$SOL **Solana**'s (SOL) stablecoin network processed $650 billion in transactions during the month of February 2026, setting an all-time record for any blockchain on a single-month basis.

This figure is more than double the previous record set just four months ago.

What happened: Stablecoin trading volume sets a new record

$650 billion is the total of all stablecoin transactions recorded on Solana during the month of February (28 days).

According to Grayscale's data shows, the previous record was set in October 2025, which means the network has effectively doubled the benchmark it set for itself within the quarter.

This growth trend has been focused more on SOL-stablecoin trading pairs and actual payment activities rather than the meme coin speculation that has historically dominated network transaction composition.

Thanks to low fees, Solana has become an attractive option for small remittances, an area where other blockchains, hindered by high fee structures, struggle to compete.

In response, developers are building micro-payment infrastructure designed to operate entirely on-chain.

Currently, Solana ranks 4th among all blockchains based on total stablecoin supply.

Especially in terms of USDC (USDC) circulation alone, it ranks 2nd after Ethereum (ETH).

Considering that USDC is widely recognized as the stablecoin of choice for institutional investors, this is a notable position.

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Why It Matters: Payments vs. Speculation

Standard Chartered has long identified Solana's fee structure as a key driver attracting payment-focused users to the network, and February's data provides concrete evidence that this hypothesis is materializing.

Payment-focused transaction volumes are generally more sustainable than speculative transaction volumes, which tend to plummet based on market sentiment.

The growth of Solana seems to be focused on the retail and high-frequency trading areas.

In contrast, Ethereum's dominance in the high-value on-chain finance sector remains strong.

According to rwa.xyz, over the past 30 days, Ethereum processed $15.57 billion in tokenized real-world assets, while Solana stood at around $2 billion.