Solana Sets Monthly Record as Stablecoin Volume Hits $650B
The Solana blockchain processed about $650 billion in stablecoin transactions in February 2026, setting a brand new month-to-month document, in keeping with The Kobeissi Letter.
That spike positioned stablecoin exercise far above conventional benchmarks, with month-to-month volumes now approaching $2 trillion and outpacing CME gold future buying and selling by a large margin.
Solana Leads Record-Breaking Surge in Stablecoin Activity
The Kobeissi Letter says that Solana’s stablecoin quantity in February was virtually thrice what it was in January. This was partly due to new merchandise being launched, as nicely as altering market circumstances.
The market commentary account additionally famous that there are expectations of one other improve when the March numbers come out, linking the potential rise to geopolitical tensions within the Middle East.
The identical narrative was shared in a report from QCP Capital, which revealed that stablecoin liquidity rose final month even as equities and valuable metals folded from the stress generated by the struggle being waged by the U.S. and Israel in opposition to Iran. At the time, USDC reached a document $81.1 billion, though knowledge from DefiLlama reveals the determine has since dropped again to only over $77 billion.
Part of the expansion on Solana seems to be tied to new stablecoin choices, together with the rollout of Western Union’s USDPT and Jupiter’s JUPUSD. According to The Kobeissi Letter, a part of JUPUSD’s attraction was its capability to return yield to customers inside its ecosystem, though such options are at the moment the topic of heated debate between banks and the crypto trade, with banks seeking to codify digital asset companies not offering yield on stablecoins within the CLARITY Act.
The scale of stablecoin exercise now dwarfs some conventional markets as compared. Take, for instance, the CME Group’s gold futures buying and selling, which not too long ago reached about $208 billion per 30 days, making it about 9 instances smaller than the almost $2 trillion recorded for stablecoin transaction volumes.
What’s Happening within the Broader Stablecoin Market
The stablecoin market as an entire has been rising steadily throughout a number of chains, with Ethereum boasting probably the most provide of circulating stablecoins at about $170 billion. It is adopted by Tron, which has $86 billion, with Solana, by comparability, at round $16 billion.
In phrases of cumulative transaction volumes, Ethereum continues to be the clear winner with about $52 trillion value of transactions over time, adopted by Base and Tron with $34.7 trillion and $23.8 trillion, respectively, per knowledge from Artemis. Meanwhile, Solana has managed to drag barely over $19 trillion.
A current report from Ripple reveals that rising institutional curiosity is behind these figures. It revealed that 74% of finance executives see stablecoins as helpful instruments for treasury operations, with 72% of establishments now viewing the fiat-backed crypto property as needed to stay aggressive.
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