Solana Holds #1 Spot for USDC Transactions for 7 Straight Weeks as Salary and Retail Payments Near Records

Solana processed 22.7 million USDC transactions in the week ending June 21, representing 31.8% of all USDC transfers recorded across every blockchain. That made it the network's seventh consecutive week at the top of the rankings, according to Visa On-Chain Analytics data analyzed by independent researcher @surfquery.

The streak matters less for any single week's numbers than for what seven straight weeks indicates: Solana's USDC dominance is structural, not episodic.

Salary Payments at $1.6B, Retail P2P at $803M: What Visa's On-Chain Dashboard Shows

The Visa On-Chain Analytics dashboard, built in collaboration with blockchain data firm Allium, tracks adjusted stablecoin transfer activity across public blockchains using a methodology designed to filter out bot traffic and high-frequency trading. It is the primary institutional benchmark for cross-chain stablecoin comparisons.

The salary-related payment figure (stablecoin transfers classified as payroll or compensation) has grown for four straight weeks, reaching $1.6 billion last week. The retail peer-to-peer figure of $803.1 million across 1.38 million transactions is similarly at its second-highest weekly level on record. SolanaFloor separately confirmed all three figures.

Neither metric set an outright record this week. The prior peak for salary payments and retail P2P remains slightly higher, which makes the consistency more striking: two distinct real-economy use cases running near their respective all-time highs simultaneously.

USDC Transaction Count vs. Settlement Volume: Why the Distinction Matters

Transaction count and dollar volume are different measures. Solana leads on both, but they tell different parts of the story.

By notional dollar volume, Solana processed roughly $650 billion in stablecoin transactions in February 2026, the highest monthly figure of any blockchain that month, per Everstake's on-chain analysis. The USDC issuance figure (how much Circle USDC$0.999+0.1% minted on Solana) hit $3.5 billion in a single week in mid-June. As we reported June 8, Solana now holds roughly 10% of global USDC supply.

The transaction count ranking captures frequency of use rather than size of transfers. Holding 31.8% of all USDC transactions globally means Solana is the chain where people send USDC most often, in whatever amount. That is where the salary and retail P2P numbers become meaningful: those use cases are high-frequency, low-to-mid value transfers, precisely the profile transaction count captures.

Sub-cent fees and 400-millisecond block times make this economically viable on Solana in a way that is difficult to replicate on networks with higher per-transfer costs.

Payroll and Retail P2P: Why USDC Use Cases on Solana Are Changing

The breakdown of what those transactions represent (salary payments and retail peer-to-peer transfers) is what distinguishes this week's data from a trading volume milestone. Reviewing the Visa/Allium data, independent researcher @surfquery concluded that "the data increasingly points to stablecoins being used for real economic activity, and Solana is capturing a growing share of it."

Salary-related transfers are recurring, predictable, and driven by employers or payroll infrastructure choosing a settlement rail rather than traders or arbitrageurs. Four straight weeks of growth in that category points to new payroll providers adopting Solana, existing ones increasing throughput, or both. A payroll provider routing to Solana for recurring USDC payouts is a structural integration, not a one-time transaction.

Retail peer-to-peer transfers sit at the other end of the spectrum: individual users sending USDC to other individuals. At $803 million total across 1.38 million transactions, the implied average transfer size is around $582, consistent with person-to-person payments, remittances, or small commerce rather than institutional settlement.

Adjusted Transaction Count: Why Solana's #1 Rank Holds Up Under Scrutiny

Circle issues USDC across multiple blockchains. The chain distribution of those transfers has shifted materially toward Solana over the past year, and the seven-week transaction-count streak reflects that shift persisting rather than spiking.

The Visa/Allium methodology adjusts for bots and wash activity. Solana ranking first on adjusted transaction count (not just raw throughput) is a meaningful detail: raw counts on high-throughput chains can be inflated by automated activity, while adjusted figures are closer to genuine user-initiated transfers.

The picture from both the supply side and the activity side now points the same direction. Solana is where USDC circulates most frequently, in the use cases most associated with real economic behavior.

Data source: Visa On-Chain Analytics, powered by Allium. Analysis by independent researcher @surfquery, June 22, 2026.