Odaily Planet Daily News 21.co Strategy Analyst Tom Wan wrote on X that based on Dune data, as of August 9, the supply of stablecoins on the Solana chain increased by 156% year-on-year, currently at $3.75 billion. The factors driving this progress include: 1. Increased DeFi opportunities Stablecoin supply is a high-quality indicator of DeFi opportunities in the ecosystem, especially stablecoins backed by fiat currencies. Solana network TVL increased 10 times year-on-year. As more innovative protocols such as Sanctum, Jito, and Kamino launch tokens, Solana attracts more funds to deploy on it; 2. The main support is provided by Kamino Finance through PYUSD. The market value of PYUSD on Solana has grown to $300 million in 3 months, but it took nearly 10 months to achieve a similar scale on Ethereum; 3. Major project expansions such as Ondo Finance and Ethena Labs Ethena and Ondo are the main protocols in their respective categories, with TVLs of $3.1 billion and $560 million, respectively. The interest-bearing stablecoins launched by both on Solana can unlock more potential and opportunities for users, such as having more effective collateral on Drift Protocol, Jito, and Kamino Finance. With Solana's institutional adoption and innovations (such as token expansion or DeFi primitives), Wan is optimistic that the ecosystem's stablecoin market can reach $4 billion TVL in 1-2 months, comparable to the level before the FTX crash.