February recorded a new milestone for stablecoin activity on the Solana blockchain, with total transaction volume reaching $650 billion, amid the increasing maturity of on-chain retail payments infrastructure.
This figure is more than double the previous peak set in October and is the largest recorded stablecoin transaction volume on any blockchain this month, according to a new report from Grayscale led by Zach Pandl, citing data from Allium.
Stablecoins — typically pegged to USD — are becoming a key driver of blockchain usage. According to Grayscale’s assessment, Solana is well-positioned to increase its market share in retail stablecoin payments as demand continues to grow.
Pandl stated that Solana currently leads in several key blockchain adoption metrics such as user numbers, transaction volume, and transaction fees. This assessment reflects a trend that many analysts have previously highlighted.
Transition to On-Chain Payments
Earlier this year, Standard Chartered noted that activity on the Solana network is gradually shifting from lively memecoin trading on decentralized exchanges to trading pairs between SOL and stablecoins. Analysts emphasized the increasing demand for payment infrastructure over speculative on-chain capital flows.
According to Standard Chartered, Solana’s low transaction costs are opening up new use cases, including micropayments and purely internet-based financial applications.
Data on stablecoin market share by blockchain also supports this trend. Solana currently holds the fourth-largest share of total stablecoin supply across the market and ranks second — after Ethereum — in circulating USDC.
Analysts believe that Solana’s shift from memecoin-driven transaction volume to real-world payment flows will take more time. However, stablecoins are likely to play a central role in the network’s maturation phase. Meanwhile, Ethereum continues to maintain its dominant position in stablecoins and tokenized real assets, according to forecasts from major organizations.
The Dragon and the Snake
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Solana DeFi Exchange Drift Protocol Exploited, Upwards of $285 Million Stolen
In brief
Solana perp DEX Drift Protocol has suffered an exploit that impacted more than $200 million in funds, with some estimates suggesting $285 million has been stolen.
While the investigation is still ongoing, the attack is suspected to be the result of a leaked private key.
Drift h
Decrypt55m ago
Solana Ecosystem Faces One of Largest Hacks Ever - U.Today
Drift Protocol has suspended all deposits due to a significant security breach, with over $270 million drained from the platform. This incident is marked as one of the largest hacks in decentralized finance, making Drift the second-largest Solana exploit in history.
UToday1h ago
Solana Price Holds Near $80 as Analysts Split on Next Move
Key Insights:
Solana trades near $80 under pressure, with persistent lower highs and weak recovery attempts reinforcing a clear short-term bearish market structure.
Analysts identify the $75 to $45 range as a key accumulation zone, supported by historical demand levels and long-term
CryptoNewsLand1h ago
Solana DeFi platform Drift investigates suspicious activity, tells users to halt deposits
Drift, a Solana-based DeFi platform, is investigating unusual activity amid concerns of a potential exploit. Users are advised not to deposit funds as speculation rises regarding irregularities affecting positions. The situation could impact user funds and the Solana DeFi ecosystem.
CoinDesk2h ago
Solana ecosystem Perp DEX protocol Drift Protocol reportedly hacked for more than $220 million! $DRIFT plunges 30% on the news
Drift Protocol, a decentralized perpetual contract protocol in the Solana ecosystem, suffered a hacker attack today, with estimated losses ranging from $136 million to $220 million. The attacker withdrew about 41.7 million JLP tokens from the treasury, causing the DRIFT token to plunge by more than 30%. The official team has not responded yet, and experts are urging users to pause interactions to avoid further losses.
動區BlockTempo2h ago
Ika Is Coming to Solana to Power Bridgeless Capital Markets
[PRESS RELEASE – Grand Cayman, Cayman Islands, March 31st, 2026]
dWallets make it possible to bring assets from every network to Solana, to hold, trade, and use financially without bridges
Ika is coming to Solana with a clear vision: Bridgeless Capital Markets.
Solana is the number one
CryptoPotato4h ago
