MoonPay Commerce has processed more than $40 million in volume since October 2025. Data from Dune shows that Solana has accounted for 88% of that activity, surpassing all other supported chains combined.
The chart also shows that weekly payment volume rose above the $2 million mark at several points after launch, with Solana making up the overwhelming majority of that flow.
That concentration matters because MoonPay Commerce launched as a multi-chain crypto payments product, not as a Solana-only service. MoonPay introduced the platform in October 2025 as a global crypto payments system that lets businesses sell products, services, and subscriptions while accepting payments in Solana and other cryptocurrencies.
In practice, the early usage pattern suggests that merchants and customers have gravitated most strongly toward Solana.
Helio Gave MoonPay a Stronger Foothold in Solana-based Commerce
MoonPay’s 2025 acquisition strategy helps explain why Solana now dominates MoonPay Commerce volume. In January 2025, MoonPay acquired Helio for $175 million. Helio had launched in 2022 and had built a strong position in Solana-based payments, especially across Shopify, Discord, and Solana Pay. The acquisition marked MoonPay’s largest deal at the time and signaled its intention to compete more directly with Coinbase Commerce in crypto payments.
MoonPay later folded Helio’s technology into MoonPay Commerce. Existing Helio users moved to the new product without service disruption. MoonPay Commerce also continues to power and maintain the Solana Pay integration for Shopify, which Helio originally built for the Solana Foundation. That history helps explain why Solana already had a practical distribution channel inside a major e-commerce platform when MoonPay Commerce launched.
MoonPay added another important building block in March 2025 when it acquired Iron, an API-first stablecoin infrastructure platform, for about $100 million. That deal followed the Helio acquisition and gave MoonPay a second major payments infrastructure asset in the same year.
Solana’s Broader Payments Narrative Helps Explain the Data
The MoonPay Commerce numbers fit into a wider payments story that has been unfolding on Solana. At the end of February 2026, the Solana Foundation launched payments.org to educate fintech and payments professionals about stablecoins and real-world payment use cases. The site focuses on areas such as treasury management, cross-border payments, and merchant payouts.
The Solana payments narrative increasingly rests on production usage rather than theory. Material shared by Solana’s payments initiative cites about $2 trillion in quarterly stablecoin transfers, more than $300 million in monthly payments, and fractions of a penny in fees. It also points to six years of network uptime and more than 480 billion transactions processed. Financial giants such as Visa, PayPal, Stripe, Western Union, and Fiserv are already live in production rather than running small pilots.
The Solana Foundation has also introduced the Solana Developer Platform, a unified interface designed to simplify onchain development for enterprises and institutions. Major players such as Mastercard, Worldpay, and Western Union are among the early adopters already leveraging the SDP. The platform includes issuance tools for tokenized assets, GENIUS-compliant stablecoins, and tokenized deposits.
Institutions increasingly use Solana for payment flows
Messari’s March 2025 report on Solana payments described a rapidly expanding ecosystem. The report noted that Visa, Stripe, and Worldpay integrated Solana for stablecoin settlement or payment acceptance in 2025. Visa’s USDC pilot surpassed $3.5 billion in annualized volume, while Worldpay cut processing times by 50% using USDG. Stripe added support for Solana to its crypto products in October 2025, enabling merchants to accept stablecoins with automatic fiat conversion.
The same report described Western Union’s move to issue $USDPT on Solana, Fiserv’s plan to launch $FIUSD for its network of roughly 10,000 financial institutions and six million merchants, and Gusto’s pilot for instant $USDC payouts to international contractors. It also highlighted strong growth in $PYUSD on Solana and large increases in transaction volume from Huma Finance, which uses stablecoins to support 24/7 settlement.
Messari argued that Solana’s technical profile helps support these use cases. The network has historically posted a median block time of 392 milliseconds and a median transaction fee of $0.0004. Those features support fast settlement, reduce the need for pre-funding, and allow institutions to move money outside traditional banking hours.
The early MoonPay Commerce data does not prove that one chain will dominate every payment category. It does, however, show where real merchant volume has concentrated so far within a single important commercial product. More than $40 million in processed volume since October 2025, with 88% of it running through Solana, provides concrete evidence that merchants appear to value speed, low costs, and simple settlement options.
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