📝 Editor's Note:

Welcome to the second installment of OurNetwork’s two-part series on stablecoins. In the first, we covered behemoths like USDT and USDS, as well as the up-and-coming EURe, which is pegged to the euro. 

Below, we have coverage of another deca-billion dollar giant, USDC, as well as updates on Ethena's dual stable offerings — USDe and USDtb. OurNetwork analysts also chipped in to cover the state of stablecoins on Solana, provide an infrastructure update —account abstraction is coming—, and to report on USR, an emerging $250M-plus dollar-pegged asset with delta-neutral backing.

If it wasn't clear already, at this point it's evident that stablecoins are here to stay. Tether notched an operating profit of over $1B in Q1 2025. USDC's issuer Circle, filed to go public. And even the World Economic Forum has estimated that, at $27.6T, stablecoins' volume surpassed Visa and Mastercard's combined volume in 2024.

Let's get into it.

– ON Editorial Team

Solana Stablecoins | Infrastructure | USDC | USR

• The stablecoin market grew by $30B in 2025 to reach $232B. USDT and USDC still dominate with 89% combined share, but USDT dropped from 68% to 62% due to MiCA-related delistings, while USDC rose to 26%. Sky's USDS and USDtb, issued by Ethena and backed by U.S. treasuries —primarily BlackRock's BUIDL fund— led growth among yield-bearing stables, adding over $4B. USDtb exploded from $89M to $1.4B, reflecting its expanding role in Ethena’s ecosystem as a safer alternative during volatile market conditions.

• Sky’s USDS surpassed Ethena’s USDe in supply in February. As market conditions worsened and staked USDe yields tumbled from the high teens to low single digits, it fell by over $1B. Meanwhile, USDS grew nearly $3B, driven by demand for its more stable, predictable returns.

• While both assets are issued by Ethena, USDtb is backed by BlackRock’s BUIDL and offers a safer alternative to USDe. When perpetuals funding turned negative, Ethena closed delta-neutral positions and shifted assets to USDtb. USDe supply fell 18% while USDtb surged 1,510%.

• Circle's USDC constitutes by far the highest share of stablecoins on Solana, capturing nearly 80% of the stablecoin market.

• USDC, USDT, PYUSD, USDY, USDS, FDUSD and AUSD are the most popular stablecoins on Solana. They are all pegged to the U.S. dollar. As of Mar. 14, the value of the USD-pegged stablecoins on Solana exceeded $11.7B.

• The charts below track monthly burn and minting activity for stablecoins. Observe that January 2025 was a breakthrough month with double the minting activity compared to burning.

• Since 2025, account abstraction-enabled wallets have processed over $2.4B in stablecoins across 4.46M transactions. These smart wallets simplify UX with gasless transactions, passkeys, and recovery modules. Base leads with over $1B in volume and the most active wallets, while Polygon had the highest transaction count (193k), indicating strong microtransaction or app-driven activity.

• Safes are the most widely adopted smart accounts across Ethereum ecosystem. To date, they have about $6.2B worth of stablecoins stored in their smart accounts, facilitating over $303B worth of stablecoins across 17 blockchains since 2024.

• Blindpay, a YC-backed startup, offers a unified API for multi-rail payments. It has processed $39M in USDC and USDT, with 95% on Polygon. Growth has surged in 2024 — April's volume was 30 times higher than in January.

• As stablecoins increase in popularity and use case, Circle's USDC has reaccelerated growth with supply over $60B, up over 80% year-over-year. USDC has been increasing its share of the stablecoin market, going from 20% of supply in April 2024, to 25% in April 2025. The growth comes as ecosystems like Base, a Layer 2, and exchanges like Binance have seen exceptional growth.

• A key driver of this is Circle's CCTP, which consistently ranks as the top bridge by volume, per Artemis data. CCTP offers users the ability to bridge USDC to different chains and is at a three month high with over $200M in weekly volume.

• Since Circle and Binance announced a partnership last year, USDC on Binance has grown by a multiple of four. Solana and Ethereum have been large drivers of networks that Binance uses. Finally, for the first time ever USDC trading pairs are consistently in the top 10 on Binance.

• Resolv is a crypto-native stablecoin protocol issuing USR, a dollar-pegged token backed by crypto assets and hedged via short perpetuals to stay delta-neutral. Market and hedging risks are absorbed by separate high-yield token RLP, keeping USR stable and capital efficient. This structure fueled rapid growth — Resolv’s total value locked (TVL) surged from $10M in late 2024 to over $600M in early 2025, then fell below $400M by mid-year. The spike reflects strong market conviction in the delta-neutral stablecoin design.

• The majority of Resolv’s USR stablecoin supply remains on Ethereum, indicating strong demand and deep integration with its DeFi infrastructure. Meanwhile, ongoing expansion to Base, Arbitrum, BNB Chain, and Berachain reflects a strategic effort to enhance cross-chain interoperability.

• RLP’s APR peaked above 40% in late 2024, then dropped below 0% by April 2025. This volatility shows the token’s risk-return role, as it absorbs system shocks for yield. Negative APRs indicate failures in the delta-neutral strategy due to market shifts and negative funding rates.