Home CryptocurrencyBitcoin Solana Stablecoin Transfer Volume Hits Record Monthly High of $300 Billion

Solana Stablecoin Transfer Volume Hits Record Monthly High of $300 Billion

by SuperiorInvest

The stablecoin transfer volume on the Solana layer 1 blockchain has been steadily increasing, reaching a new record so far this month.

According to blockchain analytics platform Artemis, the stablecoin transfer volume on Solana already exceeded $300 billion in January.

The figure has already eclipsed the $297 billion in transfer volume of the Solana stablecoin in December.

Additionally, January’s $303 billion year-to-date is 2,520% higher than the stablecoin transfer volume of $11.56 billion in January 2023.

Solana’s stablecoin market share is currently almost 32%, which is a huge increase from the 1.2% share it had a year ago.

Stablecoin activity on Solana began to recover in October and has steadily increased by 650% since then.

Stablecoin transfer volumes for 1 year. Source: Artemis

Ethereum is the industry leader in stablecoin transfer volume with $317 billion so far this month, giving it a market share of over 33%; however, Solana is catching up quickly.

The third largest blockchain for stablecoin transfers is Tron, with $240 billion so far this month.

On January 16, Artemis noted that weekly stablecoin volumes across all networks had reached a yearly high. It attributed the growth to USDC transfer volumes on Solana.

On January 18, Paxos Announced that its regulated stablecoin USDP had launched on the Solana blockchain.

Over the past year, more than $1.18 trillion worth of stablecoins have been transferred across all blockchains combined.

Related: 3 reasons why Solana (SOL) price went down this week

In addition to stablecoin volumes, there has been an increase in decentralized finance (DeFi) activity on Solana. This has brought the total value locked to its highest level since September 2022: $1.36 billion, according to DeFiLlama.

SOL prices have been retreating this week, falling 2% over the weekend to trade at $93 at the time of writing. The asset has now retraced 25% from its all-time high of $123 in December 2023 and remains 64% below its all-time high of $260 in November 2021.

Magazine: Coinbase Fights SEC in Court, SBF Parents Request Dismissal of Lawsuit, and Bitcoin ETFs: Hodler’s Digest, Jan. 14-20

Source Link

Related Posts