Solana’s stablecoin mix tilts toward regulated issuers as USDT minting stalls
Alternative stablecoins hit $4.81bn on Solana as bank-linked issuers gain ground, with MiCAR and the Clarity Act reshaping settlement choices.
Stablecoin liquidity on Solana outside of Tether’s USDT and Circle’s USDC has climbed to $4.81bn, according to on-chain data reported by Cryptopolitan, as issuers with clearer regulatory credentials capture a growing share of a network that now carries $15.15bn in total stablecoin supply. The shift comes as Europe’s MiCAR regime and the anticipated US Clarity Act reshape which stablecoins traders are prepared to hold for settlement.
The standout gainer is USDGo, issued by digital asset custodian Anchorage Digital and distributed by OSL, one of the few entities to hold full MiCAR authorisation in the European Union. The token surpassed $1bn in supply within five months of launch and expanded a further 65% in the past month alone, Cryptopolitan reported, citing Solana on-chain data.
Regulated issuers close the gap on Tether
USD1, the stablecoin native to World Liberty Financial, currently leads the alternative segment by size, with USDGo running second. Beneath them, the Global Dollar (USDG) has been the most actively minted token on Solana in recent months, lifting its share of the chain’s total stablecoin base to 4.6%. Cryptopolitan noted that supply of smaller alternative stablecoins on Solana has grown roughly fifteenfold since January 2025.
USDC remains dominant, accounting for 58.2% of value locked in stablecoins on Solana, with USDT holding around 27% and PayPal’s PyUSD in third place at 4.9%. But new minting of USDT on the network has been minimal through 2026, even as Tether’s token continues to dominate on Ethereum and TRON. The divergence points to a settlement layer where compliance posture, rather than brand recognition, is increasingly determining where liquidity accumulates.
Compliance clock shapes issuer choice
The pattern fits a broader trend PoundToken has tracked as US and European regulators tighten stablecoin oversight. With the GENIUS Act’s compliance provisions already in force in the United States and the Clarity Act still working through Congress, issuers backed by licensed custodians and MiCAR-registered distributors appear better placed to win institutional trust than legacy tokens whose regulatory status has drawn scrutiny in Brussels and Washington alike.
Anchorage Digital’s role as issuer, paired with OSL’s MiCAR licence, gives USDGo a compliance profile that other stablecoins on Solana largely lack. That combination may explain why traders and protocols are directing fresh capital toward it rather than toward incumbent tokens with less transparent regulatory footing.
Liquidity growth beyond stablecoins
The stablecoin expansion coincides with wider inflows into the Solana ecosystem. Artemis data cited by Cryptopolitan showed $288m in net new inflows over the past three months, while applications on the network generated $4.6m in fees and $2.24m in revenue, led by the Jupiter aggregator rather than meme-token trading. Solana also hosts more than 300,000 holders of tokenised real-world assets, with $1.75bn locked in tokenised stocks, cementing its position as one of the most active chains for tokenised securities.
Taken together, the figures suggest a network diversifying beyond speculative trading toward a mix of decentralised finance, real-world assets and now a broader stablecoin base shaped as much by regulatory compliance as by market demand.
Read more: Tether’s USDT faces compliance clock as GENIUS Act marks first year
