Odaily Planet Daily reports: In February, stablecoin trading volume on the Solana blockchain reached $650 billion, setting a new all-time high and surpassing all other blockchains for the month, more than doubling the previous peak in October last year. According to a research report released by Grayscale Investments (data sourced from Allium), increased retail demand for on-chain payments has significantly driven stablecoin activity. The report notes that Solana is gradually shifting from Meme coin-dominated on-chain transactions toward trading pairs involving SOL and stablecoins, reflecting a growing share of payment-related use cases. Previously, Standard Chartered also stated that Solana’s low transaction costs are helping it expand into micropayments and native internet finance applications. In terms of market share, Solana currently ranks fourth globally in total stablecoin supply and trails only Ethereum in USDC circulation. Analysts believe that while Ethereum still dominates the stablecoin and RWA sectors, stablecoins may become a key pillar in Solana’s network maturation. (The Block)
Solana Chain stablecoin volume reaches $650 billion in February as payment demand increases
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Summary
Solana’s on-chain data shows that stablecoin volume reached $650 billion in February, a new record and the highest among all blockchains for the month. This figure more than doubled from the previous high in October 2024. On-chain analysis from Grayscale and Allium points to rising retail payment demand as a key driver. Solana is transitioning from meme coin activity to SOL and stablecoin pairs, with Standard Chartered noting that low fees are boosting micro-payments and DeFi usage. Solana ranks fourth in stablecoin supply and second in USDC after Ethereum. Analysts say stablecoins could become a key pillar for Solana’s growth.
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