On-chain data reveals that Solana stablecoin supply hit a new all-time high on Friday. According to Dune Analytics, the total supply of the Solana stablecoin has exceeded $16.2 billion.
Circle’s USDC accounts for over 58% ($8 billion) of the total Solana stablecoin supply, followed by USDT at almost 20% ($2.7 billion). USDC also leads the long-term total monthly supply of Solana stablecoins with $10.45 billion, while USDT has $2.7 billion.
IMF warns of rising stablecoin supply
The influence of stablecoins is growing due to their potential use cases and interaction with mainstream finance resulting from asset backing. Their rapid growth highlights both expectations and new challenges for policymakers. Read the new IMF blog: https://t.co/eVss5tPsFn pic.twitter.com/uliR1gLnkn
— IMF (@IMFNews) December 4, 2025
Stablecoin supply on Solana exceeded This is a first for Bitcoin and Ethereum. The surge has caused the International Monetary Fund to express concern, warning that the increased supply of stablecoins could disrupt capital flows and accelerate currency substitution.
fund revealed The latest departmental report on the digital dollar reports that the stablecoin market has exceeded $300 billion. The IMF also pointed out that the stablecoin market accounts for about 7% of the total digital asset market. The circulating supply of USDT is approximately $185.5 billion, while the supply of USDC accounts for $77.6 billion.
The IMF acknowledged that stablecoins are attracting more funds than their native crypto assets, with even bigger increases expected in 2025. The fund noted that the value of USDC and USDT has more than tripled in the past two years to about $260 billion. The trading volume of both stablecoins last year also accounted for $23 trillion.
The IMF also believes that the cross-border nature of stablecoins has the potential to simplify remittances and payments. The fund also argued that stablecoins could complicate monetary policy and financial stability in emerging markets.
The IMF noted that consumers in high-inflation and capital-controlled economies increasingly prefer to use stablecoins over fiat currencies. Endgame macro researchers also claimed The fund’s warning points to structural changes in global financial flows, it said.
“Stablecoins highlight the inefficiencies of the existing financial system and how technology can solve them. Paradoxically, they could lead to further concentration of financial power.”
-Eswar Prasad, Professor of Economics, Cornell University.
The fund said regulatory fragmentation around stablecoins creates opportunities for arbitrage and unsupervised liquidity accumulation. The IMF argued that major economies such as the US, UK, and Japan have established clearer regulations on stablecoins compared to emerging markets. The fund said emerging markets lack guidelines regarding redemption rights, issuer oversight and reserve quality.
RLUSD market capitalization exceeds $1 billion
🆕 Ripple’s RLUSD has a market cap of over $1 billion @Ripple is best known as the original developer behind XRP and the XRP Ledger (XRPL). But over the past two years, Ripple has expanded into four new business lines: payments, custody, prime brokerage, and stablecoins… pic.twitter.com/QkvCrOJWLe
— Token Terminal 📊 (@tokenterminal) December 5, 2025
Ripple’s RLUSD market cap surpassed $1 billion on Friday as Solana stablecoin supply increases. The stablecoin is deployed on both XRPL and Ethereum, with approximately 85% of its supply on ETH.
On-chain data reveals RLUSD. exceeded Ethereum’s market capitalization reached $1 billion within 12 months of its launch. Token Terminal data platform said Ripple could become the third-largest issuer after Tether and Circle if the stablecoin market capitalization grows 10 times from current levels.
The report also revealed that RLUSD has more than 6,000 users. The number of stablecoin users has skyrocketed from 750 at the beginning of the year, according to on-chain data. The chart also reveals that the number of users on RLUSD is steadily increasing, with H2 recording the largest increase.
The RLUSD chart shows that stablecoin holder growth is increasing relative to supply, suggesting decentralization rather than concentration. Token Terminal says that even as market capitalization increases, the number of holders remains flat because the supply is stored in a small number of addresses. The company also said The wide distribution of RLUSD holders suggests that the stablecoin’s supply is not concentrated in a few wallets, but that actual usage is increasing.
On-chain data also reveals that RLUSD weekly transfer volume averages $1 billion. Weekly stablecoin transfer volume is up from $66 million at the beginning of the year.
On-chain data also showed that RLUSD weekly Ethereum transfers averaged around 7,000, up from 240 at the beginning of 2025. The increase in RLUSD transfers and counts suggests that stablecoin activity is expanding along both size and frequency dimensions.
