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
Bitcoin, Ethereum, and Solana ETFs Report Mixed Flow Data on March 26
Gate News bot message, according to the March 26 update, Bitcoin ETFs recorded a 1-day net inflow of +86 BTC (+$5.92M), while showing a 7-day net outflow of -898 BTC (-$61.97M). Ethereum ETFs experienced a 1-day net outflow of -4,439 ETH (-$9.17M) and a 7-day net outflow of -121,318 ETH (-$250.64M).
GateNews57m ago
Anatoly Yakovenko on Solana's 44% Crypto Transactions Domination: 'Big One' - U.Today
Anatoly Yakovenko, cofounder of Solana, praised recent stats showing the blockchain accounted for 44% of global crypto transactions, highlighting its dominance. However, mixed reactions exist, with some questioning the authenticity of transaction volumes. Despite high activity, SOL's price struggles amid market volatility.
UToday4h ago
Solana executives predict: 99% of on-chain transactions will be driven by AI agents within two years.
Vibhu Norby of the Solana Foundation stated that within the next two years, nearly all on-chain transactions will be handled by AI agents and robots, with a significant trend toward automation. Solana has built AI infrastructure, partnered with financial institutions, and launched the ElizaOS toolkit to promote the development of on-chain AI agents. The industry is rapidly evolving toward an AI-driven economy.
GateNews6h ago
