Ethereum Still Dominates Stablecoins Despite Solana Hype

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While Solana’s stablecoin supply has grown to $13.9 billion (4.7% market share), it remains tiny compared to Ethereum’s $172.5 billion on-chain stablecoin value and 59% share — which jumps to 65% when including its layer-2 networks, according to RWA.xyz.

Offchain Labs’ CSO AJ Warner said Saturday that while TVL isn’t everything, “you can’t doubt where the best place to launch new stablecoins is — build within the EVM.”

Bitwise has been openly bullish on Solana. Its CEO Hunter Horsley recently said Solana could outcompete Ethereum in staking ETFs because of faster unstaking periods, a key factor for exchange-traded products.

Bitwise currently offers a Physical Solana ETP and is awaiting SEC approval for its spot Solana ETF, with a final decision due Oct. 16.

At the time of writing, SOL traded at $227, down 2% on the day and still more than 22% below its January 2025 all-time high.

[jacson4]

Ethereum’s network effect remains unmatched. Even with Solana’s growth, stablecoin liquidity still favors ETH.

[EmTeam]

Shows how deep Ethereum’s ecosystem runs. Stability and trust are keeping it ahead for now.