Solana's stablecoin market cap has experienced notable volatility, declining 5.79% over 30 days and 7.72% in a 7-day period, while stabilizing at $6.92 billion. The stablecoin ecosystem is dominated by USDC and USDT, with PayPal's PYUSD emerging as a surprising newcomer at over $150 million in distribution. Trading volumes on decentralized exchanges show USDT leading at over 100 million, with significant netflow fluctuations ranging from -290 million to +103 million USD for USDC in February 2025, indicating dynamic shifts in market sentiment and liquidity.
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