Stablecoin

Solana

Jupiter

DeFi

Kairos

Solana onboarded an additional $1 billion in stablecoin total value in December, primarily in USD Coin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/usdc-price-index">USDC</a>), according to data from DefiLlama.&nbsp;
The inflows highlight accelerating stablecoin adoption and the Solana network’s rise to prominence in 2024, particularly in decentralized finance (DeFi). 
Solana now hosts approximately $5 billion in stablecoin total value locked (TVL), with nearly $4 billion of that comprising USDC, <a data-ct-non-breakable="null" href="https://x.com/smyyguy/status/1874161331777204346?mx=2" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/smyyguy/status/1874161331777204346?mx=2">according</a> to the data. 
Tether’s USDt (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tether-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/tether-price-index">USDT</a>) is Solana’s second most popular stablecoin, at roughly $1 billion in TVL.&nbsp;
<figure>
 <img alt="Solana adds $1B worth of stablecoins in December" src="https://s3.cointelegraph.com/uploads/2024-12/01941e57-af38-7258-8175-290f0b1563ad" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/smyyguy/status/1874161331777204346" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/smyyguy/status/1874161331777204346">Dan Smith</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/defi-tvl-nears-2021-highs-liquid-staking-bitcoin-layer-2s" rel="" target="_self" text="null" title="https://cointelegraph.com/news/defi-tvl-nears-2021-highs-liquid-staking-bitcoin-layer-2s">DeFi TVL nears 2021 highs on liquid restaking, Bitcoin L2s</a>
<h3 id="strong-stablecoin-adoption-strong">Stablecoin adoption</h3>
As of Dec. 31, USDT’s and USDC’s total market capitalizations across blockchain networks are around $137 billion and $44 billion, respectively, according to CoinGecko.&nbsp;
Stablecoin market capitalizations increased sharply after United States President-elect Donald Trump’s election win in November. Many believe Trump’s win in the US presidential race will benefit the industry, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/the-influence-of-the-2024-us-elections-on-the-crypto-market-report" rel="null" target="null" text="null" title="https://cointelegraph.com/news/the-influence-of-the-2024-us-elections-on-the-crypto-market-report">Cointelegraph Research said</a>.
Since November, the combined market capitalizations of the top three stablecoins — USDT, USDC and Dai (<a data-ct-non-breakable="null" href="/dai-price-index" rel="null" target="null" text="null" title="null">DAI</a>) — have collectively grown by more than $25 billion, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/stablecoin-adoption-etfs-crypto-performance-2025-citi" rel="" target="_self" text="null" title="https://cointelegraph.com/news/stablecoin-adoption-etfs-crypto-performance-2025-citi">according to a Dec. 26 Citi research report</a>.&nbsp;
This is bullish for DeFi in particular, as “stablecoins are the on-ramp to decentralized finance,” Citi said.
<figure>
 <img alt="Solana adds $1B worth of stablecoins in December" src="https://s3.cointelegraph.com/uploads/2024-12/01941e5c-f04d-7eef-bbe5-1d3004eb34c6" title="">
 <figcaption style="text-align: center;">
 Source: Citi
 </figcaption>
</figure>
<h3 id="ethereum-challenger">Ethereum challenger</h3>
Solana has emerged as a serious challenger to Ethereum in DeFi and in other applications requiring smart contracts.
Since 2023, SOL (<a data-ct-non-breakable="null" href="/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>) <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/flippening-solana-price-hits-new-record-high-ethereum" rel="null" target="null" text="null" title="null">has outperformed</a> Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="" target="_self" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) by approximately 8x, according to data from TradingView.&nbsp;
In 2024, Solana’s TVL rose roughly 5x, from around $1.4 billion to upward of $8.6 billion, according to DefiLlama.&nbsp;
“Retail traders increasingly enter the crypto market through Solana [as] speculation intensifies around Solana-based memecoins and AI agent tokens,” Grayscale Research <a data-ct-non-breakable="null" href="https://www.grayscale.com/research/market-commentary/grayscale-research-insights-crypto-sectors-in-q1-2025" rel="null" target="null" text="null" title="null">said</a> in a Dec. 30 note.&nbsp;
In December, Grayscale added Jupiter (<a data-ct-non-breakable="null" href="/jupiter-price-index" rel="null" target="null" text="null" title="null">JUP</a>) and Jito (<a data-ct-non-breakable="null" href="/jito-price-index" rel="null" target="null" text="null" title="null">JTO</a>) — two Solana-native DeFi apps — to its list of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-ai-launchpads-solana-defi-q1-2025-top-tokens" rel="" target="_self" text="null" title="https://cointelegraph.com/news/grayscale-ai-launchpads-solana-defi-q1-2025-top-tokens">the top 20 tokens to watch</a> in the first quarter of 2025.
Jito, a Solana staking pool, clocked monthly revenues of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-jito-staking-pool-100m-per-month-in-tips-kairos-research" rel="" target="_self" text="null" title="https://cointelegraph.com/news/solana-jito-staking-pool-100m-per-month-in-tips-kairos-research">more than $100 million in November and December</a> from priority fees and tips, according to crypto researcher Kairos Research.
However, Ethereum’s stablecoin TVL still greatly surpasses Solana’s, exceeding $110 billion as of Dec. 31, according to DefiLlama.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-payments-undermined-centralized-stablecoins/" rel="null" target="null" text="null" title="null">Bitcoin payments are being undermined by centralized stablecoins</a>

Solana adds $1B worth of stablecoins in December

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Cointelegraph

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