Solana stablecoin settlement surpasses $650 billion: Funds flow out of Ethereum, on-chain USD payment landscape is changing

March 9 News: The settlement volume of stablecoins on blockchain networks continues to grow, with digital dollars gradually becoming an important payment layer in the crypto financial system. Recent data shows that by February 2026, the transfer volume of stablecoins on the Solana network reached approximately $650 billion, surpassing major competing chains in settlement scale for the first time, sparking market attention to changes in on-chain liquidity patterns.

Over the past two years, the use cases for stablecoins have undergone significant changes. Early stablecoins were mainly used for liquidity in trading pairs, but now their applications have expanded to cross-chain settlements, DeFi collateral, corporate fund management, and on-chain payments. Data indicates that in early 2024, the monthly trading volume of stablecoins typically remained between $300 billion and $500 billion. As digital financial applications continue to expand, stablecoin trading volume in 2025 grew rapidly, often approaching $1 trillion per month.

Driven by this trend, competition among different blockchains has intensified. For a long time, Ethereum and TRON networks dominated stablecoin settlement, but starting in 2025, Solana has gradually attracted payment and trading liquidity due to lower transaction fees and higher throughput. By February 2026, the global on-chain stablecoin transaction volume had risen to about $1.8 trillion, with Solana capturing a significant share.

Market analysis suggests that the growth in stablecoin settlement volume reflects the maturing of on-chain financial infrastructure. An increasing number of trading platforms are using USDT and USDC as primary liquidity channels, and DeFi protocols rely on stablecoins as core collateral assets. Additionally, participation from traditional financial institutions has further expanded stablecoin use cases. For example, Visa has expanded the application scope of the USDC settlement system, enabling some regulated financial institutions to process blockchain-based USD transfers.

Meanwhile, on-chain activity is also rising. Data shows that the supply of stablecoins on the Solana network has reached about $15.4 billion, an increase of over 12% compared to last month. In the stablecoin market structure, USDC maintains approximately 53% market share, providing vital liquidity support for on-chain transactions and fund management.

User engagement continues to grow. The number of stablecoin addresses worldwide has approached 49.6 million, indicating increasing usage of digital dollars in global payments and transactions. Market observers note that if future stablecoin trading volumes can maintain 70% to 80% of February’s peak levels, it would signify a shift of stablecoins from mere trading tools to a long-term, stable blockchain payment infrastructure.