Stablecoin transfers on the Solana blockchain have surged to new heights in January, according to data from blockchain analytics platform Artemis.
The total volume of stablecoin transfers on Solana exceeded a staggering $300 billion, surpassing the previous record set in December 2023, which stood at $297 billion.
The remarkable growth in stablecoin activity on Solana becomes even more evident when compared to the same period a year ago.
In January 2023, the transfer volume for stablecoins on Solana was just $11.56 billion, making the current figure an astonishing 2,520% increase.
Solana’s market share in the stablecoin space has also experienced a meteoric rise, climbing from a mere 1.2% a year ago to nearly 32% today.
This rapid increase in popularity for Solana’s blockchain has been ongoing since October 2023, with a consistent growth rate of 650%.
While Ethereum maintains its position as the industry leader in stablecoin transfer volume, boasting $317 billion this month and a market share of over 33%, Solana is rapidly narrowing the gap.
Tron stands as the third-largest blockchain for stablecoin transfers, with a monthly volume of $240 billion.
Artemis reported that weekly stablecoin volumes across all networks hit a yearly high, attributing this growth to the surge in USD Coin (USDC) transfer volumes on Solana.
During the week of January 8th, stablecoin transfer volume surpassed an impressive $367 billion.
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Paxos further cemented Solana’s standing in the stablecoin ecosystem by announcing the launch of its regulated stablecoin, USDP, on the Solana blockchain on January 18.
Over the past year, the total volume of stablecoin transfers across all blockchains has exceeded an astonishing $1.18 trillion.
In addition to the surge in stablecoin volumes, decentralized finance (DeFi) activity on Solana has surged, leading to a total value locked in the protocol reaching $1.36 billion.
This marks the highest level since September 2022, according to DefiLlama.
However, amidst this growth, Solana’s native cryptocurrency, SOL, has faced a period of retreat, with a 2% drop over the weekend, bringing its current trading price to $93.
This represents a 25% decline from its December 2023 high of $123 and a substantial 64% decrease from its all-time high of $260 recorded in November 2021.
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