Solana稳定币储备缩水6.4%：你的卖出订单现在该注意什么

Solana stablecoin reserve analysis: US$1.12 billion outflow in 16 days, market liquidity concerns emerge.

As of Sunday afternoon, the total value of stablecoins on Solana's network was US$16.33 billion. On September 25, this figure reached a peak of US$17.45 billion. This means that over a 16-day period, approximately $1.12 billion of funds left the chain, with an average daily net outflow of approximately $70 million. This figure accounts for 6.4% of the entire stablecoin buffer. For investors, this "exit side" liquidity indicator reflects market dynamics first than any price headline.

stablecoins are the "cash" in the blockchain ecosystem. When you sell assets on the Solana Network, you rarely receive euros, but instead receive dollar tokens. As this part of inventory shrinks, liquidity on the other side of your sell order shrinks. The price itself does not fully reflect this: data shows that around 16:43 UTC on October 11, the SOL price was US$111.79, up 1.48% during the day, reaching a high of US$111.84 and a low of US$108.94. On a week-to-week basis, SOL fell 7.8%; but on a 30-day cycle, the overall increase was still 9.5%. The above data comes from CoinGecko.

Trend of Solana stablecoin

According to DeFiLlama's time-series data, the peak occurred at $17.45 billion on September 25. Since then, stablecoin inventories have fallen step by step, with two brief rebounds in early October and mid-month. The October 11 reading showed $16.33 billion. If all individual US dollar tokens are added up, the result is US$16.29 billion; small differences between query results in the same database are due to differences in sampling times and are not smoothed here.

The key lies in the direction of the trend, and the second place after the decimal point is not important. Falling 6.4% in just over two weeks is not noise. For comparison: In the previous 60 days, stablecoin inventories fluctuated between US$15.6 billion and US$17.5 billion, with the gap between peak and trough in two months being approximately US$1.9 billion. Today, one-third of this span has been digested in 16 days.

What exactly does a stablecoin buffer mean?

The stablecoin buffer refers to the sum of all dollar-pegged tokens issued on the blockchain. It cannot be used as a price indicator because it is an inventory data: it measures the amount of capital parked on the chain that is available for sale. Unlike SOL prices, stablecoins do not fluctuate with market prices. Even if SOL fell, the dollar token still retained the value of one dollar. If the total still falls, it means someone redeemed or bridged the token to another chain.

This is why this indicator is of practical value. When the price falls, the dollar value of each locked coin automatically falls, without any investor taking action. Stable coins have no such arithmetic effect. Every billion dollars that disappears is the result of someone deciding to move money elsewhere.

Slippage risk at sell: How a thin buffer affects your order

Slippage is the difference between the transaction price you see when the order is submitted and the actual transaction price. When your order size is larger than the reverse orders available at the best price, multiple price tiers are consumed, creating a slip point.

The mechanism can be summarized in two sentences: In Solana's Decentralized Exchange (DEX), one side of each liquidity pool holds a certain token and the other side holds U.S. dollar token. The fewer U.S. dollar tokens in the pool, the greater the impact of the sell order on the price because it accounts for a larger share of the pool.

For small transactions, this effect is often invisible. Selling 500 euros in SOL and reducing the buffer zone of $1.12 billion will not create a significant perception. But at four-or five-digit amounts, the impact becomes significant; for non-mainstream large Solana coins, or when a large number of holders want to sell at the same time, the risk is even more ubiquitous. According to CoinGecko, SOL's 24-hour trading volume is $1.7 billion and its market value is $65.85 billion.

Solana, Ethereum and Tron: The distribution pattern of stablecoins

Among the public chains, Solana is still in a medium-sized scale. The same data shows that Ethereum holds about US$145 billion in stablecoins, Tron holds about US$95 billion, and Solana only holds about US$16 billion. As a result, Solana's stablecoin buffer is only about one-ninth of that of Ethereum.

This order of magnitude difference is crucial to your trading. This gap explains why the massive sell-off has a greater impact on prices on Solana than on Ethereum, and why the $1.12 billion outflow appears heavier here in percentage terms. On Ethereum, the same amount of outflow is only equivalent to a 0.8% decline.

USDC, USDT and USD1: Composition of stablecoins authorized by the European Union

Traders from Germany need to know not only how many dollar tokens are on Solana, but also which tokens they are. The composition of October 11 is as follows: USDC issued by Circle took the lead, reaching US$6.79 billion, accounting for 41.7%; followed by USDT issued by Tether, reaching US$2.87 billion, accounting for 17.6%. This was followed by World Liberty Financial's USD1 ($1.41 billion), USDGO ($1.29 billion), BlackRock's tokenized money market fund BUIDL ($930 million), PayPal's PYUSD ($710 million), USDG ($630 million) and Etha-backed USDe ($480 million).

According to the European Cryptographic Asset Markets Regulation (MiCA), US dollar tokens must have an authorized issuer in the EU to be available at a licensed trading venue. The technical term is called an "e-money token": a crypto-asset issued by a regulated e-money institution that accurately reproduces official currency.

As of September 30, 2026, the register of the European Securities and Markets Authority (ESMA) lists USDC and EURC issued by Circle Internet Financial Europe, which is regulated by France's ACPR, and USDG issued by Paxos Issue Europe, which is regulated by Finland's FIN-FSA. However, USDT, PYUSD and USD1 are not included.

Applying this to inventory data, we arrive at a finding rarely mentioned in regular market summaries: Of Solana's $16.29 billion,$7.42 billion (45.5%) was in tokens with EU authorization, while $5 billion (30.7%) was in tokens without ESMA registration. The rest is distributed among structures of non-electronic currency tokens, such as BUIDL fund shares and cryptographically backed USDe.

Possession of USDT is not prohibited. The holder can keep and transfer it to his wallet. What is missing is the right to trade at a trading venue that holds a MiCA license. The responsibility for the license lies with the trading venue, not the holder.

Revolut's case: Risk of forced conversion

The practical operability of this situation will be reflected on August 31, 2026. Revolut directly converted the USDT positions of European customers without the customer's active action. This assessment is based on our comparative study of stablecoins with MiCA status (as of October 2, 2026).

This incident reflects a key pattern: timing is determined by service providers and investors cannot intervene. People who hold unauthorized U.S. dollar tokens on European exchanges risk having their positions converted at a price and date set by others. In your own Solana wallet, that risk disappears, but leaves the question of how these tokens will be exchanged back into euros in the future.

Pre-sell check: What is the true depth of your trading venue?

The stablecoin buffer on the chain is background data. What really affects your order is the depth of the trading venue where you actually trade. You can check the following three points in a few minutes:

1. The centralized exchange's order book: shows how many reverse orders are in the range of 1% to 2% above and below the current price. If your planned sales volume exceeds the sum within that range, you will drive the price change yourself.
2. Expected slip points for decentralized exchanges: Most large DEXs display expected slip points before confirmation, which calculates the impact for your exact order size.
3. Type of U.S. dollar token ultimately held: Ask your trading venue which token will exchange you for at redemption and whether you can exchange it back into euros.

If you move a large amount, please split the order. Selling parts in several times within two or three hours, although the handling fee is slightly higher, when the buffer zone is thin, the cost savings are much greater than the handling fee expenditure.

Solana DeFi lockups: 53% below the 2025 high

除了稳定币外，DeFiLlama还测量索拉纳应用中的总锁仓价值（TVL）。10月11日为61.9亿美元。10月5日为66.3亿美元，六天内下降了6.6%，与稳定币的流失速度一致。

相比之下，过去30天上涨了7.6%，因为资本在9月流入。目前距离2025年9月14日132.4亿美元的高点还有53.2%的差距。不过，这个数字包含了价格效应：当SOL下跌时，以美元计价的TVL也会随之下降。正因如此，稳定币系列才是更清晰的信号。

回顾我们之前的报道：10月10日晚，当美国现货ETF在连续14周流入后首次出现2480万美元的净流出时，SOL价格为110.28美元。此后价格上涨了1.37%，而稳定币缓冲区继续萎缩。关于ETF周的细节见我们的报告《索拉纳ETF流入 streak 结束》。技术层面，自10月9日以来，区块时间保持在200毫秒，正如我们对减半槽位的评估所示；换句话说，链的增长速度快于资本流出的速度。

编辑团队观点：流出是警示信号，而非警报

The editorial team believes the finding has medium weight. There are three points of evidence to support this judgment: the downward trend has lasted for 16 days; it appears in the TVL as the second independently collected measure; and it coincides with the first ETF outflow after 14 consecutive weeks of inflows. This contrasts with the fact that $16.33 billion is still above the level it was in mid-August (when the buffer was $15.88 billion), and that in the past 30 days, the chain has recorded 7.6% more locked capital during the same period.

This suggests that this is a cooling period after a strong September, far from reaching the level of panic flight. If you own SOL and have no intention of selling, you don't need to react to it. If you plan to move a large amount in the next few weeks, expect the slip to be slightly larger than in September and plan to sell in batches. This does not constitute buying and selling advice, and there may be a risk of full loss of cryptocurrency assets.

Action advice

• Check the final tokens held: Confirm your U.S. dollar tokens after selling and compare them with the regulatory register. The entry in the ESMA register is the decisive factor, and the token name itself is not a guide.
• Check the depth of trading venues: Before placing large orders, check the depth of trading venues where prices are in the range of 1% to 2% up and down. For a list of licensed exchanges operating in Germany, please refer to the relevant crypto exchange comparison report.
• Assets held for a long time should not remain in the trading venue: See the hardware wallet comparison report for differences between devices.

This paper is based on DeFiLlama's public series of data on the supply of Solana stablecoins and the European Securities and Markets Authority's register of the Cryptocurrency Asset Markets Regulation. (As of October 11, 2026. This article does not constitute investment advice. Price and fee structures are subject to change; consult provider terms before purchasing.)