Solana stablecoin transactions surge past $650B in February

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Solana activity shifted to stablecoins, doubling month-on-month transaction volumes. Transaction volumes broke above $650B, even when excluding smart contract internal transactions. 

Solana is becoming a stablecoin hub after a spike in transaction activity in February. The chain holds $15.39B in stablecoins, with USDC accounting for the majority. Around $8.09B is in the form of native USDC, with the rest bridged from other chains. Stablecoins on Solana are also close to their all-time peak supply of 16.19B tokens from late 2025. 

The stablecoin supply on Solana is near its peak, leading to increased transfers in February. | Source: DeFi Llama

Stablecoins are active with multiple use cases, including DEX trading, DeFi lending, and general payments. Stablecoins in yield-bearing apps are also becoming more popular, as traders are seeking a less risky asset for yield. 

The Solana chain still carries 2.3M daily active users, with stablecoins now making a key part of Solana activity. The Solana stablecoin activity follows the generally renewed interest in dollar-denominated activity. Solana also saw increased weekly fees in February, following a slow period at the end of 2025.

Solana stablecoins grow despite overall stagnation

The available stablecoins on Solana grew despite the overall stagnation in supply. Currently, stablecoins are hovering between $306B and $309B, as Tether has stopped printing since October 2025. 

Despite this, liquidity still flows to the busiest protocols. Supply on Solana has been growing on demand from traders and lending protocols. 

Payments on Ethereum, TRON, and other networks remained without change in February, with only Solana breaking out, after a year of rebuilding its stablecoin supply. According to Grayscale, Solana captures the retail payment market and is turning into one of the key financial hubs in crypto. 

Grayscale’s research by Alium excludes non-organic transactions, as Solana has been accused of inflating some of its activity volumes. Solana remains the leading bot-driven network, though bots are most widely used for DEX trading, where speed is essential.

USDC leads in stablecoin activity

One reason for the spike in Solana payments is Circle’s increased use of USDC. The stablecoin was lagging behind Tether, but gained an edge after the establishment of the MiCA regulations in Europe. 

USDC saw increased activity over the past year, displacing other stablecoins. | Source: Dune Analytics

USDC is now the most active multi-chain stablecoin, as it is compatible with both US and European regulations. USDC achieved record transactions in January, breaking above $8.3T, including bots and return transactions. 

In February, USDC processed $6.9T in transfers across all its chains, as it grew in importance as both a payment tool and a DeFi asset.

USDC was also gaining importance for Hyperliquid traders, though not necessarily using the Solana version. Solana remains widely adopted through user-friendly wallets, and the USDC activity may be adding more organic use cases. 

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