Euro stablecoins progress on Solana, still behind Ethereum

An increase in supply

The supply of euro stablecoins on Solana increased by about 22 million dollars during the week ended October 25, according to Token Terminal data reported by Crypto Briefing. The increase exceeded that of the other tracked networks combined. It does not, however, place Solana in first position: Ethereum retains the largest share of the market. The ranking of a weekly variation and that of the amounts already present on each network describe two different realities, which the balance must keep separate.

An increase in supply can result from new issuances or transfers between networks, depending on the mechanisms proposed by the issuers. It does not automatically equate to an identical increase in the number of users or payments made. A small number of significant operations can move large amounts on a still limited market. To measure its usage, the token stock must therefore be supplemented by transfer volumes and circulation conditions, without deducting all adoption from a change in outstanding amounts.

Several issuers on the network

Circle with EURC, Société Générale Forge with EURCV and AllUnity with EURAU are among the issuers present on Solana cited in this balance. These tokens share a reference to the euro, but remain distinct products. Each has its issuer, its reserve mechanism and its redemption conditions. Their coexistence on the same blockchain can facilitate their technical integration in compatible applications; it does not make their guarantees, contracts or commercial procedures automatically interchangeable.

The European MiCA framework organizes the concerned activities and the obligations of the actors operating within it. It does not transform the tokens into classic bank deposits nor into central bank-issued currency. Access to redemption depends notably on the applicable conditions with the issuer or the intermediary used. On an exchange platform, the price obtained also depends on the available liquidity. The reference to the euro describes a value objective, not the disappearance of all operational and market risks.

From addresses to real uses

The figure of more than 14 million addresses holding stablecoins on Solana concerns all these assets, not only euro tokens. An address is not an identified user: a person or company can control several, while a service can group the assets of many customers. Equating these addresses directly to as many holders of digital euros would exaggerate the scope of the data. The tracking must also distinguish accounts simply funded from accounts performing regular operations.

Cross-border payments constitute one of the uses mentioned, with integrations of actors like Thunes. The technical availability of a token does not, however, guarantee its acceptance by all recipients nor its immediate conversion into bank euros in every country. The entry, transfer and exit steps remain necessary to describe a complete service. The observed progress on Solana shows a supply that is developing; volume and settlement frequency will allow us to assess its usage beyond mere issuances.