Solana’s stablecoin sector is on fire in 2025, with the ecosystem’s total stablecoin supply surging to nearly $13 billion as of September. This explosive growth isn’t just a number on a chart, it’s fundamentally reshaping DeFi on Solana, attracting new capital, and sparking fierce competition among issuers. Two names are at the center of this story: USX by Solstice Finance and CASH from Phantom Wallet. Both are Solana-native, both have seen rapid adoption, and both are fueling the network’s record-breaking momentum.

Solana Stablecoins Hit $13 Billion: Why This Matters

This milestone isn’t just about market cap bragging rights, it signals a shift in where users want to park their digital dollars. With Ethereum’s gas fees still a pain point, Solana’s lightning-fast settlement and low transaction costs make it an ideal playground for stablecoin innovation. According to KuCoin, Solana now dominates USDC transfers, underlining its growing role as a settlement layer for global value transfer.

The arrival of USX and CASH has supercharged this trend. They’re not just copycats of old-school stables, they’re purpose-built for composability within the Solana DeFi stack, unlocking new yield strategies and institutional-grade products.

USX by Solstice Finance: Fast-Growing Synthetic Stablecoin

USX, launched by Solstice Finance, is one of the most talked-about new stablecoins on Solana this year. What sets USX apart? For starters, it’s fully backed 1: 1 by stable collateral, no algorithmic magic tricks, and leverages Chainlink oracles for real-time proof of reserves. At launch, USX boasted over $160 million in total value locked (TVL), an eye-catching figure even in today’s crowded market (source).

The real game-changer is the introduction of YieldVault: USX holders can lock up their tokens to earn institutional-grade returns via eUSX receipts, essentially unlocking passive income without leaving the network. This move positions USX not only as a transactional currency but also as a core building block for next-gen DeFi products on Solana.

CASH by Phantom Wallet: Wallet-Native Stablecoin for Everyday Use

If you’ve used Solana at all in 2025, chances are you’ve heard about CASH. Launched by Phantom, the most popular wallet in the ecosystem, CASH is a USD-pegged stablecoin designed with everyday users in mind. Its integration into Phantom’s “superapp” means instant swaps, seamless payments across dApps, and native support for DeFi protocols out of the box (source).

CASH isn’t just another dollar token; it leverages Phantom’s massive user base (millions strong) to drive instant liquidity across the network. Its launch has intensified competition among stablecoin issuers as total market capitalization nears $300 billion globally, a bullish sign for anyone betting on blockchain-based dollars taking over traditional finance.

What Sets USX and CASH Apart on Solana

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  USX (Solstice Finance) stands out as a Solana-native stablecoin that is fully backed 1:1 by stable collateral. It leverages Chainlink oracles for real-time proof of reserves, ensuring transparency and trust. At launch, USX achieved over $160 million in total value locked (TVL). Unique to USX, the YieldVault feature allows holders to lock tokens for institutional-grade returns, receiving eUSX as a yield-bearing asset—making USX a leader in on-chain yield opportunities.

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  CASH (Phantom Wallet) is a USD-backed stablecoin launched by the widely used Phantom Wallet on Solana. Designed for seamless integration with the Phantom superapp, CASH aims for maximum composability and ease of use across Solana’s DeFi ecosystem. Its launch has driven adoption by enabling fast, low-fee transactions and direct wallet-native stablecoin management. As a result, CASH is fueling Solana’s record stablecoin market cap growth and intensifying competition with legacy stablecoins.

What’s remarkable about both USX and CASH is how they’re redefining the user experience for stablecoins on Solana. USX’s composability is unlocking new DeFi primitives, while CASH’s wallet-native design is making stablecoins truly accessible for daily transactions, peer-to-peer transfers, and even NFT payments. The result? Solana’s network is seeing a surge in on-chain activity, with stablecoin-powered apps leading the charge.

This rapid adoption isn’t just hype, it’s visible in the numbers. With Solana’s total stablecoin supply now at $13 billion, and USX alone launching with $160 million TVL, the on-chain data tells a story of real demand. The network effect of Phantom Wallet, paired with the institutional focus of Solstice Finance, has created a one-two punch that’s hard for competitors to match.

How USX and amp; CASH Are Shaping DeFi in 2025

The rise of these two native stablecoins is transforming how users interact with Solana DeFi:

How USX and CASH Are Powering Solana DeFi’s Growth

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  USX (Solstice Finance): USX is a Solana-native, fully collateralized stablecoin launched by Solstice Finance. It leverages real-time proof of reserves via Chainlink oracles and debuted with over $160 million in TVL. USX’s integration with YieldVault enables users to lock their tokens for institutional-grade yield, earning eUSX and fueling on-chain yield opportunities. This innovation is driving deeper liquidity and composability across the Solana DeFi ecosystem.

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  CASH (Phantom Wallet): Developed by the team behind Phantom Wallet, CASH is a USD-backed stablecoin designed for seamless use within Solana’s most popular wallet. Its launch has accelerated user adoption and made stablecoin transactions faster and more accessible, directly contributing to Solana’s record $13 billion stablecoin supply and supporting the network’s growing DeFi market cap.

But it’s not just about speculation or trading. YieldVault by Solstice Finance is giving USX holders access to curated yield strategies, think treasuries for the crypto-native era, while Phantom’s seamless CASH swaps are onboarding non-crypto natives at record pace. This blend of institutional-grade products and retail-friendly UX is setting a new standard for what stablecoins can do.

Solana Stablecoin Surge: What Comes Next?

With competition heating up and global stablecoin market capitalization hovering near $300 billion, all eyes are on what comes next for Solana-native assets. Expect further integrations between USX, CASH, and emerging dApps, from decentralized gaming economies to cross-border payment rails, all powered by cheap, instant settlement.

If you’re building or investing in the Solana ecosystem, tracking the growth and utility of these two native stables isn’t optional, it’s essential.

The bottom line? As users demand faster transactions and more transparent reserves, native solutions like USX and CASH are poised to lead as programmable dollars become core infrastructure, not just on Solana but across Web3. Whether you’re yield farming or simply sending money to a friend overseas, this new breed of stablecoin is what makes it possible, at scale.