For the first time, Solana surpassed Ethereum in monthly stablecoin volume. The stablecoin supply on Solana sat at roughly $15 billion in February and climbed to $17 billion by March 2026. The broader Solana picture in FebruaryDeFi total value locked on Solana reached an all-time high of $95 billion, measured in SOL-denominated terms. Despite that pressure, stablecoin supply on Solana held steady and then grew. What this means for investors and the competitive landscapeThe growth of non-USDC/USDT stablecoins is worth watching closely.