Solana Surpasses $300 Billion in Stablecoin Transfers

Solana rapid ascent is evident driven by a 1,500% increase in activity since October 2023 influenced by USD coin transfer on Solana.

In January, the volume of stablecoin transfers on the layer-1 Solana blockchain reached a new milestone, surpassing $300 billion, according to the blockchain analytics platform Artemis.

The blockchain analytics platform Artemis reported that stablecoin transfers on Solana had already surpassed $300 billion in January. The volume of stablecoin transfers for December 2023, which was recorded as $297 billion, has now been surpassed.

Furthermore, the total amount of stablecoin transfers in January 2023 was $11.56 billion, which is 2,520% higher than the current volume of $303 billion for January.

As of right now, the stablecoin market share held by Solana is close to 32 percent, which represents significant growth from the 1.2% share it held precisely one year ago.

In October 2023, stablecoin activity on Solana began to ramp up, and since then, it has continuously climbed by one thousand five hundred percent.

With a total of $317 billion in stablecoin transfers so far this month, Ethereum has earned a market share of more than 33 percent, making it the top in the industry for stablecoin transfer volume.

Nevertheless, Solana is quickly picking up the pace. Tron is the third-largest blockchain for stablecoin transfers, with 240 billion dollars on the network as of the beginning of this month.

Artemis reported on January 16 that the weekly stablecoin volumes across all networks had set a new all-time high throughout the year. The growth was linked to the volume of USD coin transfers that took place.

Paxos announced on January 18 that it introduced its regulated stablecoin, USDP, on the Solana blockchain a few days earlier. Stablecoin volumes across all blockchains exceeded 1.18 trillion dollars’ worth throughout the previous year.

At the same time that stablecoin volumes have increased, there has also been an increase in the amount of decentralized finance activity on Solana.

This has resulted in the overall value of the cryptocurrency reaching its highest level since September 2022, which was $1.36 billion, as reported by DefiLlama.

Currently, the asset has had a 25% decline from its all-time high of $123 in December 2023, and it is still down 64% from its all-time high of $260 in November 2021, respectively.