Solana (SOL-USD) added $1 billion in stablecoins in December, bringing its total value locked (TVL) to $5 billion, with the majority coming from USD Coin (USDC-USD), according to Cointelegraph, citing DefiLlama. This surge showcases Solana’s rapid rise in decentralized finance (DeFi), challenging Ethereum’s dominance.
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Stablecoins Fuel DeFi Adoption
The increase in Solana’s stablecoin TVL reflects a broader trend in DeFi. Stablecoins like USDC and Tether (USDT-USD) are the foundation for decentralized applications. Citi Research notes that the combined market cap of the top three stablecoins has grown by over $25 billion since November 2024, boosting the DeFi sector.
Solana’s DeFi Ambitions Expand
Solana’s TVL growth, which rose 5x in 2024, signals its increasing role in DeFi. While Ethereum (ETH-USD) still leads with over $110 billion in stablecoin TVL, Solana’s growing appeal—especially with Solana-native tokens like Jupiter (JUP-USD) and Jito (JTO)—suggests it’s emerging as a serious competitor.
At the time of writing, Solana’s native token, SOL, is sitting at $189.49.
