Solana's stablecoin market has recently caught fire. In just 24 hours, on-chain stablecoin supply surged by $903 million. This is not a coincidence—data and capital are pointing in the same direction.

**Data Speaks: Astonishing Changes in Ecosystem Scale**

At the end of last year, Solana's total stablecoin supply was only $5.2 billion; now it has surged to $16 billion. For comparison, Ethereum grew by 70% during the same period, Tron by 45%, and Solana's growth clearly leads the pack. Even more interesting, DEX trading accounts for as much as 81%, indicating these stablecoins are actively used, not just sitting as zombie assets in wallets.

Looking at the composition: USDC makes up the majority, about $10.6 billion, with USDT following at $4.5 billion. But note that compliant stablecoins like XSGD and XUSD are growing rapidly, and by 2026, the supply of these new players could break through $5 billion.

Active addresses are also telling a story. An average of 3.2 million active addresses per day, a 50% year-over-year increase. More critically, user composition is changing, with institutional wallets rising from 15% to 30%. This indicates that not only retail investors are involved; institutional recognition is increasing.

**Ecosystem Revenue Accelerates**

Stablecoin-related transaction fees generate $1.4 billion annually, a 48-fold increase over two years—this number clearly demonstrates the rapid strengthening of Solana's revenue-generating capacity. The more active the ecosystem, the more frequent the on-chain activity, and the healthier the revenue.

**Technical Clues**

Glassnode's cost distribution data shows what? In the $135-$142 price range, there are buy orders for 17.8 million SOL. This indicates strong support at that level. Meanwhile, the relative unrealized profit/loss (RUPL) has reset to its 2023 lows, often a bottoming signal in history, suggesting potential room for upward movement.

**How Institutions Are Participating**

Institutional capital is not passively observing. They are deeply involved in Solana's stablecoin ecosystem through direct investments in stablecoin protocols, liquidity mining participation, and market-making positions. This involvement not only boosts ecosystem vitality but also provides sufficient liquidity support for large transactions.

In short, the explosion of Solana's stablecoin ecosystem is not an isolated event but a resonance of on-chain data growth, user structure optimization, and institutional capital inflows. Just from the $900 million increase in 24 hours, it’s clear this ecosystem is attracting more and more attention and capital.