Solana moves $650B in stablecoins onchain in one month, surpassing Ethereum

Solana processed $650 billion in stablecoin transactions in February 2026, the highest monthly stablecoin volume ever recorded on any blockchain. To put that number in perspective, it doubled Solana’s previous record set just four months earlier in October 2025.

For the first time, Solana surpassed Ethereum in monthly stablecoin volume.

What actually drove $650 billion in volume

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 Solana didn’t stop there. The asset manager cleared $550 million onchain through the network. Citigroup also ran tokenized trade finance experiments on the network during the same period.

Non-USDC and non-USDT stablecoins surged nearly 10x on Solana since January 2025. Western Union partnered on USDPT, another new product added to the ecosystem. The stablecoin supply on Solana sat at roughly $15 billion in February and climbed to $17 billion by March 2026.

The broader Solana picture in February

DeFi total value locked on Solana reached an all-time high of $95 billion, measured in SOL-denominated terms. The network also logged over 3.4 billion non-vote transactions during the same period.

February 2026 included fresh tariff announcements and a wave of market liquidations that rattled crypto broadly. Despite that pressure, stablecoin supply on Solana held steady and then grew.

What this means for investors and the competitive landscape

The growth of non-USDC/USDT stablecoins is worth watching closely. That segment nearly 10x-ing since January 2025 suggests the ecosystem is diversifying beyond the two dominant dollar stablecoins. New entrants backed by institutional collateral, like JupUSD, could accelerate that trend further.

Investors watching Solana should track whether institutional transaction volume continues to grow as a share of total stablecoin activity, whether the $17 billion stablecoin supply figure keeps rising through mid-2026, and whether competing chains respond with product launches or fee adjustments that could slow Solana’s momentum.