Solana's stablecoin velocity

A stablecoin is a crypto token meant to hold a steady dollar value, and on Solana each dollar is now moving about six times faster than on Ethereum. That turnover rate, or velocity, points to heavier day-to-day use of Solana for payments, trading, and transfers. (thestreet.com) TheStreet, citing Allium Labs data compiled by Surf Query, reported that Solana captured 32.6% of weekly adjusted United States dollar stablecoin volume in the two weeks ending April 12, 2026. Ethereum was at 27.8%, Tron at 18.5%, Base at 14.6%, and BNB Chain at 3.3%. (thestreet.com) “Adjusted volume” is a filtered measure that removes wash trading and internal centralized exchange transfers, which are wallet moves that can inflate raw totals without reflecting real user payments. Artemis defines adjusted volume similarly, as stablecoin transaction volume with maximal extractable value activity and intra-exchange flows removed. (thestreet.com) (stablecoins.artemisanalytics.com) That distinction matters because stablecoins are the cash leg of most crypto activity: traders park funds in them, borrowers post and repay them, and payment apps use them to move dollars over blockchains. Visa’s public dashboard, built with Allium Labs, tracks those flows as a way to measure how fiat-backed stablecoins move across chains. (visaonchainanalytics.com) (corporate.visa.com) Solana first took the lead in February 2026, when adjusted stablecoin volume reached about $650 billion for the month, ahead of Ethereum’s $551 billion, according to figures cited by Grayscale Research and repeated by TheStreet. Grayscale said Solana held 36% of that month’s market share versus Ethereum’s 30%. (grayscale.com) (thestreet.com) Supply tells a different story: DefiLlama showed about $15.2 billion in stablecoins on Solana on April 14, 2026, versus about $166.1 billion on Ethereum and $86.5 billion on Tron. Solana is handling an outsized share of transfers with a much smaller pool of stablecoin balances. (defillama.com 1) (defillama.com 2) (defillama.com 3) DefiLlama’s chain page also showed Solana’s stablecoin market cap up 3.78% over seven days, with United States Dollar Coin, or USDC, the largest token on the network at about $8.0 billion. Tether, or USDT, followed at about $2.8 billion, with newer entrants including Global Dollar at roughly $1.26 billion and PayPal USD at roughly $743 million. (defillama.com) Ethereum still dominates by stablecoin stock and remains the largest settlement layer for many decentralized finance and institutional uses. But the recent data shows more of the transactional flow is clustering on Solana, where the same dollar is being reused more often. (defillama.com) (thestreet.com) The open question is whether Solana’s lead holds after the February surge and the April two-week stretch. For now, the cleanest read from the adjusted data is that stablecoin traffic is moving faster on Solana than on Ethereum, even while most stablecoin supply still sits elsewhere. (thestreet.com)