Solana Shatters Records: What’s Behind the $650B Stablecoin Surge?

Despite Solana’s record-breaking February, Ethereum still leads in cumulative stablecoin transaction volume at around $52 trillion.

The Solana blockchain processed about $650 billion in stablecoin transactions in February 2026, setting a new monthly record, according to The Kobeissi Letter.

That spike placed stablecoin activity far above traditional benchmarks, with monthly volumes now approaching $2 trillion and outpacing CME gold future trading by a wide margin.

Solana Leads Record-Breaking Surge in Stablecoin Activity

The Kobeissi Letter says that Solana’s stablecoin volume in February was almost three times what it was in January. This was partly because of new products being released, as well as changing market conditions.

The market commentary account also noted that there are expectations of another increase when the March numbers come out, linking the potential rise to geopolitical tensions in the Middle East.

The same narrative was shared in a report from QCP Capital, which revealed that stablecoin liquidity rose last month even as equities and precious metals folded from the pressure generated by the war being waged by the U.S. and Israel against Iran. At the time, USDC reached a record $81.1 billion, although data from DefiLlama shows the figure has since dropped back to just over $77 billion.

Part of the growth on Solana appears to be tied to new stablecoin offerings, including the rollout of Western Union’s USDPT and Jupiter’s JUPUSD. According to The Kobeissi Letter, part of JUPUSD’s attraction was its ability to return yield to users within its ecosystem, although such features are currently the subject of heated debate between banks and the crypto industry, with banks looking to codify digital asset firms not providing yield on stablecoins in the CLARITY Act.

The scale of stablecoin activity now dwarfs some traditional markets in comparison. Take, for example, the CME Group’s gold futures trading, which recently reached about $208 billion per month, making it about nine times smaller than the nearly $2 trillion recorded for stablecoin transaction volumes.

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What’s Happening in the Broader Stablecoin Market

The stablecoin market as a whole has been growing steadily across several chains, with Ethereum boasting the most supply of circulating stablecoins at about $170 billion. It is followed by Tron, which has $86 billion, with Solana, by comparison, at around $16 billion.

In terms of cumulative transaction volumes, Ethereum is still the clear winner with about $52 trillion worth of transactions over time, followed by Base and Tron with $34.7 trillion and $23.8 trillion, respectively, per data from Artemis. Meanwhile, Solana has managed to pull slightly over $19 trillion.

A recent report from Ripple shows that increasing institutional interest is behind these figures. It revealed that 74% of finance executives see stablecoins as useful tools for treasury operations, with 72% of institutions now viewing the fiat-backed crypto assets as necessary to remain competitive.