable dollars bought dips.
Risk is reliance on a few venues. If Jupiter or one large market maker halts, spreads could gap 5x in minutes. Also, stable mint is tied to T-bill yields. A rate cut could trim mint pace. For now, dollars are on Solana, they are cheap to move, and they are being used every block.
#Solana #Stablecoins #USDC #PYUSD #DeFi
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