Solana's stablecoin commerce reached $94 million in weekly volume even as the token traded in a tight $73-to-$78 range, data from Solscan and Helius show.
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Solana payments hit $94M as ETF flows show mixed demand
Solana traded between $73 and $78 this week, with stablecoin-based payments on the network surging to $94 million, data from Solscan and Helius show.
The payments growth contrasts with mixed spot Solana ETF flows, which recorded $5.8 million in weekly inflows after a $70.6 million single-day outflow on July 24, according to SoSoValue data. Solana ETFs have attracted about $1.14 billion in cumulative net inflows since the SEC approved spot SOL products in October 2025, per TokenPost data.
Bitwise's BSOL, which stakes 100% of its Solana holdings through validator Helius, manages roughly $850 million in assets and has captured about 81% of cumulative Solana ETF inflows, according to Helius data. The fund targets average annual staking rewards above 7%. Morgan Stanley's proposed Solana ETF, filed with a 0.14% annual sponsor fee, would undercut every existing U.S. competitor in the category.
The shift toward payments-based activity comes as Solana handled about 97% of global spot tokenized stock trading in the second quarter, with tokenized asset volumes reaching $5.8 billion — a 114% increase from the prior quarter, Blockworks data show. The network's real economic value revenue fell 43% quarter-over-quarter to $51 million, however, indicating that fee generation from speculative trading has declined even as institutional use cases expand.
Stablecoin Commerce Outpaces Speculative Trading
The $94 million in stablecoin payments represents commerce rather than exchange settlement, according to Artemis data. Solana's low transaction costs — typically fractions of a cent — have made it a preferred settlement layer for payments-focused applications. The network processed $160.8 billion in decentralized exchange volume during the second quarter, though fee revenue from that activity declined as competition among Solana-based DEXs compressed margins.
ETF Flows Reflect Cautious Institutional Positioning
Spot Solana ETF inflows have totaled $1.14 billion since the products launched. The funds have benefited from a rotation pattern: as Bitcoin ETFs experienced roughly $2.6 billion in net selling year-to-date through mid-June 2026, capital rotated into altcoin ETF categories including SOL and XRP products, per CryptoQuant data cited by MarketWatch.
The SEC's approval of staking within Solana ETFs set a structural precedent for proof-of-stake crypto products. Slashing risk — where a portion of staked SOL can be destroyed if a validator misbehaves — remains the key regulatory concern, though the SEC determined the yield benefits outweigh the operational risk with adequate custody and validator governance.
The divergence between Solana's price action and its on-chain payments growth suggests the network is building a use case that could support a price floor even if speculative demand weakens. The next test for SOL is whether it can establish support above $80, a level that has held as resistance through multiple attempts in July.
This article is for informational purposes only and does not constitute investment advice.
[1] Solana Payments Surge to $94 Million as ETF Flows Turn Mixed[2] Wall Street Money is Flowing into Ethereum ETFs and Out of Hyperliquid[3] The Solana ETF Endgame: What the SEC's Latest S-1 Request Really Means[4] ETF flows tell the real story of January: What institutions are actually doing now[5] What Keeps Solana Price Trapped Below $80?
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