Solana stablecoin supply nears $16B as USDe surges and TVL slips below $6B

Solana is seeing stronger stablecoin inflows, with total stablecoin supply up over 6% this week, even as USDT and USDC remain negative. USDe has risen over 1,300% on Solana in the past month and its trading volume doubled to around $300 million overnight, while TVL fell below $6 billion and SOL posted a 9.3% weekly drop. The mix of higher leverage, weaker DeFi lock-up, and reported Q1 unrealized losses at two SOL treasury firms is being framed as a fragile setup heading into Q2.