Stablecoins on Solana: USDC, USDT, PYUSD, USDG, and EURC Compared (DACH View)
Which stablecoin on Solana fits DACH users? USDC, USDT, PYUSD, USDG, and EURC compared directly — market share, MiCA status, German tax treatment, risks from a forensic angle.
Not every digital dollar is the same. When you hold stablecoins on Solana, you are also choosing an issuer, a legal jurisdiction, and a level of regulatory protection — a distinction that matters especially for users in Germany, Austria, and Switzerland.
In plain terms: Think of a stablecoin as a digital voucher that is supposed to be worth exactly 1 euro or 1 US dollar at all times. Simple enough — but who stands behind the voucher, which country has licensed that issuer, and what happens when an EU resident tries to buy through a German exchange? That is the decisive difference. USDC and EURC hold an EU license under MiCA. USDT does not — which is why European exchanges removed USDT from trading in March 2025. PYUSD and USDG fall under US and Singapore supervision respectively. For DACH users, these jurisdictional differences directly determine what you can buy where and how it must be handled for tax purposes.
What this is about
Anyone holding stablecoins on Solana in 2026 has five realistic options: USDC, USDT, PYUSD, USDG, and EURC. They differ in token standard (classic SPL versus Token-2022 — an extended Solana token standard with built-in compliance features), regulation (US, EU, Singapore), MiCA compliance (the EU’s regulatory framework for crypto markets), wallet compliance behavior, and liquidity on Solana DEXes (decentralized exchanges running on the blockchain).
This pillar compares the five concretely from a DACH perspective: which fits German-speaking traders, EUR hedge, PayPal integration, or maximum DEX liquidity. Plus tax treatment under the German Federal Ministry of Finance letter of 6 March 2025 and the forensic risks rooted in issuer authority structures.
Not financial advice. This article compares stablecoin properties. Which one fits your needs depends on your situation — issuer trust, tax status, DeFi use. Check with a qualified tax advisor when in doubt.
Core idea
Solana carried roughly 13 to 15 billion US dollars in stablecoins in May 2026, with USDC accounting for more than half. For DACH users, the critical dividing line is MiCA compliance: USDC and EURC (both Circle) hold an EU license; USDT does not. That has direct consequences for exchange access within the EU and for tax documentation requirements.
Key facts
- USDC and EURC are the only fully MiCA-compliant stablecoins on Solana (both Circle).
- USDT is no longer tradable on MiCA exchanges in the EU as of March 2025. Existing balances remain legal.
- PYUSD (PayPal via Paxos) is growing strongly — roughly 60 percent of global PYUSD supply sits on Solana, about 2.4 to 2.5 billion US dollars.
- USDG (Paxos Singapore, MAS-regulated) is the institutional alternative with a yield-sharing model via the Global Dollar Network.
- EURC is the only meaningful EUR stablecoin on Solana. Roughly 41 percent of the EUR stablecoin market, fastest growth on Solana.
- The German Finance Ministry treats every stablecoin-to-stablecoin swap as a private sale. Taxable within the one-year holding period.
The five most important stablecoins on Solana
USDC — Circle, classic SPL Token
USDC is the undisputed market leader on Solana. Per usdc.cool/solana, Circle has issued around 7.57 billion US dollars natively on the chain — the second-largest USDC chain after Ethereum. Mint address EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v (on Solscan). USDC is not issued under the Token-2022 standard but as classic SPL — no extensions, maximum wallet and DeFi compatibility.
Circle has held an EMI license from the French ACPR since July 2024, making it the first globally operating stablecoin issuer with MiCA compliance. Practical for DACH users: Circle Mint France enables USDC mint and redeem in EUR.
USDT — Tether, classic SPL Token
USDT on Solana has a market capitalization of around 3.5 billion US dollars (as of March 2026), roughly six percent of global USDT supply. Mint address Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB (Solana Explorer). Also classic SPL, no Token-2022.
Critical for DACH: Tether did not pursue MiCA compliance. Since 31 March 2025, when the MiCA stablecoin rules became enforceable, Coinbase Europe, Binance EEA, Kraken, and Crypto.com have discontinued USDT spot trading for EU customers (Vaultody analysis). Custody and transfer remain legal per ESMA clarification — new acquisition via EU platforms does not.
PYUSD — PayPal via Paxos Trust, Token-2022
PYUSD is a Token-2022 stablecoin and grew substantially in 2025 and early 2026. Total global supply: around 4.1 billion US dollars (March 2026), of which Solana holds roughly 60 percent. Mint address 2b1kV6DkPAnxd5ixfnxCpjxmKwqjjaYmCZfHsFu24GXo. Regulated by the New York Department of Financial Services (NYDFS).
PYUSD uses Token-2022 extensions concretely. Permanent Delegate and Metadata Pointer are active. The Confidential Transfer extension is initialized but, as of 2026, not yet activated. As long as that is the case, PYUSD transfers remain visible on-chain in plain text. For DACH users: PYUSD is USD-denominated, so EUR conversion overhead applies.
USDG — Paxos Digital Singapore, Token-2022
USDG is Paxos’s global US-dollar stablecoin, issued by Paxos Digital Singapore Pte. Ltd. under the Monetary Authority of Singapore as a Major Payments Institution. Solana mint address 2u1tszSeqZ3qBWF3uNGPFc8TzMk2tdiwknnRMWGWjGWH. Token-2022 with Permanent Delegate, Confidential Transfer (initialized), and Metadata.
USDG is part of the Global Dollar Network — a consortium of Paxos, Robinhood, Kraken, Galaxy, and other members that distributes yield from reserves to network participants. USDG is available in the EU since 2025.
EURC — Circle Internet Financial Europe SAS, Token-2022
EURC is the only relevant MiCA-compliant EUR stablecoin on Solana. EUR stablecoin market share around 41 percent (up from 17 percent over twelve months). Solana hosts roughly 70 million EURC as of early 2026 — out of a global market capitalization of about 449 to 461 million US dollars. Mint address HzwqbKZw8HxMN6bF2yFZNrht3c2iXXzpKcFu7uBEDKtr.
EURC is issued by Circle Internet Financial Europe SAS, based in Paris, supervised by the ACPR with an EMI license. One-to-one backing in EUR on European bank accounts. On Solana, EURC sees its fastest growth across all chains.
Direct comparison
| Stablecoin | Standard | Issuer | Regulation | Solana Supply | Token-2022 Extensions | DACH-suitable? |
|---|---|---|---|---|---|---|
| USDC | Classic SPL | Circle | MiCA-EMI (ACPR) | ~7.57B USD | none | Yes, MiCA-compliant |
| USDT | Classic SPL | Tether | no MiCA | ~3.5B USD | none | EU delisting since March 2025 |
| PYUSD | Token-2022 | Paxos Trust (USA) | NYDFS | ~2.4-2.5B USD | Permanent Delegate, Metadata Pointer, Confidential Transfer (initialized, inactive) | Yes, but USD-denominated |
| USDG | Token-2022 | Paxos Singapore | MAS (Singapore) | (smaller than top 3) | Permanent Delegate, Confidential Transfer, Metadata | Yes, available in EU |
| EURC | Token-2022 | Circle Europe SAS (Paris) | MiCA-EMI (ACPR) | ~70M EURC | Metadata Pointer | Yes, MiCA-compliant |
Current supply numbers shift daily — live-check via DefiLlama Solana Stablecoins.
MiCA situation in the EU since March 2025
Since 31 March 2025, the MiCA stablecoin rules have been fully enforceable. Fiat-backed stablecoins must be issued by an EU-regulated entity holding authorization from a National Competent Authority (NCA). Circle (USDC + EURC) solved this via the French ACPR. Tether did not.
Consequence: USDT is no longer practically tradable on MiCA-regulated EU exchanges. USDC, EURC, PYUSD, and USDG remain available through EU-licensed distributors. For DACH users: anyone seeking EU compliance certainty looks at USDC or EURC. Anyone needing USDT must go via non-EU platforms or self-custody.
Tax treatment in Germany under BMF 6 March 2025
The German Federal Ministry of Finance letter of 6 March 2025 clarifies the treatment of crypto assets. Stablecoins are classified like Bitcoin or Ethereum as “other economic goods” (Winheller analysis).
In practice:
- Every swap between stablecoins — even USDC to USDT or PYUSD to EURC — is a private sale transaction under section 23 of the German Income Tax Act.
- Taxable if less than one year between purchase and swap. After twelve months holding period, gains are tax-free.
- Exemption threshold 1,000 euros per year for all private sale transactions combined.
- Gains usually marginal (peg deviations plus conversion spread), but documentation-required.
- Market price source may now also be CoinGecko or CoinMarketCap, not strictly an accredited exchange.
Not tax advice. Verify your individual case with a qualified advisor.
AllUnity EURAU — the BaFin EUR stablecoin, but not on Solana
AllUnity EURAU is Germany’s first fully reserved, BaFin-licensed EUR stablecoin. Joint venture of DWS (Deutsche Bank), Galaxy Digital, and Flow Traders. BaFin EMI license since 1 July 2025, public launch 31 July 2025. Custodian Tangany.
Important for this article: EURAU is live on Ethereum as of May 2026, not on Solana. From a DACH perspective, anyone seeking a BaFin-regulated EUR stablecoin on Solana must wait for a future Solana expansion or stick with EURC (Circle Europe).
Wallet and DeFi availability
Phantom, Solflare, and Backpack support all five stablecoins. Phantom actively lists USDG and PYUSD in the swap flow (Phantom support). Solflare has dedicated token detail pages for PYUSD and USDG. Backpack surfaces Permanent Delegate status and active extensions in the detail view.
Stablecoin lending: Kamino leads stablecoin lending on Solana with around 2.44 billion US dollars TVL and supports USDC, USDT, PYUSD, USDG, USDS, and FDUSD. USDC supply APY ran at 4 to 9 percent in 2026, PYUSD comparable. MarginFi and Save (formerly Solend) also offer stablecoin lending.
Trading: Jupiter routes 70 to 85 percent of all Solana aggregator volume. USDC to PYUSD to USDT flows via Orca, Raydium, Meteora, and others. EURC has noticeably thinner liquidity on DeFi pools than the USD stablecoins — check pool depth before larger swaps.
Visa has integrated USDC, PYUSD, USDG, and EURC into its stablecoin settlement infrastructure since 2025 (The Block).
No stablecoin staking: there are no liquid-staking variants for stablecoins — Solana staking applies only to SOL. Yield on stablecoins comes from lending (Kamino, MarginFi, Save), LP positions in pools (Orca, Raydium, Meteora), or yield vaults. That is smart-contract risk, not staking risk.
Forensic risks from the detective angle
Issuer risk
Who holds the reserves, how transparent? Circle (USDC, EURC) has monthly Deloitte attestations. Tether delivers quarterly BDO attestations, reporting an 8.23-billion-US-dollar reserve buffer for Q1 2026. Paxos (PYUSD, USDG) is NYDFS- and MAS-regulated with monthly reports.
Issuer concentration risk is real: if Paxos is compromised, PYUSD and USDG are both affected. Diversification across multiple issuers reduces this risk.
Permanent Delegate authority
Token-2022 allows issuers to set a Permanent Delegate authority — Paxos can claw back or freeze wallets for PYUSD and USDG. NYDFS and MAS require this for regulatory sanctions. USDC and USDT have classic freeze authorities — functionally similar, conceptually built differently.
In practice: On all five stablecoins, the issuer can freeze or recall your balance. Anyone who does not want this is better served by decentralized stablecoins — which carry different risks (algorithm stability, collateral peg mechanics).
De-pegging history
- USDC lost the peg on 11 March 2023 after the 3.3-billion-US-dollar Silicon Valley Bank exposure became public, falling to 0.87 US dollars (Chainalysis). Recovery within 48 hours after the US Treasury backstop.
- USDT had multiple peg phases — 2018, 2022, and 2023 each saw multiple days under 0.98 US dollars.
- EURC, USDG, PYUSD have no publicly documented peg break as of May 2026.
Forensic visibility
The Token-2022 Confidential Transfer extension hides transfer amounts via ElGamal encryption. For PYUSD it is initialized but not active. USDG has it prepared similarly. When activated, only an optional auditor key can decrypt amounts — Paxos would typically hold it.
For forensic analysis: USDC and USDT movements remain fully analyzable on-chain. PYUSD and USDG transfers may be partially obscured in the future — not today. Wallet forensics tools like Solscan or Atlas can currently read all five stablecoins.
Use-case mapping
We do not recommend buying anything specific. We map properties to needs:
- For EUR denomination without conversion spread, look at EURC. The only MiCA-compliant EUR stablecoin with meaningful Solana presence.
- For maximum liquidity on Solana DEXes and deepest routing paths, look at USDC. De facto standard.
- For PayPal ecosystem integration and the broadest Token-2022 footprint, look at PYUSD. Consumer onramp, low spread on standard pairs.
- For a Singapore-regulated alternative to US issuers, look at USDG. MAS oversight, Global Dollar Network with revenue share.
- For global USDT liquidity outside the EU, look at USDT. Deepest global liquidity, restricted in the EU.
Use-case buckets:
- EUR hedge for DACH traders: EURC
- DeFi yield farming on Solana: USDC primary, PYUSD and USDG secondary for higher spreads
- Trading liquidity on spot DEXes: USDC
- Cross-border payments with PayPal bridge: PYUSD
- Long-term hold with MiCA protection: EURC or USDC
Not financial advice. Verify issuer risk, smart-contract risk, and tax position yourself.
What this means for you
For DACH users, MiCA compliance is not an abstract regulatory detail — it determines directly what you can buy through a German or Austrian exchange. USDT has not been available for new purchase on EU-regulated platforms since March 2025. USDC and EURC are MiCA-compliant and accessible through EU-licensed distributors. PYUSD and USDG fall under US and Singapore oversight respectively but remain available in the EU. On the tax side, the German Finance Ministry treats all five identically: every swap between stablecoins requires documentation, even when the gains are minimal. These distinctions follow from the regulatory framework of each issuer, not from individual preferences.
Want to put this into practice safely? This article explains the concepts. The structured step-by-step path — wallet setup, security, staking, DeFi, DACH taxes — is covered in the Solana Guide.
Sources
- Market data — DefiLlama Solana Stablecoins, usdc.cool/solana, Stablecoin Insider EURC Q1 2026
- Mint addresses verified — Solscan USDC, Explorer USDT, Solflare PYUSD, Solflare USDG, Phantom EURC
- Issuer + regulation — Circle MiCA press room, Circle EURC launch on Solana, Paxos USDG quickstart, PayPal Developer Blog, Solana News PYUSD deep dive, Tether Transparency
- MiCA effects — Vaultody MiCA and USDT, The Block Visa Stablecoin Settlement
- DACH regulation — BMF letter 6 March 2025 PDF, Winheller Blog, CMS Hasche Sigle, AllUnity EURAU launch, Coindesk AllUnity launch
- Forensics + risk — Chainalysis USDC depeg 2023, Solana Docs Confidential Transfer, Solana Docs Permanent Delegate, Helius Stablecoin Landscape
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Related glossary terms: