Solana's on-chain stablecoin trading volume reached a record high of $650 billion in February, the highest level among all blockchains that month, more than doubling the level before October last year. According to a research report released by Grayscale Investments (data source: Allium), the significant growth in stablecoin activity was driven by rising demand for retail on-chain payments. The report points out that Solana is gradually shifting from on-chain transactions primarily based on Meme coins to SOL and stablecoin trading pairs, reflecting the increasing proportion of payment-related use cases. Standard Chartered previously stated that Solana's low transaction cost advantage is helping it expand into micropayments and native internet finance applications. In terms of market share, Solana currently has the fourth largest stablecoin supply on the network and is second only to Ethereum in USDC circulation. Analysts believe that although Ethereum still dominates the stablecoin and RWA fields, stablecoins may become a crucial pillar for the maturity of the Solana network. (The Block)