Solana stablecoin volume hits $650 billion in February, overtaking memecoin activity

Stablecoin transactions on Solana reached $650 billion in February, more than double the network's previous monthly record and the highest among all blockchains during the period, Grayscale head of research Zach Pandl said. The surge marks a shift from memecoin-driven trading toward payments and SOL-stablecoin usage on the L1 network. Solana now holds the fourth-largest share of overall stablecoin supply and ranks second in USDC circulation, TheBlockCo data show.