Bitcoin struggles to hit a new record high despite positive news

Stablecoin transaction volume on solana climbed to a record $650 billion last month, more than double the network’s previous record. It also saw the highest volume of any blockchain last month, according to a Wednesday note published by Grayscale Head of Research Zach Pandl.

“Stablecoins are one of the megatrends driving adoption of blockchain technology, and Solana is well positioned to compete in this category,” Pandl wrote.

The research note comes as the supply of stablecoins on solana has jumped to $15.4 billion, a substantial leap since the start of 2025, when the figure sat at $5.1 billion, data from open-source analytics platform DefiLlama shows. 

The price of solana has increased 7.3% in the last 24 hours to return above the $90 level, outpacing bitcoin, ethereum, and dogecoin, per CoinGecko.

International banking group Standard Chartered has predicted solana will grow to $250 by the end of 2026, pointing to a shift in activity from meme coins to solana-stablecoin pairs, aided by AI-driven micropayments.

The Federal Reserve Bank of Kansas City approved a limited purpose account for Kraken Financial, making the exchange the first cryptocurrency company to gain access to the Fed’s payment infrastructure, according to a Wednesday report from The Wall Street Journal. 

The approval “marks the convergence of crypto infrastructure and sovereign financial rails,” according to Kraken co-CEO Arjun Sethi. With a Federal Reserve master account, Kraken can directly connect to core US payment systems used by traditional banks and credit unions, enabling faster and more efficient fiat movement for Kraken’s institutional clients.

Sethi continued, “This creates a uniquely resilient foundation. It gives us the ability to settle directly on Fedwire, reduce dependency on correspondent banks, and integrate regulated fiat liquidity directly into digital asset markets.”

The approval of a Fed master account comes as Kraken, which was founded in 2011, is preparing for an initial public offering.

Kansas City Fed President Jeff Schmid in a press release said the payments landscape is actively evolving. “Throughout this transformation, the integrity and stability of the U.S. payments system remain our priority,” Schmid said.