The Solana blockchain shows impressive growth in stablecoin capitalization, outpacing competitors in dynamics in 2025. According to data from the analytical platform CryptoRank, since January, the volume of tokens on this network has increased by 130%, rising from 5 billion dollars to 11.8 billion dollars. The main contribution to this figure comes from the stablecoin USDC, which accounts for 92% of the capital—9.2 billion dollars. The total supply of USDC during this time has grown by 32%, reaching 58 billion dollars.
Against this backdrop, Ethereum maintains its leadership in overall stablecoin volume at 122.9 billion dollars, which is 10.5% more than at the beginning of the year when the amount was 111.2 billion dollars. Tron holds the second position with 62.9 billion dollars and a growth of 7.52%. Other networks, such as BNB Chain and Base, showed more modest results—6.96 billion dollars (+1.51%) and 3.97 billion dollars (+8.67%). However, not all platforms can boast success: Arbitrum and TON faced declines of 48.8% and 26.8%, down to 3.3 billion dollars and 888 million dollars respectively.
Interesting changes are also observed on other blockchains. On Avalanche, the capitalization of stablecoins decreased by 19.6%, amounting to 1.84 billion dollars. At the same time, Polygon and Aptos showed growth—up to 1.96 billion dollars and 846 million dollars. Experts note that Solana's success is related to its high transaction speeds and low fees, which makes the network attractive to users and developers. These factors could strengthen its position in the future.
Can Solana, with its rapid growth and USDC dominance, soon dethrone Ethereum from its position as the leader in the stablecoin space—or are we witnessing a bubble that will inevitably burst?