Data from CryptoRank shows a significant turning point in the stablecoin market: in February 2026, Solana for the first time surpasses Ethereum to lead in trading volume. Previously, throughout 2024, Ethereum maintained a dominant position with a market share fluctuating between 40–55%, while Tron held around 30–40%. At that time, Solana accounted for a small proportion.
However, from mid-2024, Solana began to accelerate noticeably and continued to expand in 2025. By February 2026, this network accounted for approximately 37%–74% of the total stablecoin volume, surpassing Ethereum—which for the first time dropped to second place.
This shift reflects strong growth in actual usage, not just speculation. Although Ethereum still leads in total stablecoin supply, Solana now has an advantage in payment activity.
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