February marked a record month for stablecoin activity on the Solana blockchain, with transaction volume reaching $650 billion as retail payments via onchain rails mature.
The figure more than doubled the previous monthly record set in October and represented the highest stablecoin transaction volume recorded on any blockchain during the month, according to a new research note from Grayscale led by Zach Pandl, citing data from Allium.
Stablecoins, which are typically pegged to the U.S. dollar, have become one of the primary drivers of blockchain usage. In Grayscale’s view, Solana is well-positioned to gain share in retail stablecoin payments as usage expands.
Pandel said Solana currently leads in key blockchain adoption metrics like users, transaction volume, and transaction fees. The take echoes a shift previously flagged by other analysts.
Blockchain payments
Earlier this year, Standard Chartered noted that activity on the network had begun shifting away from memecoin-heavy decentralized exchange trading toward SOL–stablecoin pairs. Analysts flagged increased demand for payment infrastructure over speculative onchain flows.
Solana’s low transaction costs are helping unlock new use cases, including micropayments and internet-native financial applications, according to Standard Chartered.
Stablecoin market share by blockchain paints a similar picture. Solana holds the fourth-largest share of total stablecoin supply across blockchains and ranks second only to Ethereum in circulating USDC supply, The Block’s data shows.
Analysts expect Solana’s transition from memecoin-driven volume to payment-oriented flows to take time. Yet, they say stablecoins will likely play a central role in that network maturity. Ethereum remains the dominant network for stablecoins and tokenized real-world assets, according to several institutional forecasts.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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