Ethereum, despite Solana’s February record-breaking transaction volume of around $52 trillion in stablecoins, still tops the list for cumulative transactions.
According to The Kobeissi Letter, the Solana Blockchain processed around $650 billion worth of stablecoins transactions in February 2026. This was a monthly record.
The spike in stablecoins activity has now surpassed traditional benchmarks. Volumes are approaching $2 trillion per month, outpacing CME Gold Future trading by an enormous margin.
Solana leads record-breaking surge in stablecoin activity
The Kobeissi Letter says In February, the stablecoin volumes of Solana were almost triple what they had been in January. It was partly due to the release of new products and changes in market conditions.
According to the commentary, there is also an expectation of a further increase in March figures. The potential growth can be attributed to the geopolitical turmoils that are occurring in the Middle East.
In a QCP Capital report, the narrative shared by both reports was similar. revealed The stablecoin market liquidity grew last month despite the fact that precious metals and equities were under pressure from the U.S./Israel war on Iran. USDC was at a record high of $81.1 billion in August, but data from DefiLlama show that the amount has dropped to just under $77 billion.
Solana has seen a growth in popularity due to stablecoin offerings such as Western Union USDPT and Jupiter JUPUSD. JUPUSD was attractive because it returned yields to its users, according to the Kobeissi Letter. However, such features have been the topic of heated discussions between the crypto industry and banks. codify CLARITY Act does not allow digital asset firms to provide stablecoins as a form of yield.
In comparison, the scale of activity in stablecoin markets dwarfs that on some other traditional markets. For example, CME Group gold futures traded at about $208 Billion per month. This is about nine times lower than stablecoin trading volumes of about $2 Trillion.
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What’s happening on the Stablecoin and wider market
Overall, the stablecoin markets have grown steadily. Ethereum is currently leading with about $170 Billion in stablecoins. Tron comes in second with $86 Billion, followed by Solana at $16Billion.
Artemis data shows that Ethereum has the highest cumulative volume of transactions, with $52 trillion. Base and Tron are next, with $34.7 trillion and 23.8 trillion respectively. Solana is the only one to have managed slightly more than $19 trillion.
Ripple’s recent report shows this is due to an increase in institutional interest. The report revealed that 74% finance executives are interested in Ripple. see Stablecoins are useful for Treasury operations. 72% of the institutions view these crypto-assets backed by fiat as essential to stay competitive.
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Source: cryptopotato.com
