The Solana blockchain processed about $650 billion in stablecoin transactions in February 2026, setting a brand new month-to-month file, in keeping 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 Report-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, in addition to altering market situations.
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 at the same time as equities and treasured metals folded from the strain generated by the struggle being waged by the U.S. and Israel in opposition to Iran. On the time, USDC reached a file $81.1 billion, though information from DefiLlama exhibits the determine has since dropped again to only 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. Based on The Kobeissi Letter, a part of JUPUSD’s attraction was its potential to return yield to customers inside its ecosystem, though such options are presently the topic of heated debate between banks and the crypto business, with banks seeking to codify digital asset companies 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 just lately reached about $208 billion per thirty days, making it about 9 instances smaller than the almost $2 trillion recorded for stablecoin transaction volumes.
What’s Occurring within the Broader Stablecoin Market
The stablecoin market as a complete has been rising steadily throughout a number of chains, with Ethereum boasting probably 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 continues to be the clear winner with about $52 trillion price of transactions over time, adopted by Base and Tron with $34.7 trillion and $23.8 trillion, respectively, per information from Artemis. In the meantime, Solana has managed to tug barely over $19 trillion.
A latest report from Ripple exhibits that growing 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 property as mandatory to stay aggressive.
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