Stablecoins vs Visa – $14B new mints tip the scale in crypto’s favor
Circle and Tether lead the surge, with Solana making its mark elsewhere.
Key Takeaways
How big is the RWAs market expected to get by 2028?
Standard Chartered expects it to hit $2 trillion, with stablecoins leading the charge.
Which stablecoins are leading on Solana’s tokenized dollar market?
USDC, USDT, and PayPal’s PYUSD are firmly in the $1B+ tier, while newer entrants like USDG and BUIDL sit in the $100M-$1B range.
Over the past month, stablecoins’ average transaction volumes have quietly pushed past Visa’s. What’s more is that Circle alone minted another $750 million in USD Coin [USDC] in just a few hours!
Meanwhile, tokenized dollars on Solana [SOL] are climbing the market-cap ladder as major issuers steadily grow supply.
Stablecoins are becoming hard to miss.
A strong return of capital
Stablecoin flows accelerated, with new issuance picking up in recent days.
Circle minted another $750 million in USDC within hours, adding to the steady stream of $250 million batches seen throughout the month. Together with Tether [USDT], issuers have created more than $14 billion in fresh stablecoins since the recent crash.
Capital is moving back into crypto at scale.
Standard Chartered expected the Real-World Assets market to hit $2 trillion by 2028, with a large contribution from stablecoins. Money market funds, equities, and income-producing real estate are expected to be key catalysts.
However, regulators remain cautious as DeFi moves deeper into off-chain assets.
At the same time, 30-day average stablecoin transaction volumes have been climbing and have already moved past Visa’s levels, according to recent data.
Solana’s tokenized dollar stack is getting deeper
Solana’s tokenized asset economy is expanding fast, and the latest market-cap ladder showed just how.
USDC, USDT, and PayPal’s PYUSD remained in the $1 billion-plus tier on Solana’s market-cap board. Just below, USDG, BlackRock’s BUIDL, and Ondo Finance’s USDY pushed into the $100 million-to-$1 billion bracket.
DefiLlama data also supported the trend.
Total Stablecoin Supply across chains neared all-time highs, with Solana capturing a meaningful share of the month’s expansion.
With USDT dominance still above 60% and fresh mints entering circulation, Solana continued to strengthen its position as a preferred venue for tokenized dollars and RWA issuers.
