Solana Surpasses Ethereum with Record-Breaking Stablecoin Volume
Solana's on-chain stablecoin volume surged to $650 billion in February 2026, surpassing Ethereum for the first time. This represents a significant increase from its previous record of $325 billion set just four months earlier in October 2025.
The launch of JupUSD, a stablecoin backed by BlackRock's BUIDL fund, and the clearing of $550 million onchain through the network by BlackRock likely contributed to this growth. Citigroup also ran tokenized trade finance experiments on Solana during this period.
Non-USDC and non-USDT stablecoins saw a nearly 10x increase since January 2025, with Western Union partnering on USDPT, another new product added to the ecosystem. The stablecoin supply on Solana increased from $15 billion in February to $17 billion by March 2026.