Compass Investments

– The CryptoRank graph showing the percentage of stablecoin volume by blockchain from April 2024 to February 2026 reveals a significant shift based on nearly two years of data. Each column represents 100% of the measured stablecoin volume for the respective month, distributed across seven networks: Ethereum, Tron, Solana, Arbitrum, Base, BSC and Polygon.

When analyzing the chart from left to right, the picture until the end of 2024 looks familiar and stable. Ethereum takes the largest share, making up the bottom section of each column between 40-55% , depending on the month.

Tron sits directly above it, steadily holding between 30% and 40% of the total volume. Solana’s share, shown in purple, is noticeable but insignificant through the first half of 2024, sitting in the low single digits along with Arbitrum, Base and BSC.

The turning point begins in mid-2024 and gains momentum in the second half of the year. Beginning in August, Solana’s purple sector increases markedly, peaking by October and by December 2024, where it takes a significantly larger share of the total stack than in previous months. The growth continues in early 2025, with Solana’s share steadily increasing while Ethereum’s share is relatively decreasing.

By February 2026, the structural change becomes definitive. Solana’s share grows from about 37% to 74% of the total, becoming the largest of all the networks featured that month. Ethereum, which has dominated the chart until now, finds itself below Solana for the first time. Tron maintains a significant presence at the top, while Arbitrum, Base, BSC and Polygon combine to take the small remaining share at the top.

According to Visa on-chain analytics data presented in the CryptoRank report, this is the first time Solana comes out ahead in terms of stablcoin volume among all tracked networks.

The speed of this growth makes this event more weighty than a static image would suggest. In less than two years, Solana has gone from being a secondary network for stackablecoin transactions in early 2024 to the leader in this metric.

Transaction volume in stackcoins is a direct indicator of economic activity on the blockchain.

Unlike trading volume, which can be inflated due to “laundered” transactions or speculation, stablcoin transfers represent real value moving between participants for payments, settlement, DeFi and international transactions. The network with the highest volume of Stablecoin transfers handles more real economic flows than its competitors, not just more speculative activity.

The decline in Ethereum’s relative share does not mean an absolute decline in the use of stablecoins on the network. Rather, it is a consequence of Solana’s more rapid dominance. Ethereum remains the largest network in terms of total stackablecoin volume, which is a different metric than transaction volume. This difference is important: supply shows where the stablecoins are stored. Transaction volume shows where they are actively used. Right now, Solana is leading the way in terms of actual usage.