Solana Records $650 Billion Monthly Stablecoin Volume, Surpassing Ethereum for First Time
Key Takeaways
- •Solana recorded $650 billion in stablecoin transactions during February 2026, doubling its prior all-time high and surpassing Ethereum's monthly stablecoin volume for the first time.
- •BlackRock cleared $550 million in onchain transactions on Solana, while Citigroup conducted tokenized trade finance experiments on the network during the same period.
- •Jupiter launched JupUSD, a stablecoin partially backed by BlackRock's tokenized BUIDL money market fund, contributing to the diversification of stablecoins beyond USDC and USDT.
- •Non-USDC and non-USDT stablecoins on Solana grew nearly tenfold since January 2025, supported by partnerships including Western Union's collaboration on USDPT.
- •Solana's DeFi total value locked reached a record $95 billion in SOL-denominated terms, and its stablecoin supply increased from approximately $15 billion to $17 billion between February and March 2026.
Solana processed $650 billion in stablecoin transactions in February 2026, marking the highest monthly stablecoin volume ever recorded on any blockchain. The figure doubled Solana's previous record set in October 2025. Notably, Solana surpassed Ethereum in monthly stablecoin volume for the first time — a milestone for a network that has positioned its high-throughput, low-cost architecture as an alternative to Ethereum for payments and settlement activity.
Key Drivers Behind the Volume
Jupiter, one of Solana's leading decentralized exchange aggregators, launched JupUSD, a stablecoin partially backed by BlackRock's BUIDL fund. BUIDL is a tokenized money market fund representing a growing category of real-world asset issuance on public blockchains. BlackRock's activity on Solana extended further, with the asset manager clearing $550 million in onchain transactions through the network. Citigroup also conducted tokenized trade finance experiments on Solana during the same period, reflecting broader interest from traditional financial institutions in using blockchain infrastructure for settlement and collateral management.
Stablecoins other than USDC and USDT surged nearly tenfold on Solana since January 2025. Western Union partnered on USDPT, adding another product to the growing ecosystem and signaling cross-border payments providers are exploring onchain rails alongside legacy channels. Solana's stablecoin supply stood at approximately $15 billion in February and rose to $17 billion by March 2026.
Broader Network Activity in February
Solana's decentralized finance total value locked reached an all-time high of $95 billion, measured in SOL-denominated terms. The network recorded over 3.4 billion non-vote transactions during the same period.
February 2026 saw new tariff announcements and widespread market liquidations that affected the broader cryptocurrency market. Despite this pressure, Solana's stablecoin supply held steady before continuing its upward trajectory.
Competitive Landscape
The near tenfold growth of non-USDC and non-USDT stablecoins since January 2025 indicates the ecosystem is diversifying beyond the two dominant dollar-pegged tokens. New entrants backed by institutional collateral, such as JupUSD, may further accelerate this trend. Ethereum and other competing Layer 1 and Layer 2 networks have also been expanding stablecoin and tokenization capabilities, making institutional adoption an increasingly contested area across chains.
Key metrics to monitor include whether institutional transaction volume continues growing as a share of total stablecoin activity, whether the $17 billion stablecoin supply continues rising through mid-2026, and whether competing blockchains respond with new product launches or fee adjustments that could affect Solana's trajectory.