Solana Stablecoin Supply Hits Record $17.3B, SOLUSD Price Eyes $130
Solana's stablecoin supply has reached a record $17.3B on September 25, with USDC at $8.4B and wallets holding USDC exceeding 9.3M. This development has significant implications for SOLUSD traders, with on-chain liquidity and supply metrics playing a crucial role. The SOLUSD price is currently trading near $121, with a key upside area at $124.95-$125, and a potential breakout target of $130.
Recent institutional participation has led to rising liquidity in the SOLUSD market, with traders monitoring collateral flows. Meanwhile, HSDT has raised $15M via equity at a 5% NAV premium, with warrants, and may use the proceeds to purchase more SOLUSD or repurchase shares. The company holds approximately 2.3M SOLUSD.
Regulatory developments in the US may also impact SOLUSD trading dynamics, with regulators speeding up rulemaking after a recent congressional setback. Additionally, Solana's Alpenglow upgrade has passed devnet/testnet checks, aiming for ~150 ms finality, but has not yet been deployed on mainnet.