Solana hits $650B monthly stablecoin transaction volume, overtaking Ethereum and Tron

Solana has pulled ahead of Ethereum and Tron in stablecoin activity, with transaction volume reaching $650 billion, according to Allium. The current volume has surged past the previous October milestone by over 2x, and also marks the highest monthly volume across all blockchains. 

The token also leads in transaction fees and user count compared to other tokens. Solana’s stablecoin dynamics first began evolving in 2025, fueled by a steady increase in SOL settlement activity and the network’s speed and affordability.

By late 2025, activity accelerated, pushing monthly stablecoin volumes close to $1 trillion, while Solana captured most of the market share.

Solana’s stablecoin holdings have jumped to roughly $15.4 billion

Stablecoin transfer volume surged in February, marking a sharp acceleration in on-chain digital dollar settlement. During the past two years, stablecoins have grown from niche trading tools into operational liquidity supporting payments, trading activity, and treasury flows.

Throughout early 2024, adjusted stablecoin transfers consistently fell within the $300 billion to $500 billion monthly range. In 2025, stablecoin activity increased as adoption expanded and the use of financial applications augmented.

Global volumes reached approximately $1.8 trillion, and the address count stood at 49.6 million by February. Several dynamics are behind this growth. Exchanges increasingly favor USDC and USDT for liquidity, while DeFi protocols have been relying on stablecoins as collateral and for settlements. 

Last year, the Solana network collaborated with Visa, which enabled USDC settlement with US banks, enabling regulated institutions to process blockchain-based dollar payments. The initiative processed nearly $4 billion in annualized volume. The network also started working with Stripe and WorldPay, with the latter slashing processing time by roughly half.

So far, Solana’s stablecoin market cap has climbed to around $15.4 billion, rising more than 12% month-over-month. Meanwhile, USDC still holds a steady 53% of market share, supporting liquidity in payments, trading pairs, and treasury activities. 

According to analysts, post-peak levels at roughly 70–80% of February’s surge would imply that stablecoins are transitioning into a steady payment framework rather than one-off market events.

Solana has increasingly developed its payment infrastructure

Zach Pandl, Head of Research at Grayscale, said the firm expects Solana to secure a larger portion of the retail stablecoin payment market. In the last year, the network has increasingly served as a settlement layer for payments, surpassing the capabilities of other networks and fintech apps. 

According to Messari, Solana is gaining adoption as a payment infrastructure and as a substitute for fintech solutions. In December last year, Revolut officially added support for the Solana ($SOL) network, bringing it closer to everyday users, while wallets like Phantom prioritize seamless payments and transfers. 

As a result, the network’s developments helped propel the cumulative payment volume by almost 760% by the end of last year. It also facilitated around $2.61B in stablecoin payments and accounted for 46% of transfers compared to other networks, including other chains and fintech apps. The network’s PYUSD holdings also accelerated payment speeds by 500% over the last year.

Currently, Solana is trading at $84.18, up nearly 2% over the last 24 hours. Meanwhile, Bitcoin prices are fluctuating, and some crypto-related equities are showing similar weakness. BTC remains near $67,536.61, and many stocks are retreating amid caution.

Strategy also lost 4.49% to $133.53, reflecting pressure on major Bitcoin holders, while Riot Platforms and Marathon Digital (MARA) fell 9.20% and 8.67%, respectively. Metaplanet also plunged 6.32%.

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