September records the highest stablecoin lending volumes in 2026 per Allium’s and Visa’s stablecoin metrics.
Specifically, around $28.68B moved in stablecoin loan volumes and the month isn’t over yet. This marks the highest data spike since the end of last year in November.
August saw a substantial increase to $19.32B from June, which hit a rock bottom of $10.4B (lowest since April 2025).
Solana Leads Stablecoin Lending in 2026
While recent stablecoin market data shows better momentum in the industry, the most interesting trend over the last few months is the changes in blockchain networks used.
Solana experienced a major surge in popularity for stablecoin lending over the summer.
Back in July, Solana initially processed $5.24B (37%) vs. Ethereum’s $6.4B (45%) with a total monthly volume of $19.32B.
In August, this rose to Solana leading with $10.31B (53%) and Ethereum taking in $6.4B (33%).
Currently for September, Solana tops all networks with $23.28B in stablecoin loan volumes (80%), while Ethereum dropped severely to only $3.78B (13%).
The main reason for Solana’s dominance in recent months is activity from the Jupiter Protocol. In August, it processed $9.88B and this month more than doubled to $22.81B.
Jupiter’s share of the stablecoin lending market rose significantly.
USDC Ahead of USDT
USDC is getting ahead of USDT stablecoin in loan volumes.
So far this month, USDC was used for $25.32B (88%) of the total loan volumes, while Tether’s USDT accounts for only $2.66B (9.2%).
Similarly, in August USDC claimed $13.88B (71.8%), while USDT accounted for $4.46B (23%).
This ratio has only grown since July, when USDC was selected for $9.3B (68%) of the loans vs. USDT in $3.82B (27%) of the monthly volume.
The closes the two top stablecoins came head to head this year was back in January.
Recently, Circle launched Arc Network as a new Layer 1 blockchain for stablecoin payments.
