Grayscale: Solana on-chain stablecoin trading volume hit a record high of $650 billions in February, with rising payment demand

Odaily reported that in February, the stablecoin trading volume on the Solana chain reached $650 billions, setting a new historical record and marking the highest level among all blockchains for the month, more than doubling the previous peak in October last year. According to a research report released by Grayscale Investments (data sourced from Allium), the rising demand for retail on-chain payments has significantly boosted stablecoin activity. The report points out that Solana is gradually shifting from meme coin-dominated on-chain trading to SOL and stablecoin trading pairs, reflecting an increase in payment use cases. Previously, Standard Chartered also stated that Solana’s advantage of low transaction costs is helping it expand micropayment and native internet financial application scenarios. In terms of market share, Solana currently holds the fourth largest stablecoin supply scale in the entire network and ranks second only to Ethereum in USDC circulation. Analysts believe that although Ethereum still dominates the stablecoin and RWA sectors, stablecoins may become an important pillar for the maturity of the Solana network.