Solana (SOL) has achieved a new milestone by reaching an all-time high in stablecoin capitalization, indicating significant growth. Stablecoin market cap is considered a solid metric for evaluating the fundamentals of a blockchain. Currently, Solana has $10.71 billion in stablecoins circulating or staked in its ecosystem, almost as much as its total value locked (TVL) in decentralized finance (DeFi) protocols. The majority of the stablecoins on Solana are made up of Circle's USDC, showcasing market dominance. While this surge in stablecoin capitalization suggests increased investment interest in the ecosystem, it is not a conclusive indicator of long-term sustainability. Solana needs to develop more solid use cases for sustained growth.



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