KoinlyticsThe stablecoin landscape on Solana used to be USDC, USDT and a rounding error. Not anymore. Since January 2025 the supply of alternative stablecoins on Solana has climbed roughly 15x, sitting at around $3.8 billion as of mid-July 2026. That includes native issuers like PayPal's PYUSD, USDS, and a growing set of yield-bearing wrappers issued directly on Solana rather than bridged from Ethereum.
Why the alt-stablecoin footprint matters for LPs
Alt-stablecoin growth changes the pool set on Orca Whirlpools and Raydium CLMM in three ways.
First, new tightly-pegged pairs open up. Every time a new stablecoin lands on Solana with enough liquidity to seed a pool against USDC, you get a low-IL pair that pays fees on trader flow between the two stables. These pools are boring in absolute APR terms but they are boring safely.
Second, yield-bearing stablecoins create a slow drift. When one side of a stablecoin pair accrues yield internally, LPs run continuous impermanent loss even if both prices stay pegged. The dashboard shows the pool as green. The realized position bleeds fractional basis points every day. You only see it if your tracker is honest about the LST-style drift math.
Third, PYUSD and USDS have become popular routes for on-ramp flow specifically because they are not USDT. LPs on the PYUSD/USDC and USDS/USDC pools have caught a disproportionate share of stable-to-stable volume that used to route entirely through USDT. Fee income on those pools has been higher than the mainstream USDT pairs for the last four weeks.
Which pools are earning
Three patterns visible in the on-chain data as of mid-July:
- Native alt-stable / USDC pools with under $50M in TVL are printing 6 to 14 percent realized APR from swap fees alone. That is not incentive yield. That is trader flow.
- Yield-bearing stablecoin / USDC pools show quoted APR of 20 to 40 percent. Adjusted for the LP-side yield drift, the honest number is closer to 8 to 12 percent
- Bridged stablecoin pools (USDC.e-style) are drying up. Fees have compressed as native issuers took the flow. Time to unwind if you are still parked there
The tracker angle
Koinlytics indexes every Whirlpool and Raydium CLMM position on Solana by wallet, and separates out the alt-stablecoin exposure so you can see the composition at a glance. What we surface for each position: current in-range status, fees accrued this week versus last, realized APR net of yield-bearing side drift, and a red flag if the pool is losing volume share to a competing native issuer.
The pattern to watch
Watch which alt-stablecoin issuer captures the next $500 million of Solana growth. That capture is not going to be split evenly. The winner takes the flow, the loser sees LP yield collapse to bridge-rate levels. If you are running alt-stable LPs, the fee income you saw last month is not a promise about this month. Rebalance based on realized flow, not on TVL headlines.