The Solana network recorded $650 billion in stablecoin transaction volume in February, more than doubling its previous monthly high, according to a report released Wednesday by Grayscale Investments.
February’s trading activity significantly surpassed the prior record of approximately $300 billion set in October 2025, positioning Solana ahead of Ethereum and Tron in terms of stablecoin transaction volume.
“February was an exceptional month for stablecoins on Solana,” said Zach Pandl, Head of Research at Grayscale, citing data from Allium. He emphasized that Solana continues to distinguish itself as a leading smart contract platform due to the depth and diversity of its on-chain activity. According to Pandl, the network currently leads its category in active users, transaction volume, and fee generation.
Grayscale attributed the surge in activity to a sharp increase in trading pairs involving SOL and stablecoins, alongside substantial growth in micro-payment transactions. The data reflects strengthening liquidity conditions within the Solana ecosystem and highlights its expanding role in stablecoin-based trading and payments infrastructure.