Solana Moves $650 Billion in Stablecoins in One Month, Surpassing Ethereum
Solana processed a record $650 billion in stablecoin transactions in February 2026, doubling its prior high and overtaking Ethereum for the first time as institutional and ecosystem activity expanded.
Solana processed $650 billion in stablecoin transactions during February 2026, setting the highest monthly total recorded on any blockchain. The figure doubled the network’s previous record from October 2025 and marked the first month in which Solana surpassed Ethereum in stablecoin volume.
A New Stablecoin Volume Leader
The February result signals a sharp acceleration in digital-dollar activity on Solana. Stablecoin transactions continued to expand even as fresh tariff announcements and broad crypto-market liquidations created a difficult backdrop for risk assets.
Key indicators from the period include:
- $650 billion in monthly stablecoin transaction volume, an all-time blockchain record.
- Stablecoin supply of approximately $15 billion in February, rising to $17 billion by March 2026.
- More than 3.4 billion non-vote transactions on the network.
- Solana DeFi total value locked reaching $95 billion in SOL-denominated terms.
The supply growth suggests that the increase was not limited to short-term transaction turnover. Stablecoins remained on the network and continued growing despite the wider market volatility.
Institutional and Stablecoin Expansion
The composition of Solana’s stablecoin market is also changing. Stablecoins other than USDC and USDT grew nearly 10 times since January 2025, indicating that the network’s digital-dollar ecosystem is becoming less concentrated around its two largest established assets.
Jupiter, one of Solana’s leading decentralized exchange aggregators, launched JupUSD, a stablecoin backed in part by BlackRock’s BUIDL fund. BlackRock also cleared $550 million onchain through Solana during the period, while Citigroup conducted tokenized trade-finance experiments on the network.
Western Union additionally partnered on USDPT, adding another stablecoin-related product to the ecosystem. Together, these developments connect Solana’s transaction growth with new forms of institutional collateral, payments infrastructure, and tokenized financial activity.
What This Means
Solana’s record provides a strong market signal that the network is becoming a major venue for stablecoin settlement and trading. Surpassing Ethereum in monthly volume does not by itself establish a permanent leadership position, but the combination of rising supply, expanding non-USDC and non-USDT activity, and institutional participation gives the shift greater significance.
Investors will be watching whether the $17 billion supply level continues to rise through mid-2026 and whether institutional transactions represent a growing share of total volume. Competing networks may respond with new stablecoin products, lower fees, or other incentives. For now, Solana’s momentum suggests that the center of gravity for digital-dollar activity is becoming more competitive—and increasingly diversified.