What sits there, and what moves
Supply is a stock: the dollars in stablecoins that exist on Solana that day. Transfer volume is a flow: the dollars those tokens moved during it. One dollar can move ten times before midnight and still be one dollar of supply, so the two never add up to anything. The ratio between them is turnover. The stock itself moves too, just far more slowly: it stands 32.0% up on a year ago and 12.0% below the peak of $18.54B set on Dec 12, 2025.
The volume line will not compare across years
Turnover is also where the flow needs care. The steepest day in this series moved $926.83B against a float of $6.31B — 146.78 times over on Dec 29, 2024, while the supply itself moved 0.05%. Nothing changes hands that often in a day: at that ratio the same dollars are counted again at every hop they make. Quarterly medians here run from 0.16× a day to 14.72×, a spread of 93 times, with no matching move in the supply behind it.
Weekends move far less, and nobody leaves
Over the past year the median weekday moved $17.61B. The median weekend day moved $9.33B, about 47% less. Supply hardly notices the difference: across all seven days its median stays within 0.56% of itself. People stop trading at the weekend. They do not withdraw their stablecoins.
Why a validator watches this
Every stablecoin transfer is a Solana transaction, and every transaction pays a fee. Fees are the largest single part of what an operator earns, which the transaction activity chart counts and the validator revenue chart splits. So a quiet weekend in stablecoins is a quieter weekend in operator revenue. A float that grows without more transfers, though, changes nothing for a delegator: the money sitting still pays no fees.
Earning on SOL, not on stablecoins
Stake.Cake charges 0% on both inflation and MEV rewards, and has run on mainnet since 2023.
FAQ
Does this count every stablecoin on Solana?
It counts what the source counts: circulating stablecoin supply on Solana, in dollars, as one figure per day. There is no split by issuer, so USDC and USDT are not separated here.
How can transfers exceed the entire supply in one day?
Because a dollar can be spent more than once between midnights: supply counts each dollar once, transfer volume counts each move it makes.
Does stablecoin activity change my staking rewards?
Only indirectly, through fees. What you receive still depends first on your validator's commission and how reliably it produces blocks — a busy stablecoin week does not raise the issuance paid to you.
Where does this data come from?
Two columns of on-chain Solana data, one row per day: the circulating stablecoin supply and the dollars transferred, refreshed here each morning. The newest day can still be revised upstream, so the figures at the top are seven-day averages rather than the last row.