Key takeaways
What is the expected size of the RWA market by 2028?
Standard Chartered expects it to reach $2 trillion, with stablecoins leading the way.
Which stablecoins are leaders in the Solana tokenized dollar market?
PayPal’s USDC, USDT, and PYUSD are firmly in the $1 billion-plus range, while newer entrants like USDG and BUIDL are in the $100-$1 billion range.
Over the past month, stablecoins’ average transaction volumes have quietly surpassed those of Visa. Additionally, Circle single-handedly minted an additional $750 million in USD Coin (USDC) in just a few hours!
Meanwhile, tokenized dollars on Solana (SOL) are climbing the market cap ladder as major issuers steadily increase their supply.
Stablecoins are becoming hard to miss.
A strong return of capital
Stablecoin flows have accelerated, with an increase in new issuance in recent days.
Circle minted an additional $750 million in USDC in a matter of hours, adding to the steady stream of $250 million lots seen throughout the month. With Tether (USDT), issuers have created over $14 billion in new stablecoins since the recent crash.
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Capital is returning to crypto in a big way.
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Standard Chartered expects the real-world asset market to reach $2 trillion by 2028, with a significant contribution from stablecoins. Money market funds, stocks and income-generating real estate are expected to be key catalysts.
However, regulators remain cautious as DeFi deepens into off-chain assets.
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At the same time, according to recent data, 30-day average stable transaction volumes have increased and have already exceeded Visa levels.
Solana’s pile of tokenized dollars deepens
The Solana token asset economy is growing rapidly, and the latest market cap scale has shown just how much.
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PayPal’s USDC, USDT, and PYUSD remained at the $1 billion-plus level on Solana’s market cap board. Just below, USDG, BlackRock’s BUIDL, and Ondo Finance’s USDY moved into the $100 million to $1 billion range.
Source: DeFiLlama
DefiLlama data also supported the trend.
Total stablecoin supply across all chains reached all-time highs, with Solana capturing a significant portion of the month’s expansion.
With USDT dominance still above 60% and new currencies entering circulation, Solana has continued to strengthen its position as the preferred venue for token dollar and RWA issuers.
