Solana has achieved a significant milestone in the stablecoin sector, processing a record $650 billion in monthly stablecoin transaction volume, surpassing both Ethereum and Tron. According to data from Allium, this volume more than doubles the previous milestone set in October and represents the highest monthly volume across all blockchain networks. The surge highlights Solana's growing dominance as a settlement layer for digital dollar transactions.
The network's stablecoin dynamics began evolving in 2025, driven by increasing SOL settlement activity and the network's advantages in speed and low transaction costs. By late 2025, activity accelerated dramatically, pushing monthly volumes close to $1 trillion and allowing Solana to capture the majority of the stablecoin transfer market share. Solana's total stablecoin market capitalization has now jumped to approximately $15.4 billion, reflecting a more than 12% increase month-over-month.
USDC maintains a dominant 53% share of Solana's stablecoin market, supporting liquidity for payments, trading pairs, and treasury activities. Analysts suggest that if activity stabilizes at 70–80% of February's peak levels, it would indicate stablecoins are transitioning into a steady payment framework rather than being driven by one-off market events.
This growth is underpinned by strategic partnerships and infrastructure development. A key catalyst was Solana's collaboration with Visa in 2025, which enabled USDC settlement with U.S. banks, processing nearly $4 billion in annualized volume. The network has also integrated with Stripe and WorldPay, with the latter reportedly cutting payment processing times by roughly half. Furthermore, Revolut's official addition of Solana support in December brought the network closer to everyday users.
According to Messari, Solana is increasingly being adopted as payment infrastructure and as a substitute for traditional fintech solutions. Wallets like Phantom prioritize seamless payments, helping propel the network's cumulative payment volume by almost 760% by the end of last year. Solana facilitated around $2.61 billion in stablecoin payments and accounted for 46% of transfers compared to other networks and fintech apps.
Zach Pandl, Head of Research at Grayscale, commented on the trend, stating the firm expects Solana to secure a larger portion of the retail stablecoin payment market. The network's capabilities as a fast and affordable settlement layer are central to this expectation.
In a related development highlighting the institutional scale of crypto infrastructure, Liminal Custody reported processing over $100 billion in on-chain transaction volume since its launch. This milestone, covering nearly five million transactions across more than 20 blockchains, underscores the growing role of institutional custody in stablecoin payments and market operations. Liminal's annual volume exploded from $1.4 billion in 2022 to $72 billion in 2025, reaching the $100 billion cumulative mark by February 2026. The company noted that stablecoins, primarily USDT and USDC, dominated these transaction flows, used for cross-border settlements, exchange liquidity, and treasury operations.
