Solana flipped Ethereum in terms of stablecoin volume. Some of the core qualitative drivers over the past two months: January 2026: - Jupiter launched its own stablecoin - Circle minted $1B USDC in 9 hours on Dec 31 (flowing into Jan activity) - Solana stablecoin supply spiked $900M in 24 hours - Cash App rolled out Solana USDC transfers February 2026: - Western Union launched USDPT stablecoin - Solana Foundation launched payments[dot]org - Stablecoin market cap hit ~$15.4B - Fiserv FIUSD integrated with thousands of banks/merchants h/t @eltoniselton at Allium Labs