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Solana’s main programmable blockchain has become the network of choice for stablecoin usage. The 7th largest cryptocurrency by market capitalization now covers 36% of the net market share (excluding wash trades and CEX flows) after a significant increase in usage over the past 3 months.
Despite these positive developments that have brought Solana to the forefront of real-world use cases, its native cryptocurrency is still trading below $90. The objective increase in network usage has not yet translated into concrete price action.
The attached graph shows the significant progress of Solana as a stakeholder in the stablecoin business. By mid-2025, the network has gained 5% market share. Low fees, transaction capacity and high-speed chain operations are often cited as reasons why SOL is now the preferred ecosystem for stablecoins, ahead of Ethereum (30%), Tron (15%) and Base (11%).
Solana derives its growth from growth in broader activity: small retail shipments under $100 grew 37% with 40% more unique senders, while $1 million+ shipments grew from 240 ($357 million) to 683 ($1.26 billion), adding $903 million and tripling volume unique senders to 565.
The future
While Ethereum has been the market leader in the stablecoin segment for years, Tron made strong gains in the first half of 2025 and briefly overtook it. But it has since taken a major hit, and Solana has now eaten up most of its share, becoming the number 1 stablecoin issuer in the process. In the process, the share of Ethereum also decreased. The relationship shows that competition is heating up in the stablecoin sector.
 
Solana also became the number one blockchain for Real World Asset (RWA) tokenization and memecoins, while its total value locked (TVL) also posted all-time highs (ATHs).
Solana chain statistics are also impressive as it leads in record number of daily transactions and daily active addresses.
Surprisingly, the only major statistic that doesn’t do the network any favors is its price index. SOL is down 72% from its January 2025 high (ATH) of $293 and looks nervous even at current levels. However, the digital currency is not alone in this regard, as the large altcoin market has taken a serious hit in the second half of 2025 and the first quarter of 2026.
If Solana maintains its strong performance on the chain and market acceptance, it is expected to cap the bull season when the right conditions arise.
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