Stablecoin

Ethereum

2024

Solana

USDC

Stablecoin transfer volume on Layer-1 blockchain Solana in January has already exceeded $300 billion, surpassing that of December.
Interestingly, there has been a surge in decentralized finance (DeFi) activity on Solana in addition to stablecoin volumes. According to<a href="https://defillama.com/chain/Solana" rel="noopener noreferrer nofollow"> DeFiLlama</a>, this has caused the total value locked (TVL) to reach $1.36 billion, the highest surge since September 2022, while SOL is trading at $92.
<h2 id="span-style-font-weight-400-surpassing-300b-on-solana-span">Surpassing $300B on Solana</h2>
While for December, the volume of stablecoin transfers on Solana was calculated to be $297 billion, blockchain analytics platform Artemis said that volume had already exceeded $300 billion in January.
The volume of stablecoin transfers has been<a href="https://thecoinrise.com/analyzing-solanas-late-2023-price-bubble-burst-spotlight-turns-to-avalanche-and-inqubeta/" rel="noopener noreferrer nofollow"> continuously rising on the layer-1 blockchain</a> Solana and has already surpassed a previous record this month.&nbsp;
<h3 id="span-style-font-weight-400-yearly-highs-span">Yearly Highs</h3>
On January 16, Artemis released a<a href="https://app.artemis.xyz/stablecoins?stablecoinBreakdown=chain&amp;granularity=monthly" rel="noopener noreferrer nofollow"> report</a> stating that weekly stablecoin volumes across all networks hit a yearly high. The report highlighted the increase in the blockchain’s USDC transfer volumes.
It is important to note that on January 18, Paxos<a href="https://twitter.com/Paxos/status/1748012531770077205" rel="noopener noreferrer nofollow"> announced</a> that it launched its regulated stablecoin, USDP, on the Solana blockchain.
For the past year, all blockchain stablecoin transfers were calculated to be more than $1.18 trillion combined.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Stablecoin transfer volume surpassed $367 billion for the week of January 8th.
 This notable growth can be attributed to the <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a> transfer volume on <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@solana</a>, which has propelled stablecoins to reach their highest transfer volume levels in over a year. <a href="https://t.co/jpitEHXPxn" rel="noopener noreferrer nofollow">pic.twitter.com/jpitEHXPxn</a>
 — Artemis (@artemis__xyz) <a href="https://twitter.com/artemis__xyz/status/1747272524390641945?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 16, 2024</a>
</blockquote>
<h2 id="span-style-font-weight-400-solana-is-catching-up-span">Solana is Catching Up</h2>
Currently, the blockchain stands second in the stablecoin market by 32%. The first rise in stable coin activity was first noted in October and has steadily increased by 650% since then.
As reported earlier by TheCoinRise, the demand for the blockchain’s<a href="https://thecoinrise.com/solana-flagship-mobile-phone-saga-to-welcome-successor-report/" rel="noopener noreferrer nofollow"> Saga crypto smartphone has also been on the rise</a>.
<h3 id="span-style-font-weight-400-ethereum-leading-the-industry-span">Ethereum Leading the Industry</h3>
With $317 billion transferred so far this month,<a href="https://thecoinrise.com/ethereum-etf-faces-sec-approval-hurdles-bright-future-for-polkadot-rebelsatoshi/" rel="noopener noreferrer nofollow"> Ethereum leads the industry</a> in stablecoin transfer volume and holds a market share of more than 33%, with Solana catching up rapidly.
The third largest blockchain for<a href="https://cointelegraph.com/news/stablecoins-illicit-transactions-bitcoin-chainalysis-report" rel="noopener noreferrer nofollow"> stablecoin transfers</a> is Tron, with $240 billion so far this month. In early January, a similar trend was noted where <a href="https://thecoinrise.com/solana-surpasses-ethereum-and-tron-in-stablecoin-volume-performance/" rel="noopener noreferrer nofollow">SOL surpassed Ethereum in terms of stablecoin volume</a> while Tron was still the third blockchain with the most volume.
The post <a href="https://thecoinrise.com/stablecoin-transfer-volume-on-solana-skyrockets-to-300b/" rel="noopener noreferrer nofollow">Stablecoin Transfer Volume on Solana Skyrockets to $300B</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Stablecoin Transfer Volume on Solana Skyrockets to $300B

Table of Contents

TheCoinrise Media

Other articles published on Jan 21, 2024

Crypto Analyst Predicts $50K Target For Bitcoin and $11 Target For Cardano

FXS Price Prediction: FXS Gains Momentum, Likely to Surpass $10

Kelexo (KLXO) Presale Gains Momentum with Participation from Binance Coin (BNB) and Cardano (ADA)...

Max Keiser criticizes Ripple’s XRP, predicts price drop

Dogecoin 250% Volume Spike Excites DOGE Bulls, Levels to Watch

AVAX dan Polkadot Menghadapi Badai Pasar, Investor Melirik Retik Finance (RETIK)

Join our free newsletter for daily crypto updates!