Stablecoin trading volume on the Solana blockchain hit $650 billion in February, The Block reported on March 4. It was an all-time high.

A research note released by asset manager Grayscale, citing data from analytics firm Allium, said the figure more than doubled from the previous record set in October last year. It was the highest stablecoin trading volume among all blockchains for the month of February.

In a report led by researcher Zach Pandl (자크 판들), Grayscale said Solana is in a favorable position to expand its share of the retail stablecoin payments market. Pandl said Solana is currently leading in key blockchain indicators such as user numbers, trading volume and transaction fees.

Standard Chartered also identified a similar trend. Earlier this year, the bank said Solana network activity is shifting from memecoin-focused decentralised exchange trading to Solana-stablecoin trading pairs. It said demand for payments infrastructure is rising over speculative on-chain trading. Standard Chartered said Solana's low transaction fees are opening new use cases such as micropayments and internet-based financial services.