According to Cointelegraph, DefiLlama data shows that Solana added $1 billion in total value of stablecoins in December, primarily in USDC.
The total value locked (TVL) of Solana's stablecoins is approximately $5 billion, with nearly $4 billion in USDC, and USDT being the second largest stablecoin at around $1 billion.
As of December 31, the total market capitalization of USDT and USDC was $137 billion and $44 billion, respectively. Since November, the market capitalization of the three major stablecoins has increased by over $25 billion.
Solana has become a strong competitor to Ethereum in the DeFi space, with TVL projected to grow about 5 times to $8.6 billion by 2024. Grayscale has listed Solana's native DeFi applications Jupiter and Jito among the top 20 tokens to watch in Q1 2025.
