Solana's stablecoin supply has decreased over the past month, with data showing a 17% drop totaling approximately $2.7 billion as of January 14, 2026. Most of this decline occurred within the last seven days.
Stablecoins are cryptocurrencies pegged to fiat currencies like the U.S. dollar, serving as spendable mediums on blockchains. A reduction in their value on a chain can imply redemptions into dollars or transfers to other networks.
When stablecoin value declines on a chain, less money is available for decentralized applications and services. This can shrink the ecosystem and potentially lower the price of the chain's native token, Solana.
The total stablecoin supply across all chains remained essentially flat over the same 30-day period. This suggests capital is specifically leaving Solana, possibly due to more appealing alternatives or perceived issues with Solana.
Ethereum, often a default destination for stablecoins, has not seen significant inflows, with its supply down about 1% over the same period. Other networks also show no major increases in stablecoin holdings.
The lack of a clear beneficiary for Solana's outflows indicates investors may be exiting due to dissatisfaction rather than moving toward preferred alternatives.
An ongoing class action lawsuit against the Solana Foundation and Solana Labs, along with other ecosystem organizations, could be related to these outflows. If the trend continues, it may impact Solana's price.
However, Solana's DeFi total value locked (TVL) increased from nearly $8.8 billion to $9.2 billion over the same period. Stablecoin flows are constant, and a return of capital to Solana remains possible.
For Solana's price to rise in the near term, its stablecoin supply will likely need to resume growth instead of shrinking.