Solana’s stablecoin transactions hit a monthly record of approximately $650 billion in February 2026, nearly tripling January’s volume. Despite this surge, Ethereum retains dominance with about $52 trillion in cumulative stablecoin transaction volume, while overall stablecoin activity dwarfs traditional markets like CME gold futures.
The Solana blockchain processed approximately $650 billion in stablecoin transactions in February 2026, setting a new monthly record according to The Kobeissi Letter. This volume was nearly three times that of January, attributed to new product releases and shifting market conditions. The commentary account also said an increase was expected for March, linking it to geopolitical tensions in the Middle East.
A report from QCP Capital revealed stablecoin liquidity rose last month amid pressures from conflict. USDC reached a record $81.1 billion, though data shows it has since dropped to just over $77 billion. Part of Solana’s growth appears tied to new stablecoin offerings like Western Union’s USDPT and Jupiter’s JUPUSD. The latter’s attraction included its ability “to return yield to users within its ecosystem.”
The scale of stablecoin activity now dwarfs some traditional markets. Monthly volumes are approaching $2 trillion, outpacing CME gold futures trading, which reached about $208 billion per month. The stablecoin market has grown steadily across several chains. Ethereum boasts the most circulating supply at about $170 billion, followed by Tron with $86 billion and Solana at around $16 billion.
In cumulative transaction volume, Ethereum leads with about $52 trillion, followed by Base and Tron with $34.7 trillion and $23.8 trillion respectively. Solana has processed slightly over $19 trillion. A recent report from Ripple shows increasing institutional interest is behind these figures. It revealed 74% of finance executives see stablecoins as useful for treasury operations.
