Huma just paid its liquidity providers a record $660.6K in one week on Solana, up 20.8% week over week. It is the fifth record week in a row. Payouts at @humafinance have more than doubled in 12 weeks, from $296.3K in the week to July 2. Solana's lenders grew too, just not like this. Over the same 12 weeks, Kamino Lend's fees rose 27.2% and Jupiter Lend's 41.8%. Solana DEX volume rose 30.7%. September is already Huma's largest month on record: $1.93M paid out through the 24th, ahead of August's full month total of $1.70M. Huma's yield comes from financing real world payments that settle in days, not from swaps. On Solana, the yield that does not depend on the market is the one growing fastest.

DeFi Development Corp's dfdvSOL has taken in 482K SOL in September, already its biggest month on record with six days still to go. Staked SOL in the token is up 62.6% in 30 days, to a record 1.80M SOL. 210K of it arrived today, the largest single day inflow since launch. @defidevcorp reported 2.49M SOL and SOL equivalents in its treasury as of Sep 18. Its own liquid staking token now holds the equivalent of 72.3% of that. A Nasdaq listed company is turning its SOL treasury into one of Solana's largest staking pools, and the pace is accelerating.

Western Union's USDPT just hit a record $16.6M on Solana, up 74.7% in 30 days. It went live on May 4, issued by Anchorage Digital Bank, and spent its first two months near zero: $1.5M in May, $21.6K by the end of June. September changed the slope. USDPT has added $6.0M since Aug 31, a 57.0% gain, and $1.2M of it arrived on Sep 22 alone. USDGO, issued by the same bank, had reached $868M at the same age. Western Union's dollar is still 52 times smaller. Western Union settles with agents in over 200 countries, and USDPT was built for that settlement layer. The size is small. The slope is not.

USDT in circulation on Solana just fell to $2.12B, its lowest level since December 2025: $624M left in 30 days, $370M of it in the past week. In July it climbed to $3.38B. Since then it has shed $1.26B, or 37.4%, and it now sits below where July started. Tether did not burn a single token. The total minted on Solana has not changed since April: $3.84B. What moved is where it sits. $1.72B is now parked in Tether's treasury, authorized but not in circulation, up from $480M on August 1 and the most it has ever held on Solana. Solana's stablecoin base barely noticed. Total supply is down $281M since July 31. Every other issuer combined added $980M. Whether Tether puts those $1.72B back to work or burns them is the open question.

Raydium just had its biggest fee week since August 2025: traders paid $7.28M on its pools between Sep 2 and 8, up 172.6% week over week. Among Solana DeFi protocols, nobody collected more. Meteora took $5.37M and Jupiter $3.34M. @RaydiumProtocol last topped that ranking in February. Volume rose 52.5%. Fees rose 172.6%. Raydium now collects three times more per dollar traded than it did in July. The new flow has a name. StonkFun, a launchpad that pairs new tokens with tokenized stocks and other assets, went live on Raydium's LaunchLab on Sep 5. Its own fees went from $308K to $4.27M in a week. In 2025 the launchpads left Raydium. This month one came back, and it brought the fees with it.

USDGO just hit a record $1.36B on Solana, up $106M in a week. It launched in February with $50M, issued by Anchorage Digital Bank and distributed by OSL. Less than seven months later it is 27 times that size, and all of it circulates on Solana. No stablecoin has added more dollars to Solana in 2026: $1.31B. USD1 added $1.14B. USDC lost $2.11B. @usdgo_official is now half the size of USDT on Solana. In early August it was a third. The fastest growing dollar on Solana this year is issued by a bank.

Huma Finance just paid its liquidity providers a record $465.9K in one week on Solana, up 17.8% week over week. Payouts at @humafinance have grown in 11 of the past 12 weeks, from $256K in mid June. That is 82% more in 12 weeks. Solana's trading economy went the other way over the same seven days: DEX volume fell 24.4% and app fees fell 19.1%. Huma's yield comes from financing real world payments, not from swaps. It does not need a busy market to keep paying. The steadiest yield on Solana right now is not coming from a DEX.

PayPal's PYUSD just added $114.8M on Solana in a week, up 16.8% to $799.6M, its highest level since March. It had sat near $690M for five months. Almost all of the move came in three days. Across all chains PYUSD grew $138M over the same week. Solana took $115M of it. Ethereum shrank $35M, to $1.76B. The last time PYUSD flowed onto Solana this fast was October 2025, on the way to its $1.11B peak. The new PayPal dollars are landing on Solana, not on Ethereum.

USDC is now 42.0% of Solana's stablecoin supply, its lowest share since December 2023. A year ago it was 73.0%. Solana's stablecoin supply grew 25.2% over that year, to $15.79B. USDC shrank 27.9%, to $6.63B. Everything else grew 2.7x, from $3.40B to $9.15B. The dollars keep arriving on Solana. The new ones are not Circle's. USDC is still Solana's largest stablecoin. It is no longer the default one.

Marinade Native took in 1.34M SOL in August, its largest monthly inflow on record. Stake grew 48.2% in a month, to 4.11M SOL. mSOL, Marinade's liquid staking token, went the other way: down 1.8% to 2.36M SOL. Native stake now stands at 1.74 SOL for every SOL in mSOL, the widest gap ever. Almost all of it landed in nine days: 1.30M SOL between Aug 20 and 28, while SOL rallied 35%. Solana's stakers are choosing custody over liquidity, and they are doing it in size.