Solana Stablecoin Supply Exceeds $3 Billion

Since 2024 Solana stablecoin supply has increased dramatically surpassing $3 billion in the previous week

Solana Stablecoin Surpasses $3B

Stablecoin supply on the layer-1 blockchain network Solana has continuously risen since the start of the year, surpassing $3 billion in the last week. According to statistics from the blockchain analytics platform Artemis, the network’s stablecoin supply has climbed by 55.72% in the previous three months, reaching $3.12 billion.

Notably, this amount pales compared to the Solana stablecoin network’s balance in 2022. At the time, the blockchain had assets valued at over $6 billion. However, it went as low as $1.4 billion during the previous bear market. However, supply looks to be increasing once again.

USDC Leads on Solana Network

USDC is the leading stablecoin on the Solana network. According to Artemis, Circle’s stablecoin makes up 73% of such assets on the network. Circle’s March 26 deployment of its Cross-Chain Transfer Protocol (CCTP) on the network is the most likely source of the current rise.

According to Artemis statistics, USDC accounted for $63.69 billion in stablecoin transfer traffic on April 2, significantly outpacing USDT’s $812.41 million total.

Meanwhile, Solana’s stablecoin transfer volume increased by 164% to $1.4 trillion, indicating the network’s high activity level. A rise in stablecoin production signifies greater liquidity and capital injection.

Furthermore, the continued rise of meme-coins and the expansion of DeFi activities inside the Solana ecosystem may be contributing factors. With this new massive infusion of wealth into the network, Solana may be on the rise, and stablecoin investors are flocking to Solana for USDC.