Gray Scale: In February, Solana on-chain stablecoin trading volume hit a new high of $650 billion, with increasing payment demand

SmartContractAuditor · 2026-03-04T23:23:20+00:00

In February, the trading volume of stablecoins on the Solana blockchain reached $650 billion, a record high and double that of last year. The surge in retail payment demand has driven the growth of stablecoin transactions, with Solana gradually shifting from Meme coins to stablecoin trading, indicating an increase in payment use cases. Although Ethereum still dominates the market, stablecoins could become a key pillar of the Solana network.

SmartContractAuditor

2026-03-04 23:23:20

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Odaily Planet Daily reports that in February, the on-chain stablecoin trading volume on Solana reached $650 billion, setting a new record and the highest among all blockchains for the month, more than doubling compared to October of last year. According to a research report by Grayscale Investments (data from Allium), the rising demand for retail on-chain payments has significantly boosted stablecoin activity. The report indicates that Solana is gradually shifting from meme coin-based on-chain transactions to trading pairs of SOL and stablecoins, reflecting an increased use of payment-related use cases. Previously, Standard Chartered also stated that Solana’s low transaction costs are helping expand micro-payments and native internet financial applications. In terms of market share, Solana currently has the fourth-largest stablecoin supply across the network and ranks second only to Ethereum in USDC circulation. Analysts believe that although Ethereum still dominates the stablecoin and RWA sectors, stablecoins may become a key pillar for the maturity of the Solana network. (The Block)

SOL3%

USDC-0.04%

ETH6.59%

RWA4.22%

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