Regardless of Solana’s record-breaking February, Ethereum nonetheless leads in cumulative stablecoin transaction quantity at round $52 trillion.
The Solana blockchain processed about $650 billion in stablecoin transactions in February 2026, setting a brand new month-to-month file, in accordance with The Kobeissi Letter.
That spike positioned stablecoin exercise far above conventional benchmarks, with month-to-month volumes now approaching $2 trillion and outpacing CME gold future buying and selling by a large margin.
Solana Leads Record-Breaking Surge in Stablecoin Exercise
The Kobeissi Letter says that Solana’s stablecoin quantity in February was nearly thrice what it was in January. This was partly due to new merchandise being launched, as effectively as altering market circumstances.
The market commentary account additionally famous that there are expectations of one other enhance when the March numbers come out, linking the potential rise to geopolitical tensions within the Center East.
The identical narrative was shared in a report from QCP Capital, which revealed that stablecoin liquidity rose final month even as equities and valuable metals folded from the strain generated by the battle being waged by the U.S. and Israel towards Iran. On the time, USDC reached a file $81.1 billion, though knowledge from DefiLlama reveals the determine has since dropped again to simply over $77 billion.
A part of the expansion on Solana seems to be tied to new stablecoin choices, together with the rollout of Western Union’s USDPT and Jupiter’s JUPUSD. In keeping with The Kobeissi Letter, a part of JUPUSD’s attraction was its potential to return yield to customers inside its ecosystem, though such options are at the moment the topic of heated debate between banks and the crypto business, with banks seeking to codify digital asset corporations not offering yield on stablecoins within the CLARITY Act.
The size of stablecoin exercise now dwarfs some conventional markets compared. Take, for instance, the CME Group’s gold futures buying and selling, which lately reached about $208 billion per thirty days, making it about 9 instances smaller than the almost $2 trillion recorded for stablecoin transaction volumes.
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What’s Taking place within the Broader Stablecoin Market
The stablecoin market as an entire has been rising steadily throughout a number of chains, with Ethereum boasting essentially the most provide of circulating stablecoins at about $170 billion. It’s adopted by Tron, which has $86 billion, with Solana, by comparability, at round $16 billion.
When it comes to cumulative transaction volumes, Ethereum remains to be the clear winner with about $52 trillion value of transactions over time, adopted by Base and Tron with $34.7 trillion and $23.8 trillion, respectively, per knowledge from Artemis. In the meantime, Solana has managed to tug barely over $19 trillion.
A latest report from Ripple reveals that rising institutional curiosity is behind these figures. It revealed that 74% of finance executives see stablecoins as helpful instruments for treasury operations, with 72% of establishments now viewing the fiat-backed crypto belongings as crucial to stay aggressive.
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