The surge coincided with the launch of JupUSD, a new stablecoin developed jointly by decentralized exchange Jupiter and synthetic dollar issuer Ethena. While new issuances often create short-term distortions, the scale and speed of this increase suggest something broader is shifting inside the Solana ecosystem.

USDC Still Dominates, But the Balance Is No Longer Static

Dollar-pegged USDC, issued by Circle, continues to anchor Solana’s stablecoin economy, accounting for over 67% of the network’s total stablecoin supply. That dominance remains intact, yet JupUSD’s arrival introduces a new dynamic. Liquidity on Solana is no longer concentrating around a single default settlement asset without resistance.

This matters because Solana is increasingly positioning itself as an on-chain capital market, where value, leverage, and risk transfer occur natively through protocols rather than intermediaries. As assets migrate on-chain, stablecoins become less of a convenience layer and more of a structural requirement.

Why Capital Is Accelerating On-Chain

According to Moody’s Investors Service, global stablecoin transaction volumes rose by 87% throughout 2025. This growth is not being driven solely by speculative crypto activity. Tokenized real-world assets are quietly reshaping demand.

When real estate, art, collectibles, and financial claims move onto blockchains, they require stable, liquid settlement instruments. Stablecoins fill that role. Solana’s sudden inflow reflects growing confidence that its infrastructure can support this transition at scale.

Why It Matters

Estimates from multiple traditional finance institutions suggest the market for risk-weighted real-world assets could reach $30 trillion by 2030. If even a fraction of that value settles on-chain, the networks hosting stablecoin liquidity today gain a structural advantage tomorrow. Solana’s $900 million jump reads less like a spike and more like an early positioning signal.

Regulation Is Shaping the Flow, Quietly but Firmly

The regulatory environment is also narrowing the field. The GENIUS Act, signed into law by U.S. President Donald Trump in July 2025, requires regulated payment stablecoins to be fully backed 1:1 by high-quality liquid assets. This framework effectively sidelines algorithmic and undercollateralized models.

Algorithmic stablecoins, which rely on software-driven market mechanisms rather than direct asset backing, fall outside GENIUS Act recognition. The law also prohibits issuers from sharing yield directly with users, a clause that is already reshaping assumptions about the future role of banks and stablecoin providers.

Solana’s stablecoin expansion cannot be viewed in isolation. It sits at the intersection of product launches, capital migration, and regulatory compression. Whether this capital remains sticky will depend on how these forces interact over the coming quarters—but the direction of travel is becoming harder to ignore.

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Who tops the crypto billionaire list in 2025? 

At number one is Binance founder Changpeng Zhao. CZ’s fortune is estimated at $62.9 billion. His 90% stake in Binance and massive BNB holdings fuel his wealth. Although he stepped down as CEO in 2023, his dominance in the crypto sector remains unrivaled. 

Second place belongs to Giancarlo Devasini, the financial architect behind Tether and Bitfinex. With a 47% stake in Tether, his net worth climbed to $22.4 billion. As the key force behind USDT liquidity, Devasini quietly wields enormous influence over global crypto trading. 

Brian Armstrong, the CEO of Coinbase, ranks third. His 14–15% stake in the company pushes his fortune between $9.6 billion and $12.8 billion. Armstrong continues to bridge traditional finance with Web3 adoption, making him one of the industry’s most recognized faces. 

Michael Saylor takes fourth place with a net worth of $10.1 billion. Through Strategy (formerly MicroStrategy), he oversees 628,000 BTC worth over $72 billion. His relentless Bitcoin advocacy still shapes investor confidence. 

Ripple co-founder Chris Larsen returned to the list with $7–8 billion in wealth. Thanks to XRP’s recovery and Ripple’s expansion into tokenized assets, Larsen remains an influential voice in payments and regulation. 

Other crypto billionaires shaping 2025 

Stellar founder Jed McCaleb follows with an estimated $2.9 billion fortune. His legacy includes Mt. Gox, Ripple and now Stellar, while he also develops his aerospace startup Vast. 

Mike Novogratz, CEO of Galaxy Digital, holds $2.7 billion. His company manages institutional crypto investments and owns over 17,000 BTC, keeping him a central player in digital finance. 

Barry Silbert, founder of Digital Currency Group, is worth $3–3.2 billion. Early bets on Bitcoin, Ethereum and numerous startups secured his place despite DCG’s past challenges. 

Entertainment-driven crypto wealth appears with Bijan Tehrani, co-founder of Stake.com. His net worth sits at $2.8 billion, built on crypto-powered betting platforms and global sponsorships. 

Finally, Ethereum co-founder Vitalik Buterin holds around 278,000 ETH worth $1.025 billion. While not a CEO, he remains the intellectual leader of Ethereum and Web3’s most influential builder. 

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Strategic Alliance Between Plume and World Liberty Financial

Plume, the EVM-compatible blockchain purpose-built for the next generation of RWA integration, has announced a strategic partnership with World Liberty Financial. The goal: to fast-track the multichain expansion of the USD1 stablecoin.

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Previously anchored to the Binance Smart Chain, USD1 now becomes a core reserve asset in the Plume ecosystem, backing its native stablecoin pUSD. This move empowers users to access institutional-grade RWA finance across Plume’s rapidly growing network.

USD1: A New Standard in Stablecoin Reliability

Redeemable 1:1 for the U.S. Dollar and backed fully by U.S. government money market funds and equivalents, USD1 avoids complex yield mechanisms, prioritizing clarity and institutional trust.

Chris Yin, CEO of Plume, highlighted, “Being selected by World Liberty Financial as their strategic multichain partner confirms our vision. With USD1 embedded into our infrastructure, we open up composable new use cases that reshape how RWAs interact with DeFi.”

A New Chapter for Yield and Collateralization

Following the launch of Plume’s mainnet — which debuted with over $250M in real-world asset value and 100,000+ wallets — USD1 now unlocks new yield opportunities within Nest, Plume’s flagship staking protocol. It also provides a stable form of collateral for RWA exposure.

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What Does the GENIUS Act Bring? 

Especially digital coins pegged to the U.S. dollar, like USDC and USDT, will be subjected to stricter oversight. The bill aims to protect users and create transparency in the financial system. 

The bill received strong support in its first Senate passage with 66 “yes” votes. This backing shows a rare bipartisan consensus between Democrats and Republicans on crypto issues. However, some senators still have serious concerns. 

One of the leading critics, Democratic Senator Elizabeth Warren, argued that the bill grants wide latitude to tech billionaires, saying: 

“If Congress does not amend this law, billionaires like Elon Musk and Jeff Bezos could create stablecoins that track your purchases, use your data, and push competitors out of the market. Also, if stablecoins fail, they will seek bailouts from the government.” 

Warren’s statement highlights not only economic but also justice concerns. 

Hagerty: “America’s Digital Leadership at Risk” 

On the other hand, Republican Senator Bill Hagerty, a bill sponsor, emphasized that the GENIUS Act is critical for America’s global leadership. In his Senate speech, he said: 

“The long absence of a legal framework has pushed digital asset innovation beyond our borders to foreign countries. If we want to modernize our payment system and restore our nation’s competitiveness, we must act now.” 

Hagerty also stressed the bill’s strategic goals: 

“This law will strengthen the global dominance of the U.S. dollar, protect users, increase demand for U.S. Treasuries, and ensure innovation in digital assets remains under American control, not foreign rivals.” 

These statements show that the bill is designed not only as a technical regulation but also as an economic power tool. If enacted, stablecoin issuers will be required to report regularly. They must fully back their reserves and submit to federal oversight. The bill will also limit large tech firms’ unlimited entry into this market. 

The GENIUS Act could be a major milestone not only for the U.S. but also for the global crypto ecosystem. Experts believe the law will strengthen the U.S.’s leadership claim in crypto and boost investor confidence. 

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USD1 Sent To Thousands Of WLFI Wallets

World Liberty Financial, backed by former U.S. President Donald Trump, has distributed 47 USD1 tokens to each wallet that took part in the sale of the project’s native token, WLFI. Data from Etherscan, confirmed by Lookonchain and SlowMist, shows the tokens were sent in a bulk transaction late Tuesday night.

While the project has not made an official announcement, it had previously proposed this airdrop as a method to test its Ethereum-based distribution system and thank early supporters. A community vote held last month saw 99.96% approval for the airdrop.

According to earlier statements, more than 85,000 participants had completed the know-your-customer process during the WLFI sale.

Centralization And Controversy Cloud The Launch

Launched in March, USD1 is described as being fully backed by U.S. Treasury bills, USD deposits, and cash equivalents. Despite these assurances, centralization remains a key concern.

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Dune Analytics data reveals that two wallets hold 84.4% of the entire USD1 supply, with a third wallet holding 9.5%. It is unclear whether these wallets are managed by World Liberty Financial, strategic investors like Justin Sun, or third-party custodians such as BitGo.

Adding to the controversy is the Trump family’s deep involvement in the project. According to the whitepaper, Donald Trump and his three sons serve as ambassadors or public advocates for World Liberty. This has sparked conflict of interest concerns, especially among political opponents.

Senator Richard Blumenthal recently accused the Trump family of financially benefiting from WLFI, an allegation that World Liberty’s legal team has strongly denied.

Stablecoins Under Regulatory Spotlight

The airdrop comes amid increasing regulatory scrutiny. The proposed GENIUS Act in the U.S. aims to enforce strict transparency and safety requirements for stablecoin issuers. Meanwhile, dollar-backed stablecoins have exceeded $250 billion in global market cap, driven by both retail and institutional demand.

With such powerful names backing it, World Liberty’s next moves will be closely watched—not just by investors, but by regulators, too.

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Massive Treasury Exposure

According to its Q1 2025 report, Tether holds around $98.5 billion in direct U.S. Treasury bills and another $23 billion in similar short-term instruments through repos and cash equivalents, bringing its total exposure to nearly $120 billion.

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Its excess reserves dropped from $7.1 billion in Q4 2024 to $5.6 billion, the lowest level since Q2 2024.

USDT Demand on the Rise

USDT supply expanded by $7 billion during the quarter, with a 46 million increase in active wallet addresses. The stablecoin’s market cap now stands at $149 billion.

Tether is using a portion of its reserves for strategic investments, committing over $2 billion to areas such as renewable energy, artificial intelligence, peer-to-peer communications, and data infrastructure.

Despite its dominance, concerns are growing in Europe over reliance on dollar-pegged stablecoins. The Bank of Italy warned that any disruption in stablecoin markets or related assets could ripple across the broader financial system.

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Jorn Lambert, Mastercard’s Chief Product Officer, described the initiative as a “360-degree approach” that enables consumers to spend stablecoins while allowing merchants to accept them with ease.

150 Million Merchants Can Now Accept Stablecoins

The stablecoin market has surged in the past year, reaching a total value of over $230 billion, a 54% increase year-over-year. USDT (Tether) and USDC (Circle) dominate around 90% of the market.

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According to a report by Artemis and Dune, active stablecoin wallets have grown by over 50% in the past 12 months. Investment bank Citigroup predicted in an April 23 report that the market could hit $3.7 trillion by 2030 due to regulatory clarity and growing institutional interest.

Partnerships With OKX and MetaMask Strengthen Card Utility

Beyond enabling merchants to receive stablecoins, Mastercard is also helping users spend them in the real world. The company launched the OKX Card in partnership with crypto exchange OKX, enabling seamless spending of digital assets.

On the same day, MetaMask and Mastercard revealed a crypto card that lets users make self-custodied payments via smart contracts, with transaction speeds under five seconds.

Mastercard has previously collaborated with Binance, Kraken, and Crypto.com on similar crypto-enabled debit card products.

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Backing Structure and Liquidity

USDtb derives 90% of its reserves from BlackRock’s USD Institutional Digital Liquidity Fund, while the remaining 10% consists of stablecoins like USDC. This reserve model ensures liquidity, especially during weekends or periods when U.S. Treasury bond markets are unavailable.

Ethena’s Head of Growth, Seraphim Czecker, stated that USDtb has the potential to scale to $100 billion, emphasizing its ability to create a yield floor tied to U.S. Treasury Bill rates in bearish market conditions.

José Maria Macedo, co-founder of Delphi Labs, predicted that USDtb would become the largest tokenized treasury product within a month of its launch. The stablecoin’s smart contract infrastructure underwent three separate audits in October—conducted by Pashov, Quantstamp, and Cyfrin—with no high or medium-level vulnerabilities identified.

With USDtb’s launch, Ethena aims to optimize capital allocation in declining markets while further strengthening the mechanisms supporting its existing stablecoin, USDe. This strategic move also minimizes associated risks while bolstering investor confidence.

Stablecoin Market Outlook

Ethena’s USDe recently surpassed Dai (DAI) to become the third-largest stablecoin. However, its market cap of $5.87 billion still significantly trails behind leaders USDT ($140.6 billion) and USDC ($42.1 billion).

The overall stablecoin market has exceeded $200 billion in value, marking rapid growth. Analysts anticipate this figure to double to $400 billion by 2025, driven by the potential approval of stablecoin regulations in the United States.

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