Robinhood-Backed USDG Stablecoin Surges on Solana, Overtakes Ethereum

The USDG stablecoin, issued with backing from Robinhood, is seeing explosive growth on Solana.

Over the past month, supply on the network has surged by more than 160%, pushing USDG’s presence on Solana above its footprint on Ethereum for the first time.
Data from Token Terminal highlights the sharp divergence.

USDG supply on Solana has climbed past the $350 million mark, while balances on Ethereum have stagnated around the $200 million level. This rapid shift underscores Solana’s growing role as a preferred platform for stablecoin activity, especially for newer entrants like USDG.

Why Solana?

Solana’s speed and low transaction costs continue to attract stablecoin issuers and users. The network’s ability to handle high-frequency transfers without significant gas fees makes it a natural fit for digital dollar usage, from trading to payments. For Robinhood, anchoring USDG on Solana aligns with its goal of creating fast, accessible financial products for retail audiences.

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Ethereum Still Holds the Crown

While Solana has overtaken Ethereum for USDG supply, Ethereum remains the dominant home for stablecoins overall, hosting hundreds of billions across USDT, USDC, and DAI. Still, USDG’s migration trend signals that newer stablecoins are finding Solana’s ecosystem increasingly attractive as a launchpad for growth.
The shift also illustrates a broader dynamic in the stablecoin market: Ethereum may remain the institutional backbone, but Solana is emerging as the retail growth engine.