Solana cleared ~$650B in stablecoin volume in Feb but "merchant-owned" is doing a lot of work in that pitch — the stack is still Circle's USDC, Helius's RPC, Phantom's wallet, and a custodian for the fiat off-ramp. Thousands of Shopify stores already enabled Solana Pay months ago and stablecoin checkout penetration remains a rounding error against card volume because customers don't carry USDC at checkout. Helio's 0.75% beats Stripe's 1.5% on print, but the merchant cost that actually moves P&L is chargebacks and accounting reconciliation — neither of which a chain solves.

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