Solana Becomes Stablecoin Market Leader, But Price Remains Stagnant Below $90 ⋆ ZyCrypto

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Major programmable blockchain Solana has become the network of choice for stablecoin use. The seventh-largest cryptocurrency by market capitalization now commands a massive 36% of the net market share (excluding wash trades and CEX flows) following a major increase in usage over the past 3 months.

Despite these positive developments that have brought Solana to the forefront of real-world use cases, its native cryptocurrency is still trading below $90. The objective increase in network usage has yet to translate into tangible price action.

The attached graph shows remarkable progress of Solana as a stakeholder in the stablecoin business. The network commanded a paltry 5% of the market share in the middle of 2025. Low fees, transactional capability, and high-speed on-chain operations are often touted as reasons why SOL is now the preferred ecosystem for stablecoins, overtaking Ethereum (30%), Tron (15%), and Base (11%) in the process. 

Solana derives its growth from broad activity surges: small retail transfers under $100 rose 37% with 40% more unique senders, while $1M+ transfers jumped from 240 ($357M) to 683 ($1.26B), adding $903M and tripling unique high-volume senders to 565.

The Future

While Ethereum has been the market leader in the stablecoin segment over the years, Tron delivered strong performance in the first half of 2025 and briefly overtook it. But it has since taken a major hit, and now Solana has eaten away most of its share and become the number 1 stablecoin issuer in the process. Ethereum’s share has also declined in the process. The correlation shows competition in the stablecoin sector is heating up.

Solana has also become the number one blockchain for Real World Asset (RWA) tokenization and memecoins, while its Total Value Locked (TVL) also posted new All-time Highs (ATHs).

Solana’s on-chain statistics are also impressive, as it leads in the record number of daily transactions and daily active addresses. 

Ironically, the only major statistic that isn’t doing the network any favors is its price index. SOL is down 72% from its All-time High (ATH) of $293 set back in January 2025, and looks nervous even at current levels. However, the digital currency is not alone in this regard, as the larger altcoin market has taken a major hit in the second half of 2025 and the first quarter of 2026.

If Solana maintains its strong on-chain performance and market acceptance, it is expected to have a stellar bull season when the right conditions arise.