Solana’s stablecoin supply surges to $17.3 billion, but liquidity depth matters more than minting. On September 25, Solana officially disclosed that on-chain stablecoin supply reached $17.3 billion, a new all-time high. ① The growth in supply indicates that issuers, market makers, and applications are willing to allocate more USD liquidity to Solana. ② However, minting does not equal payments, nor does it mean funds have entered DeFi or real-world commerce settlements. ③ It’s equally important to monitor active stablecoin addresses, transaction volumes, DEX liquidity depth, lending utilization rates, and redemption activity. ④ Large-scale minting in the short term may simply reflect cross-chain rebalancing or institutional inventory management. My view: $17.3 billion is a better indicator of financial infrastructure value than daily TPS—but the next step is proving these dollars aren’t just “parked” on-chain, but actively circulating in payments, trading, credit, and asset settlement. @Solana_zh @solana @Circle @Tether_to