Solana Achieves Record Stablecoin Transfer Volume
Recent on-chain data reveals that Solana, a Layer-1 network, has reached a significant milestone in terms of stablecoin transfer volume this month. According to analytics platform Artemis, the transfer volume of stablecoins on Solana has already surpassed $300 billion in January, marking the highest volume recorded by a Layer-1 blockchain in a single month. In comparison, Solana registered $297 billion in stablecoin volume for the entire month of December. This growth reflects a remarkable increase of over 2,500% in stablecoin transfer volume on Solana since January 2023.
Solana Overtakes Tron in Stablecoin Market Share
The chart above illustrates the steady rise of stablecoin activity on the Solana network since October, with an increase of more than 650% in recent months. This growth has also contributed to Solana’s market share in the stablecoin market, which now stands at approximately 32%. While Ethereum remains the leader with a transfer volume of nearly $317 billion in January, Solana has surpassed Tron to secure second place with a stablecoin volume of around $240 billion.
Paxos Launches Regulated Stablecoin USDP on Solana
Paxos recently announced the launch of its regulated stablecoin, USDP, on the Solana network. According to DefiLlama data, USDC remains the dominant stablecoin on Solana with a market cap exceeding $1 billion.
SOL Price Overview
Despite Solana’s impressive network activity, the price performance of its native token SOL has faced challenges in recent weeks. Currently valued at $92 with a 0.6% decline in the last 24 hours, SOL has struggled to maintain its momentum since reaching a multi-month high of $124 at the end of 2023. CoinGecko data shows that SOL has declined by more than 5% in the past week and by double that figure since the beginning of 2024. Nevertheless, SOL remains the fifth-largest cryptocurrency with a market capitalization exceeding $40 billion.
Hot Take: Solana Sets Record for Stablecoin Transfer Volume
With over $300 billion in stablecoin transfer volume in January, Solana has achieved a significant milestone as its network continues to grow. This surge reflects the increasing adoption and utilization of stablecoins on Solana, positioning it as a strong competitor in the market. Despite recent challenges in SOL’s price performance, Solana’s position as a leading Layer-1 blockchain and its growing market share in stablecoin transfers demonstrate its potential for further success in the crypto industry.
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