Solana Stablecoin Supply Shatters Records at $16.2 Billion ATH, Even as IMF Sounds Alarm
Solana's stablecoin ecosystem just hit a massive milestone—and the International Monetary Fund is watching with a wary eye.
The Numbers Don't Lie
The total supply of dollar-pegged tokens on the high-speed blockchain has surged to a record-breaking $16.2 billion. That figure isn't just a new high; it's a statement of intent, signaling a massive vote of confidence from users and institutions piling into Solana's DeFi landscape.
Growth Engine: Speed & Scale
What's driving the flood? Analysts point to Solana's core promise: blistering transaction speeds and rock-bottom fees. For stablecoin activity—payments, swaps, yield farming—that efficiency is a killer app. It bypasses the congestion and cost that plague older networks, making real-world financial use cases suddenly feasible.
The IMF's Reality Check
Meanwhile, in a parallel universe of suits and boardrooms, the IMF issued a fresh warning. The fund's concerns are classic: financial stability risks, regulatory gaps, and the potential for crypto volatility to spill over into traditional markets. It's the standard cautious hum from the legacy financial orchestra, often playing a decade behind the tech.
Two Worlds Colliding
This is the new normal. Breakneck innovation on-chain meets slow-moving, risk-averse oversight off-chain. The ATH proves the market is voting with its capital, hungry for efficient digital dollars. The IMF warning is a reminder that the old guard is still figuring out the rulebook—a process that typically involves a lot of committee meetings and, yes, warnings.
One fuels the fire; the other points at the smoke alarm. The real story is which one history will remember as the signal and which as the noise. After all, traditional finance had its shot at stability—and then invented the 2008 crisis.
IMF issues a warning on the increase in stablecoin supply
Stablecoins’ influence is growing due to their interconnections with mainstream finance stemming from their potential use cases and asset backing. Their rapid growth highlights both promise and new challenges for policymakers. Read new IMF Blog: https://t.co/eVss5tPsFn pic.twitter.com/uliR1gLnkn
— IMF (@IMFNews) December 4, 2025
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
🆕 Ripple's RLUSD surpasses $1B market cap.@Ripple is often known as the original development company behind XRP and the XRP Ledger (XRPL). However, over the past two years, Ripple has expanded into four new business lines: payments, custody, prime brokerage, and stablecoins… pic.twitter.com/QkvCrOJWLe
— Token Terminal 📊 (@tokenterminal) December 5, 2025
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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