State of Solana: Payments

Key Insights

• In 2025, institutional giants Visa, Stripe, and Worldpay integrated Solana to settle and/or accept stablecoin payments. Visa’s USDC pilot surpassed $3.5 billion in annualized volume, while Worldpay achieved a 50% reduction in processing times using the Global Dollar Network (USDG). 57% of USDG is issued on Solana, as the network’s fast finality and near-zero fees support the high-frequency settlement needs of institutions.
• Western Union is issuing a new stablecoin on Solana, migrating its treasury operations onchain and opening up its network of over 500,000 retail agents to Solana apps. The 2026 launch of the USDPT token aims to eliminate the "working capital trap" of pre-funded accounts and drastically lower average international transfer costs.
• Fiserv, one of the world’s largest bank processors and merchant acquirers, is issuing FIUSD on Solana, a bank-centric stablecoin. Fiserv announced the launch of a digital asset platform with FIUSD, designed for its clients spanning 10,000 financial institutions, as well as its merchant network
• Gusto is piloting instant USDC payouts for over 400,000 global businesses on the Solana network. Launched in January 2026, the partnership with Zero Hash targets the 11% of U.S.-based small and midsize businesses (SMBs) hiring international contractors to bypass traditional three-to-seven-day wire delays.
• PayPal USD (PYUSD) market cap on Solana hit $834.7 million on Feb. 2, 2025, a 500.9% YoY increase. Adoption was fueled by "Pay with Crypto" merchant integrations, "PayPal Links" for URL-based transfers, and a 4.0% reward rate for users.
• Huma Finance transaction volume surged 232% YoY to $8.9 billion in 2025. Following its merger with Arf, the protocol originated $3.8 billion in onchain credit, replacing legacy SWIFT systems with 24/7 stablecoin settlement for global businesses.

Introduction

The current global financial system remains tethered to legacy infrastructure predating the internet, resulting in an environment marked by opacity and prohibitive costs. Legacy financial infrastructure is characterized by deep decoupling between messaging and settlement. Transaction finality is often delayed by days due to the "multi-hop" reliance on correspondent banking intermediaries.

Beyond simple latency, this fragmentation necessitates extensive pre-funding requirements, trapping trillions in idle, non-productive capital to bridge the gap between archaic "bankers’ hours" and a 24/7 global market. The resulting reconciliation burden, driven by siloed, non-interoperable internal ledgers, creates a "liquidity tax" on every cross-border payment. Ultimately, the brittleness of this legacy infrastructure, coupled with a lack of native programmable logic, renders the legacy stack incapable of supporting the high-velocity, automated requirements of payments in the 21st century.

Solana addresses these structural gaps by unifying messaging and settlement into a single, atomic operation. Due to its high-throughput, parallelized architecture, the network settles transactions in milliseconds, bypassing correspondent banking intermediaries and the latency of legacy systems. The Solana blockchain has historically maintained a median block time of 392 milliseconds and a median transaction fee of $0.0004. This real-time settlement environment eliminates the need for capital-intensive pre-funding, drastically reducing the operational burden on financial institutions and businesses through a shared, transparent, and 24/7 ledger. With native programmability and predictable, near-zero fees, Solana provides the high-velocity, internet-native payment rails to support the modern economy.

Solana’s payment ecosystem spans several categories: (1) Cross-Border Payments, led by Gusto, Sphere Labs, and Yellow Card; (2)Payment Infrastructure, featuring giants like Worldpay, Visa, and Stripe; (3) Neobanks, including Cash App, Revolut, and Sling Money; (4) State-issued Stablecoins, such as Wyoming’s Frontier, Kazakhstan’s Evo, and Bhutan’s gold backed TER; (5) Treasury Management, anchored by Squads Altitude; (6) Stablecoin Issuers, like Circle, Tether, and PayPal; and Digital Wallets, such as Fireblocks, Phantom, and Jupiter.

As of Feb. 11, 2026, Solana’s Total Payment Volume (TPV) growth rate significantly outperformed both traditional fintech giants and peer Layer-1 (L1) blockchains, increasing 755.3% YoY. This is nearly triple the median growth rate of 268.24%.

Payment Infrastructure

Bridge

In February 2025, Stripe completed its $1.1 billion acquisition of Bridge, integrating a comprehensive stablecoin orchestration platform into one of the world’s largest payments processors. Bridge offers a suite of APIs that allow businesses to send, store, and receive stablecoins across several blockchains. Notable clients include SpaceX, Coinbase, and Payoneer.

Through its Open Issuance platform, Bridge enables partners to launch branded stablecoins, while controlling and tailoring their product experience, tapping into a shared liquidity network, and earning interest income on reserve assets. It also integrates these branded stablecoins with Bridge’s onramp and offramp network. Phantom, a crypto wallet with a community of more than 15 million users, is launching a new stablecoin, CASH, on the Open Issuance platform.

Other Products Include:

• Orchestration: Moves funds globally using a mix of fiat rails (ACH, Wire, SEPA, SPEI, Pix) and stablecoins, enabling 24/7 settlement for platforms like Bitso and ARQ.
• Virtual Accounts: Instantly issues USD, EUR, GBP, BRL, and MXN deposit accounts for users with local bank details.
• Card Issuance: Enables users to spend from their stablecoin balances with Visa-powered virtual cards.
• Wallets: Provisioning of secure custodial wallets to hold and manage stablecoin balances at scale.

In February 2026, Bridge received conditional approval from the Office of the Comptroller of the Currency (OCC) to organize a federally chartered national trust bank. Once fully approved, the charter will enable Bridge to offer federally overseen custody, issuance, and reserve management, a necessity for U.S.-based enterprises to migrate payment flows onto Solana’s rails.

Visa

In December 2025, Visa launched stablecoin settlement for U.S.-based issuer and acquirer banks. This development represents a shift from legacy "net settlement" models to a real-time settlement architecture that uses the Solana blockchain. To understand the impact, one must distinguish between the two primary pillars of a card network:

• Issuers: Financial institutions that provide credit or debit cards to consumers. They are responsible for authorizing transactions and extending credit to the cardholder.
• Acquirers: Banks or payment processors that provide the infrastructure for merchants to accept payments. They manage the merchant’s account and ensure funds from the transaction are deposited into the business’s balance.

These two entities do not typically transact in real time. Instead, card networks like Visa calculate the "net" debt between them at the end of each day, and the issuers and acquirers settle those obligations over several business days. With USDC on Solana, Visa has introduced a settlement layer that serves as a 24/7 alternative to traditional rails, enabling these entities to settle directly with Visa in stablecoins and bypass the shortcomings of systems like the Automated Clearing House (ACH). The program began with initial participation from Cross River Bank and Lead Bank. Broader availability is planned throughout 2026.

The original USDC pilot program surpassed $3.5 billion in annualized volume by Nov. 30, 2025. Leveraging stablecoins, Visa reduced friction across its global card network and eliminated delays associated with traditional banking hours. This positions Solana as a core settlement layer for the next generation of card products and inter-bank payments.

Worldpay

Worldpay, one of the world's largest merchant acquirers, joined the Global Dollar Network in April 2025, enabling its merchants to settle transactions using USDG on the Solana network. This partnership allows Worldpay’s global merchant base to bypass the high FX and intermediary fees associated with traditional cross-border payments.

The choice of USDG is significant because of its yield-sharing model. Unlike traditional stablecoins, the Global Dollar Network distributes a portion of the reserve interest back to its partners, allowing Worldpay to pass on lower processing costs to its merchants. By automating reporting and reconciliation workflows, Worldpay achieved a 50% reduction in processing times compared to traditional fiat rails. This integration removed the operational burden of pre-funding bank accounts and provides a 24/7/365 settlement window, independent of legacy banking hours.

Stripe

Stripe significantly broadened its crypto infrastructure throughout 2025, adding Solana support to its crypto products in October 2025. Using this suite, Stripe automatically converts stablecoins into fiat currency. The funds settle directly into the merchant's Stripe balance in USD to eliminate price volatility. This is currently limited to checkout transactions for businesses based in the United States. The following features are invitation-only and in private preview:

• Stablecoin Subscriptions: This feature uses custom smart contracts to enable automated recurring billing. It allows customers to save a digital wallet as a permanent payment method so they do not have to manually sign every transaction.
• Marketplace and Platform Payouts: Platforms can use this infrastructure to pay out service providers, sellers, or creators directly in USDC.
• Stablecoin Financial Accounts: Stripe is testing the ability for businesses in over 100 countries to hold stablecoins in dedicated accounts and link them to physical or virtual cards.

Stripe also offers hosted and embedded onramps that allow developers to build widgets directly into their applications for users who need to acquire crypto via fiat.

Huma Finance

By allowing businesses to use future cash flows, such as commercial invoices and credit card receivables, as collateral, Huma Finance is unlocking onchain credit that was previously difficult to access. Huma acts as a bridge between payments and DeFi. It provides the infrastructure for payment service providers (PSPs) to settle transactions 24/7 using stablecoins, replacing slower, more expensive systems such as SWIFT.

Following its 2024 merger with Arf, Huma’s transaction volume increased 232% to $8.9 billion in 2025. Huma is making the global economy faster and more capital-efficient. By Feb. 2, 2026, the protocol had originated $4.2 billion in credit.

BVNK

BVNK acts as a vital bridge between fintechs and the onchain economy, abstracting the technical complexities of crypto to make it easy for companies like Worldpay, Deel, and Flywire to use Solana for instant, global payments.

The platform's value proposition lies in its ability to unify stablecoins and fiat currencies into a single experience. This allows businesses to move money between traditional rails (such as SWIFT or ACH) and Solana without managing the operational complexities of digital assets themselves. Beyond B2B cross-border, BVNK offers a full suite of services, including embedded wallets and auto-conversion, which let merchants accept stablecoins and receive fiat, or fund a payout in fiat and deliver stablecoins to a recipient's wallet.

In January 2026, BVNK announced a landmark partnership to power stablecoin infrastructure for Visa Direct, a network reaching over 7 billion endpoints in more than 190 countries. This integration leverages blockchains like Solana as a payment rail, enabling Visa’s clients to fund accounts in real time and more capital-efficiently than traditional wires.

MoonPay

MoonPay provides the essential infrastructure for fiat-to-crypto onramps and offramps across leading applications on the Solana network. As the preferred onramp for Phantom, MoonPay facilitates seamless capital flows for over 15 million users, enabling them to purchase SOL and Solana-native stablecoins directly via multiple payment methods, including credit cards, Apple Pay, and bank transfers. Beyond onramps, MoonPay’s suite of payment solutions is designed to abstract blockchain complexity:

• Commerce: A turnkey solution for merchants to accept crypto deposits and stablecoins at checkout, which MoonPay can automatically route and convert into fiat.
• MoonPay Agents: Launched in late 2025, this specialized infrastructure allows AI agents on Solana to autonomously hold balances, execute swaps, and pay for services, creating a regulated layer for agent-to-agent commerce.
• Stablecoin Orchestration: Through its subsidiary Iron, MoonPay offers a robust set of orchestration APIs that facilitate swaps and onramps, enabling businesses to bridge traditional fiat rails (including ACH, FedWire, and SEPA Instant) with Solana-native stablecoins.

Noah

Noah provides infrastructure for both individuals and businesses to navigate between fiat currencies and digital assets. By streamlining fiat-to-stablecoin conversions, Noah enables applications and fintech platforms to offer localized payment experiences that integrate directly with Solana’s high-speed settlement rails.

The platform’s core functionality centers on its Payin and Payout services, which support transactions across more than 100 countries. This infrastructure allows businesses to accept local fiat currencies from customers and receive settlement in stablecoins on Solana, or conversely, initiate mass payouts from onchain wallets directly to traditional bank accounts. Noah manages the end-to-end process, including KYC/AML compliance, liquidity management, and real-time foreign exchange (FX), reducing the operational and regulatory burden for its partners.

In 2026, Noah partnered with several entities to further this goal:

• Jupiter: In February 2026, Noah embedded its regulated banking infrastructure into the Jupiter Global “superapp,” providing more than 50 million users with virtual USD and EUR accounts. This integration allows users to receive salaries or international wire transfers directly into their Jupiter accounts, effectively merging neobanking with Solana’s DeFi ecosystem.
• Picnic: Through a specialized partnership focused on the Brazilian market, Noah powers USD-native payroll and settlement for Brazil’s global workforce. By allowing remote workers to generate unique USD virtual accounts within the Picnic app, Noah enables them to receive ACH payments from U.S. employers that settle as stablecoins in seconds, bypassing legacy cross-border fees that typically claim up to 8% of a worker’s income.
• Payd: Noah provides the core infrastructure for Payd, a financial platform serving over 30,000 professionals across sub-Saharan Africa. By utilizing Noah’s virtual USD and EUR accounts, Payd users can receive international earnings that settle instantly as USDC or USDT on Solana. This enables workers to bypass the high fees and multi-day delays of traditional regional banking while gaining immediate access to liquidity.

Rain

Rain is a stablecoin-powered payments platform designed to bridge the gap between digital assets and traditional commerce. As a Visa Principal Member, Rain enables businesses to launch branded card programs accepted at more than 150 million merchants across over 150 countries. Rain settles directly with Visa 365 days a year, bypassing banking hours and allowing for real-time clearing of tokenized credit receivables. This provides an "invisible" payments layer that enables neobanks and platforms to offer global cards in a matter of weeks via a single API.

This infrastructure is core to the vision of remittance platforms like Zar, a Solana-based payments platform that aims to modernize the remittance lifecycle in cash-heavy economies across the Global South. While Zar plans to allow users in regions like Pakistan to receive international remittances in stablecoins, its partnership with Rain makes those funds immediately usable via Visa cards, eliminating the need for traditional offramps. Under this vision, Zar users will be able to visit local corner shops to convert physical cash into digital dollars on Solana, allowing the unbanked to store value and spend it globally.

Zero Hash

Zero Hash, a Mastercard company, provides the regulatory and technical infrastructure required for B2B and B2C platforms to embed digital asset services directly into their products. By abstracting the complexities of onchain settlement, Zero Hash allows major fintech players to leverage Solana’s high-throughput architecture without additional operational complexity.

In recent months, Zero Hash signed notable partnerships with several exchanges:

• Interactive Brokers: In January 2026, Zero Hash began powering Interactive Brokers' 24/7 account funding feature. This enables international investors to deposit USDC via the Solana network, which is automatically converted to USD for immediate trading. This bypasses the delays of legacy wire transfers, providing near-instant capital mobility.
• Public.com: In late 2025, the retail investing platform Public migrated its entire crypto operation to Zero Hash. This move was designed to provide 24/7 trading and faster settlement cycles, utilizing Zero Hash’s ability to interface with blockchains like Solana for instant asset transfers.

Cross-border Payments

Decaf

Decaf is a non-custodial wallet designed to bring the utility of stablecoins to everyday commerce, specifically targeting cash-heavy and high-inflation economies. Using stablecoins on blockchains like Solana, Decaf provides a user experience that bypasses the borders and prohibitive costs of the legacy financial system.

Through strategic integration with MoneyGram, Decaf enables users to convert physical cash to USDC (and vice versa) for no fees at over 350,000 retail locations across more than 175 countries. This provides a critical lifeline to the unbanked in regions like Latin America, Africa, and Southeast Asia, giving them access to digital dollars without a traditional bank account.

Decaf also offers a simplified merchant interface that allows businesses to make payments and send aid using stablecoins as easily as cash. Merchants benefit from instant settlement and avoid the high processing fees and chargeback risks associated with traditional card networks.

Gusto

In January 2026, Gusto, a cloud-based HR platform with over 400,000 businesses worldwide, announced a partnership with Zero Hash to pilot stablecoin-based payouts for international contractors on the Solana network. While traditional cross-border wires take three to seven business days to settle, this integration enables instant global payouts in USDC. According to Zero Hash, 11% of U.S. small- and medium-sized businesses (SMBs) already hire international contractors. Supporting onchain payroll enables fast, low-cost payouts to these contractors for the first time.

Sphere Labs

Sphere Labs provides the infrastructure required to bridge fiat currencies with stablecoins. The platform serves as a settlement layer for global businesses that require fast, low-cost cross-border payments. Sphere supports over 12 global currencies, including USD, EUR, and MXN, facilitating cross-border payments in both established and emerging markets.

A cornerstone of this infrastructure is the Onramper Account, which assigns unique banking details directly to a user’s crypto wallet. These Onramper Accounts allow businesses to receive standard ACH or Wire transfers, which are automatically converted into stablecoins on Solana, effectively abstracting the complexity of crypto on-ramps and off-ramps for end users.

Sphere provides four distinct products:

• The Developer Toolkit provides a robust API and SDK that enable teams to embed multichain transfers and stablecoin conversions directly into their tech stacks.
• The Business Dashboard serves as a turnkey solution for both end users and businesses to manage treasury and transfers.
• Platforms looking to provide in-app on-ramps and off-ramps can utilize Embedded Ramps to integrate a functional widget directly into their site.
• Institutional partners that require significant volume use the Private Desk to handle large-scale FX and fiat-crypto conversions.

YouTube

In December 2025, YouTube took a significant step toward mainstream adoption of blockchain-based payments by enabling U.S.-based creators to receive earnings in PayPal USD (PYUSD) on the Solana network. This integration allows creators to bypass the settlement delays and limited working hours characteristic of legacy financial institutions in favor of same-day settlement and near-zero fees.

By leveraging PayPal's regulated, 1:1 USD-backed stablecoin, YouTube provides its users with an asset that can be transferred instantly worldwide. While currently limited to U.S. creators, this launch could serve as a stepping stone for expanding stablecoin payouts to YouTube’s global creator base, particularly in regions where traditional cross-border wire transfers remain prohibitively expensive or slow.

Yellow Card

Yellow Card is the largest pan-African stablecoin infrastructure provider, offering a comprehensive fiat-to-crypto ramp that enables banks, financial institutions, and global corporations to access, store, and manage digital assets. Through its API and Treasury platform, the platform enables businesses to execute bulk cross-border payouts and remittances using stablecoins, reducing settlement times from days to seconds.

The platform specializes in resolving the structural liquidity bottlenecks and prohibitive fees inherent in legacy banking rails. Yellow Card has become the preferred settlement layer for several global financial leaders operating in emerging markets:

• Visa: Utilizes Yellow Card to streamline treasury operations and enhance liquidity management, enabling more agile and cost-effective cross-border money movement.
• Thunes: Leverages Yellow Card’s stablecoin infrastructure to bypass traditional treasury bottlenecks, executing global payment flows at unprecedented speeds.
• Western Union: Employs Yellow Card’s rails for stablecoin-based settlement, providing customers with near-instant payment clearance and significantly improved exchange rates compared to traditional corridors.
• Xoom (a PayPal service): Relies on the network to execute cross-border transfers into regions such as Cameroon, the Ivory Coast, and Senegal, allowing funds to reach mobile wallets and bank accounts in seconds.

Zepz

In October 2025, Zepz, the global payments group behind WorldRemit and Sendwave, announced the launch of Sendwave Wallet, a stablecoin-backed peer-to-peer (P2P) cross-border solution built on the Solana blockchain. Designed to move beyond remittances, the wallet enables Zepz’s nine million global customers to send, store, and spend funds across more than 130 countries and 2,000 corridors.

By leveraging Circle’s USDC and Portal’s wallet infrastructure, the Sendwave Wallet abstracts the technical complexity of blockchain technology to provide a seamless UI/UX for the Global South. The platform allows users to hedge against local currency devaluation by holding digital dollars, which can be sent within the app in seconds.

Customers can withdraw USDC balances into local fiat currency through Zepz’s payout network to pay for healthcare, education, and daily essentials. In the long term, Zepz plans to expand the wallet’s utility to include cards and QR-based merchant payments.

Neobanks

Brex

In September 2025, Brex announced the launch of stablecoin payments, making it the first global corporate card to enable instant balance payments using USD stablecoins. By integrating USDC on the Solana network, Brex provides its customers with a consolidated financial platform to manage both traditional fiat and stablecoin-backed spend at scale.

The integration is designed to eliminate the fragmented workflows typically associated with managing digital assets and corporate expenses. Through this new infrastructure, Brex customers can bypass the limitations of traditional institutional payment platforms and access liquidity with 24/7 global reliability.

Key features include:

• Instant Balance Payments: Customers can pay their corporate card balances directly using stablecoins, starting with USDC.
• Automatic Fiat Conversion: Business accounts can accept incoming stablecoins and automatically convert them to USD, while also allowing users to send stablecoins directly from their existing USD balances.
• Zero-Fee Global Settlement: Brex enables users to send stablecoin payments that settle in seconds across borders for free, removing the hidden costs and delays of legacy banking rails.

Integrating stablecoins on Solana allows forward-looking companies to move millions of dollars instantly, combining the speed of crypto-native rails with the safeguards required by global businesses

Cash App

In a significant departure from its historically Bitcoin-only strategy, Cash App, a unit of Block, is integrating stablecoin rails, choosing Solana as the initial network for the rollout. Launching in early 2026, this integration allows Cash App’s 56 million monthly active users to send and receive USDC.

Under the hood, the system assigns a dedicated Solana blockchain address to every Cash App user, enabling them to interact directly with the onchain economy without leaving the app's familiar interface. The platform features an automated conversion engine: incoming USDC on Solana is instantly credited as a USD balance, while outgoing payments can be sent as USDC to any external Solana wallet.

Fuse Wallet

Fuse Wallet is a "smart wallet" built on the Squads Protocol. Since the wallet is built on smart accounts, it has features previously unavailable to retail users, such as spending limits to prevent “drainers”, key rotation for lost devices, and gas abstraction, which allows users to pay transaction fees with any token and trade Solana tokens with zero fees.

Beyond secure custody, Fuse provides a comprehensive suite of tools, including:

• Fuse Earn: A native yield engine that integrates directly with Lulo to rebalance deposits across Kamino, Drift, MarginFi, and Save, allowing users to generate yield on their stablecoins while maintaining self-custody.
• Virtual Bank Accounts: These provide users with dedicated IBAN or account numbers, facilitating a seamless Off-Ramp by allowing direct fiat-to-USDC transfers for users in the U.S. and Europe.
• Fuse Card: A virtual Visa prepaid card that enables instant spending of stablecoin balances at millions of merchants worldwide. The card provides real-time "swipe-and-go" utility, completing the loop from earning to spending.

KAST

KAST is a global neobank built natively on stablecoin rails, designed to bridge the gap between digital earnings and real-world spending. By partnering with Rain, KAST allows users to spend stablecoins at more than 150 million merchants and ATMs worldwide. The platform targets the "borderless" workforce, providing freelancers, remote workers, and crypto-native founders with a high-velocity alternative to traditional banking.

The KAST card ecosystem provides a multi-tiered approach to onchain spending, scaling from a free, entry-level plastic card to high-end, metal, and gold-plated editions. Each tier increases the user's earning potential through tiered reward points on card spend and a points boost on staked SOL, which scales from 0.25x to 1x. While the higher-level Premium and Luxe tiers require an annual fee, they offer enhanced benefits, including VIP concierge access and significantly higher reward rates.

Within the ecosystem, users can send funds instantly via KAST Tags, phone numbers, or email addresses. These transfers are peer-to-peer, borderless, and incur zero transaction fees, facilitating frictionless global movement for a distributed workforce. KAST connects directly to global payment networks, allowing users to offramp their stablecoin balances into local bank accounts in over 50 countries, including instant local systems like Brazil’s Pix and India’s UPI.

In February 2026, KAST launched the vault product KAST Earn in partnership with Gauntlet. These risk-optimized vaults allow users to earn a sustainable 4%–9% APY on stablecoin balances. Funds remain 100% liquid, accruing yield until the exact microsecond the card is swiped at a terminal.

Revolut

In December 2025, Revolut, Europe’s largest neobank with over 65 million users, expanded its digital asset suite to include full support for the Solana network. This integration allows more than 15 million crypto customers to interact with the Solana ecosystem as seamlessly as traditional fiat, leveraging the network's speed and low fees for everyday transactions.

Following a November rollout of 1:1 stablecoin conversions for USDC and USDT, Revolut now enables its global user base to move between fiat and crypto with zero friction. Users can send, receive, or pay via Solana using SOL, USDC, and USDT. Revolut users can also stake their SOL directly within the app to earn yield, reducing the technical barriers of staking for retail users.

Sling Money

Sling Money is a mobile payment application designed to make international money transfers as fast and inexpensive as sending a text message. It is built by Avian Labs, a startup founded by former executives from Monzo, Facebook, and Spotify.

At its core, Sling acts as a user-friendly interface for blockchain technology. It uses the Solana blockchain and stablecoins (USDP, USDC, and EURC) to move funds instantly across borders, bypassing the slow and expensive "correspondent banking" systems used by traditional banks and services like Wise.

After launching in beta in May 2023, Sling significantly expanded its footprint. As of February 2026, it is available in over 140 countries and supports instant withdrawals to local bank accounts in over 75 of them. The company recently secured a MiCA license in the EU and FCA approval in the UK. This follows an integration into Mexico’s SPEI payment system in August 2025, allowing the global Mexican diaspora to convert stablecoins to pesos instantly.

Digital Wallets

Anchorage Digital

Anchorage Digital, the first and longest-standing federally chartered crypto bank in the U.S., serves as foundational infrastructure for institutional participation in the Solana ecosystem. The platform enables financial institutions to deploy institutional wallets for treasury management, stablecoin issuance, and cross-border settlement. Their products and services are well-suited for corporate treasuries and fintechs that require SOC 1 Type 2 and SOC 2 Type 2 certified environments. This allows entities to manage digital assets with the same rigorous controls as they do for traditional cash accounts.

In October 2025, Anchorage partnered with Western Union to launch USDPT (U.S. Dollar Payment Token) natively on the Solana blockchain. As the primary custodian and issuer, Anchorage manages the stablecoin’s reserves and minting and burning to maintain a $1 peg.

Anchorage is also a founding member of the Global Dollar Network, acting as a primary minting and redemption hub for USDG. This stablecoin framework is specifically designed to incentivize payment service providers (PSPs) and merchants by distributing yield/rewards, providing an institutional-grade alternative to traditional dollar-pegged assets.

BitGo

BitGo provides institutional-grade custody and wallet infrastructure that serves as a core pillar for secure payment operations and stablecoin management on Solana. Their platform is specifically designed to meet the rigorous security and compliance requirements of corporate treasuries and large-scale financial service providers.

In March 2025, BitGo partnered with World Liberty Financial to launch USD1, a fiat-backed stablecoin via BitGo’s “Stablecoin-as-a-Service” offering. As the designated custodian and infrastructure provider, BitGo is responsible for securing the stablecoin’s reserves, which are 100% collateralized by short-term U.S. Treasury bills and cash deposits. This regulated custody arrangement ensures the asset maintains its 1:1 peg to the U.S. dollar, providing a high degree of transparency and safety for institutional market makers and retail users alike.

Fireblocks

Fireblocks specializes in providing institutional customers with the Multi-Party Computation (MPC) wallet infrastructure and policy engines required for compliant onchain payments and treasury management solutions. The platform allows banks, payment service providers (PSPs), and corporate treasuries to orchestrate complex stablecoin flows with enterprise-grade security and automated compliance.

A core component of their offering is the Fireblocks Network for Payments, which unites local payment rails, blockchains, and stablecoin systems through a single API. This connectivity layer allows institutions to access over 40 providers across more than 100 countries and 60 currencies, covering use cases from FX and remittances to onramps and offramps. Through the Fireblocks Network Directory, users can discover and connect directly with trusted global providers to launch and scale payment products without the need for multiple, bespoke integrations.

Worldpay, one of the world’s largest merchant acquirers, utilizes Fireblocks to power its stablecoin settlement solution on the Solana network. By leveraging the Fireblocks Payments Engine, Worldpay achieved 50% faster payment processing and enabled T+0 settlement for its merchants. This integration allows Worldpay to provide merchants with faster access to capital and improved liquidity management while maintaining strict compliance.

In early 2026, Solana and Fireblocks formalized a partnership to deliver a complete treasury operating system designed for enterprise speed and institutional control. This infrastructure introduces several key features specifically for the Solana network:

• Gasless Transactions: Fireblocks enables "network fee abstraction," allowing treasury teams to pay transaction fees in stablecoins or USD. This eliminates the operational overhead of managing and pre-funding multiple wallets with native SOL for gas.
• Native Program Calls: This feature provides real-time transparency and policy enforcement for smart contract operations, allowing treasury teams to whitelist specific programs and automate workflows

Flipcash

Launched by Kik creator Ted Livingston in late 2025, Flipcash aims to replicate the privacy and immediacy of physical cash in a digital environment. Powered by Solana’s fast finality, Flipcash allows users to "hand over" money in a cash-like manner via instant QR code scans or URLs, eliminating the need to exchange usernames or public keys. In January 2026, Flipcash integrated USDF, a custom stablecoin developed in partnership with Coinbase, enabling frictionless merchant settlement and 24/7 liquidity. The application’s "point-and-pay" UX has positioned it as a leading contender for P2P digital transactions, particularly in the U.S. and European markets.

The platform features a “currency creator” that allows communities to issue their own currencies, which are immediately usable for sending, spending, or tipping. Unlike traditional launchpads, every Flipcash currency is backed by USD stablecoins on a gradual bonding curve, guaranteeing instant liquidity from day one. It is not a 1:1 peg with USD stablecoins; instead, the exponential curve allows the currency's price to rise as the community grows, letting users share in the value of their local economy.

Jupiter Global

Following its $35 million investment from ParaFi in February 2026, Jupiter expanded its reach with Jupiter Global, a dedicated payments module within the Jupiter mobile application. This suite introduces virtual fiat accounts, providing users with a digital account and routing numbers to directly receive USD, GBP, and EUR, as well as a credit card that allows them to spend USDC at over 150 million merchants worldwide.

Phantom Cash

Introduced in September 2025, Phantom Cash is a dedicated account within the Phantom wallet designed to bridge the gap between self-custody and daily consumer spending on Solana. This feature is powered by CASH, a USD-pegged stablecoin issued by Bridge.

This dedicated account allows users to hold, send, and trade CASH without maintaining a SOL balance to cover network fees, effectively removing the gas barrier for everyday users. The platform also provides gasless stablecoin-to-CASH swaps and instant P2P transfers using only a Phantom username, accessible to all users.

While the core features are live, Phantom is currently rolling out an expanded suite of features to U.S. users. These features require identity verification (KYC) and include:

• Phantom Cash Card: A virtual and physical debit card (issued by Lead Bank) that can be added to Apple Pay or Google Pay for online or in-person purchases.
• Seamless Bank Transfers: The ability to fund the account, make withdrawals directly to a bank, or set up direct deposits using the provided account and routing details.

By keeping balances in CASH on the Solana blockchain until the exact moment of a transaction, Phantom merges the speed of Solana with the real-world utility of a traditional debit card to offer a “best of both worlds."

Treasury Management

Squads Altitude

Squads Altitude, launched in May 2025, is a corporate treasury and payment platform built on the Squads Protocol. It functions as a "stablecoin native operating system" for global enterprises. Using both USDC and EURC, the platform provides businesses with dual-currency access to digital dollars and euros while integrating onchain security with legacy payment channels such as ACH, Fedwire, and SEPA.

Funds are secured by the Squads multisig protocol, which currently secures over $15 billion in total value for more than 450 teams. This architecture allows treasurers to set specific approval thresholds and team permissions, ensuring that fund movements align with internal corporate governance. Altitude gives companies worldwide the ability to maintain working capital in USD/EUR, utilize multi-sig approval flows for vendor payments, and earn competitive yields through integrated DeFi protocols like Kamino, all within a single, permissioned interface.

Stablecoins

Stablecoins have emerged as the "killer application" of the Solana network, driven by the blockchain's high throughput and very low transaction fees. In 2025, the ecosystem experienced a "Cambrian explosion" of issuers, increasing the total stablecoin market cap by 42% YoY to an all-time high of $16.2 billion, as of Feb. 2, 2026. This ranks Solana fourth-highest by circulating stablecoin supply, and third-highest if you only include stablecoins issued natively on the network.

Solana maintains a distinct lead in stablecoin usage, facilitating 2.61 billion transfers over the past year, 46% of all P2P stablecoin transactions among its peers, and more than doubles the annual count of its nearest competitor, Polygon (1.16 billion). This lead in 90, 180, and 365-day horizons underscores a structural preference for Solana's fast finality and near-zero fees.

USD Coin (USDC)

USDC, issued by Circle, is a fully reserved, fiat-backed digital dollar regulated in the United States and major global jurisdictions. It serves as the backbone of the Solana stablecoin ecosystem, with the largest market cap among its peers ($9.61 billion). Its reserves consist of short-term U.S. Treasury securities and cash. In January 2026, Interactive Brokers launched 24/7 account funding via stablecoins, allowing eligible clients to deposit USDC directly into their brokerage accounts using the Solana network. Powered by Zero Hash, these deposits are automatically converted to USD, providing international investors with near-instant capital mobility, bypassing traditional cross-border wire delays and the friction of legacy payment networks.

Tether (USDT)

USDT, issued by Tether, is the industry's longest-standing and most liquid stablecoin. Unlike the purely Treasury-backed model of its competitors, Tether maintains a diversified reserve that also includes corporate bonds, secured loans, precious metals, and other cryptocurrencies to maintain its peg. USDT’s market cap on Solana increased by 47.6% YoY to $2.65 billion. Its primary value proposition is to serve as a de facto “digital dollar” in emerging markets where access to U.S. banking is limited.

In October 2025, the Solana ecosystem's connectivity to the broader Tether network was significantly enhanced through the launch of USDT0 and XAUT0 via Everdawn Labs and LayerZero. This integration enables seamless movement of native USDT (and gold-backed XAUT) between Solana and other chains, effectively unifying the Solana network with the entire $184.4 billion USDT supply and the $2.58 billion XAUT supply.

PayPal USD (PYUSD)

PayPal USD (PYUSD) PYUSD is a fiat-backed stablecoin issued by Paxos Trust Company in partnership with PayPal. Fully pegged 1:1 to the U.S. dollar, its reserves are 100% collateralized by U.S. Treasury bills, cash deposits, and cash equivalents. As the first major stablecoin to extensively leverage Solana’s Token Extensions (Token-2022), PYUSD incorporates advanced features, including confidential transfers for merchant privacy and permanent delegate authorities for regulatory compliance.

By February 2026, PYUSD’s market cap on Solana reached approximately $834.7 million, representing a 500.9% YoY increase. This growth was fueled by the launch of “Pay with Crypto,” which allows millions of merchants to accept 100+ cryptocurrencies with instant conversion to PYUSD at a 0.99% transaction fee. Further adoption was driven by “PayPal Links,” which enables users to send PYUSD as easily as a text message using URLs, and by a 4% reward rate for PayPal users. In December 2025, YouTube enabled U.S. creators to receive stablecoin payouts in PYUSD on the Solana blockchain, a significant step toward mainstream adoption.

Global Dollar Network (USDG)

Global Dollar Network (USDG) USDG is a fiat-backed stablecoin issued by Paxos in collaboration with the Global Dollar Network, a consortium of 100 partners including DBS Bank, Robinhood, Kraken, Galaxy Digital, and Anchorage Digital. Pegged 1:1 to the U.S. dollar, the stablecoin is regulated by the Monetary Authority of Singapore (MAS) and has 100% of its reserves collateralized by U.S. dollars, short-term U.S. Treasuries, and cash equivalents.

By February 2026, USDG’s market cap on Solana reached $793.4 million, becoming the fifth largest stablecoin on the network in less than a year. USDG leverages Solana’s Token Extensions to support its unique economic model, which distributes yield generated from its reserves among network partners.

World Liberty Financial USD (USD1)

USD1 is a fiat-backed stablecoin issued by World Liberty Financial. Pegged 1:1 to the U.S. dollar, its reserves are 100% collateralized by short-term U.S. Treasury bills and cash deposits, held under BitGo's custody. By February 2026, USD1's market cap on Solana increased to approximately $865.4 million, solidifying its “pole position” within the Solana ecosystem. World Liberty Financial’s recent application for a U.S. national banking license through its subsidiary, World Liberty Trust, signals a shift toward a "federally chartered" stablecoin model. This would allow World Liberty Financial to directly mint and redeem USD1 on behalf of users, allowing institutional market makers to arbitrage the peg with extreme efficiency.

Solstice USX (USX)

Solstice USX (USX) is a synthetic stablecoin issued by Solstice Finance. USX is built to offer high yields generated from delta-neutral, institutional-grade trading strategies (such as funding rate arbitrage), rather than speculative, volatile DeFi farming. It is fully collateralized 1:1 by stablecoins, such as USDC and USDT. The flagship feature of the protocol is the Solstice YieldVault, which allows users to lock USX in exchange for eUSX, a yield-bearing token representing a share of a fund that employs institutional delta-neutral strategies like funding-rate arbitrage and hedged staking.

Supported by major firms including Deus X Capital, Galaxy Digital, and MEV Capital, the protocol utilizes Chainlink for real-time Proof of Reserves and Chainlink’s CCIP for cross-chain interoperability. By February 2026, USX’s market cap on Solana reached $301.1 million.

Upcoming Launches:

Fiserv USD (FIUSD)

In June 2025, Fiserv announced plans to issue FIUSD, its native stablecoin on Solana, backed by Paxos and Circle as infrastructure partners. FIUSD will be integrated directly into Fiserv’s Finxact core processing platform, enabling approximately 10,000 financial institutions and six million merchants to access stablecoin settlement without additional hardware, allowing banks to offer 24/7 real-time money movement and programmable escrow services. The integration demonstrates the scale and performance improvements enabled by Solana’s high-performance ledger.

Western Union U.S. Dollar Payment Token (USDPT)

In a landmark move, Western Union announced the launch of its native stablecoin, USDPT, on Solana in early 2026. Partnering with Anchorage Digital for institutional-grade custody, Western Union is transitioning a portion of its more than $100 billion annual remittance volume onto Solana's high-throughput rails. The move aims to reduce the "working capital trap" of pre-funded accounts and lower the average cost of international transfers for its global customer base. By the end of H1 2026, USDPT is expected to be a core settlement asset for Western Union’s digital corridors, marking the most significant institutional validation of Solana as a global payment rail to date.

State-issued Stablecoins

Solana has recently attracted several sovereign and state-level stablecoin initiatives. These efforts aim to modernize public financial infrastructure and inform sovereigns on the benefits and nuances of blockchain-based payments.

Wyoming's Frontier (FRNT)

Wyoming continues to lead the United States in digital asset innovation through the Wyoming Frontier (FRNT) token. Issued by the Wyoming Stable Token Commission, FRNT is a transparent, fiat-backed stablecoin designed to provide a trusted, state-sanctioned digital dollar for both public and private use cases. Wyoming aims to reduce the costs of state-level payments and provide a secure, liquid asset that is 100% backed by cash and short-term government securities.

Solana hosts the majority of the circulating FRNT supply, accounting for 61.1% of the total 1.5 million FRNT in circulation as of their latest attestation report on Jan. 30, 2026.

Kazakhstan's Evo (KZTE)

The National Bank of Kazakhstan launched its first tenge-backed stablecoin, Evo (KZTE), within its regulatory sandbox. Developed by the licensed exchange Intebix in partnership with Mastercard and Eurasian Bank, KZTE brings the Kazakhstani tenge natively to the Solana blockchain.

Bhutan's Gold Backed Token (TER)

In December 2025, the Kingdom of Bhutan introduced TER, a gold-backed stablecoin issued by the Gelephu Mindfulness City Authority (GMCA). Distributed exclusively via DK Bank, which is subject to dual regulatory oversight by the GMCA and the Royal Monetary Authority of Bhutan (RMA). Each token represents ownership of 0.01 gram of .9999 fine gold held in audited vaults, removing traditional barriers to entry such as high storage costs and minimum investment thresholds.

The reserves are entirely composed of 99.99% purity UAE Goods Delivery Emirates Gold Cast Bars. These assets are distributed across three primary professional vaulting locations:

• Emirates Vault (UAE): Holds the largest portion of the reserves with 48 kg (61.5% of the total supply).
• Methub (Bhutan): Provides local sovereign custody with 20 kg (25.6% of total supply).
• Brinks (HK): Maintains 10 kg (12.8% of total supply) in Hong Kong, offering exposure to a major Asian financial hub.

Closing Summary

Solana continues to attract large institutions and payment service providers (PSPs), as evidenced by Visa’s stablecoin-native settlement program, Stripe’s crypto suite, and Worldpay’s integration with USDG. With the total stablecoin market cap reaching $16.2 billion and Solana accounting for nearly half of stablecoin transfer volume, the network is proving to be a hub for onchain payments.

Looking ahead, Solana’s unique combination of sub-second finality and extreme cost-efficiency positions it to capture a larger share of global payments volume. As money transfer operators, card networks, and PSPs migrate volumes onchain, the friction of legacy payments is replaced by a unified, transparent, and 24/7 settlement layer. Solana is poised not only to challenge the dominance of these fragmented legacy systems but to serve as core infrastructure for an internet-native financial system.