Solana processed $650 billion in stablecoin transactions in February 2026, the highest monthly stablecoin volume ever recorded on any blockchain, and surpassed Ethereum for the first time. New institutional-backed stablecoins and a surge in non-dollar tokens drove the jump, while the network's DeFi activity hit a fresh high despite a wave of market liquidations that rattled crypto broadly.
Solana moved $650 billion in stablecoin transactions in February 2026, the highest monthly stablecoin volume ever recorded on any blockchain. That total doubled Solana's previous record, set four months earlier in October 2025, and marked the first time Solana surpassed Ethereum in monthly stablecoin volume.
New products behind the surge
Jupiter, one of Solana's dominant decentralized exchange aggregators, launched JupUSD, a stablecoin backed in part by BlackRock's BUIDL fund. BlackRock's footprint on the network grew alongside the launch: the asset manager cleared $550 million onchain through Solana. Citigroup also ran tokenized trade finance experiments on the network during the same period.
Non-dollar stablecoins gain ground
Non-USDC and non-USDT stablecoins surged nearly 10 times on Solana since January 2025, a sign the network's stablecoin base is diversifying beyond the two dominant dollar tokens. Western Union also partnered on USDPT, another new product added to the ecosystem. Solana's total stablecoin supply climbed from roughly $15 billion in February to $17 billion by March 2026.
DeFi activity holds up despite volatility
Value locked in Solana's decentralized finance applications reached an all-time high of $95 billion in February, measured in SOL-denominated terms. The network also processed over 3.4 billion non-vote transactions during the same month. February included fresh tariff announcements and a wave of market liquidations that rattled crypto broadly, but Solana's stablecoin supply held steady and then grew despite that pressure.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
