Solana sets monthly record as stablecoin volume reaches $650 billion

Despite Solana’s February record, Ethereum still leads in cumulative stablecoin transaction volume at nearly $52 trillion.

Solana blockchain technology processed about $650 billion in stablecoin transactions in February 2026, setting a new monthly record, according to The Kobeissi Letter.

This surge has put stablecoin activity well above traditional benchmarks, with monthly volumes now approaching $2 trillion and exceeding CME gold futures trading by a wide margin.

Solana leads record surge in stablecoin activity

Al Qubaisi’s message He says The volume of Solana stablecoins in February was almost three times what it was in January. This is partly due to the launch of new products, as well as changing market conditions.

The market commentary account also noted that another increase is expected when the March numbers emerge, linking the potential rise to geopolitical tensions in the Middle East.

The same narrative was shared in a report by QCP Capital, which open Stablecoin liquidity rose last month even as stocks and precious metals retreated from pressures resulting from the war waged by the United States and Israel against Iran. At the time, USDC reached a record high of $81.1 billion, although data from DefiLlama shows that the number has since fallen to just over $77 billion.

Part of Solana’s growth appears to be tied to new stablecoin offerings, including the offering of USDPT from Western Union and JUPUSD from Jupiter. According to Kobeci’s letter, part of JUPUSD’s appeal was its ability to return returns to users within its ecosystem, although these features are currently the subject of heated debate between banks and the cryptocurrency industry, as banks look to… codify Digital asset companies do not offer a return on stablecoins in the CLARITY Act.

The volume of stablecoin activity now dwarfs some traditional markets by comparison. Take CME Group’s gold futures trading, which recently reached about $208 billion per month, making it about nine times lower than the nearly $2 trillion recorded for stablecoin transaction volumes.

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What’s happening in the broader stablecoin market

The stablecoin market as a whole is growing steadily across multiple chains, with Ethereum boasting the largest supply of stablecoins in circulation at around $170 billion. Next is Tron, which is valued at $86 billion, and Solana, by comparison, is worth about $16 billion.

In terms of cumulative transaction volume, Ethereum remains the clear winner with about $52 trillion worth of transactions over time, followed by Base and Tron with $34.7 trillion and $23.8 trillion, respectively, according to data from Artemis. Meanwhile, Solana managed to raise just over $19 trillion.

A recent report from Ripple shows that growing institutional interest lies behind these numbers. It revealed that 74% of financial executives See Stablecoins are useful tools for treasury operations, with 72% of institutions now seeing fiat-backed crypto assets as essential to remain competitive.