On-chain data revealed that stablecoin supply on Solana hit a new all-time high on Friday. According to Dune Analytics, the total Solana stablecoin supply has surpassed $16.2 billion.

Circle’s USDC accounts for more than 58% ($8 billion) of the total Solana stablecoin supply, followed by USDT with nearly 20% ($2.7 billion). USDC also tops the total monthly supply of Solana stablecoins over time at $10.45 billion, with USDT having $2.7 billion.

IMF issues a warning on the increase in stablecoin supply

The stablecoin supply on Solana has also surpassed that of Bitcoin and Ethereum for the first time. The surge has raised concerns from the International Monetary Fund, which has warned that the increase in stablecoin supply could disrupt capital flows and accelerate currency substitution.

The Fund revealed in its latest departmental paper on digital dollars that the stablecoin market has exceeded $300 billion. The IMF also noted that the stablecoin market accounts for approximately 7% of the overall digital assets market. USDT has a circulating supply of around $185.5 billion, with USDC accounting for $77.6 billion in supply.

The IMF acknowledged that stablecoins have attracted more funds than native crypto assets, with 2025 seeing a much larger increase. The fund noted that USDC and USDT have more than tripled in value over the last two years to around $260 billion. Both stablecoins also accounted for $23 trillion in trading volume last year.

The IMF also believes that the cross-border nature of stablecoins could simplify remittances and payments. The fund also argued that stablecoins could complicate monetary policy and financial stability in emerging markets.

The IMF noted that consumers in high-inflation or capital-controlled economies are increasingly preferring the use of stablecoins over fiat currencies.EndGame Macro researchers also argued that the fund’s warning indicates a structural shift in global money flow.

“Stablecoins are highlighting inefficiencies in existing financial systems and how technology can solve them. Paradoxically, it might lead to more concentration of financial power.”

-Eswar Prasad, Professor of Economics at Cornell University.

According to the fund, regulatory fragmentation around stablecoins creates opportunities for arbitrage and unmonitored liquidity accumulation. The IMF maintained that major economies such as the U.S., the UK, and Japan are establishing clearer regulations for stablecoins compared to emerging markets. The fund said emerging markets lack redemption rights, issuer oversight, and guidelines on reserve quality

RLUSD surpassed $1 billion in market cap

As stablecoin supply on Solana rises, Ripple’s RLUSD surpassed $1 billion in market cap on Friday. The stablecoin is deployed on both XRPL and Ethereum, with approximately 85% of the supply on ETH.

On-chain data revealed that RLUSD surpassed $1 billion in market cap on Ethereum 12 months after its launch. The Token Terminal data platform stated that if the stablecoin’s market cap grows 10 times from its current level, Ripple could become the third-largest issuer after Tether and Circle.

The report also revealed that RLUSD’s user count surpassed 6,000. On-chain data showed that the stablecoin’s user count has surged from 750 at the start of the year. The chart also revealed a steady surge in RLUSD’s user count, with H2 recording the largest increase.

RLUSD’s chart showed that the stablecoin’s holder growth is growing relatively to supply, suggesting distribution rather than concentration. According to Token Terminal, supply parked in a small set of addresses keeps the holder count flat, even as market cap rises. The firm also stated that RLUSD’s broader holder distribution suggests that the stablecoin is building real usage rather than if its supply is concentrated in a few wallets.

On-chain data also revealed that RLUSD averages $1 billion in weekly transfer volume. The stablecoin’s weekly transfer volume is up from $66 million at the beginning of the year. 

On-chain data also showed that RLUSD averages roughly 7,000 in weekly transfer count on Ethereum, up from 240 at the start of 2025. The increase in RLUSD’s transfer and count volume suggests that the stablecoin’s activity is expanding along both the size and frequency dimensions.

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