According to the latest on-chain data, the Layer-1 network <a href="https://www.newsbtc.com/news/solana/franklin-templeton-solana-etf/" target="_blank" rel="noopener noreferrer nofollow">Solana has hit a significant milestone</a> in terms of the transfer volume of stablecoins this month.
<h2 id="strong-solana-overtakes-tron-in-stablecoin-transfer-volume-strong">Solana Overtakes Tron In Stablecoin Transfer Volume</h2>
<a href="https://app.artemis.xyz/stablecoins?stablecoinBreakdown=chain&amp;granularity=monthly" target="_blank" rel="noopener noreferrer nofollow">Data from the blockchain analytics platform Artemis</a> shows that the stablecoin transfer volume on Solana has already surpassed $300 billion in January. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month.
To put this figure into context, the Solana network registered $297 billion in stablecoin volume in the entire December. Meanwhile, the blockchain’s stablecoin transfer volume was about $11.56 billion in January 2023, reflecting an over 2,500% growth in the past year.
<img loading="lazy" src="https://www.newsbtc.com/wp-content/uploads/2024/01/photo_2024-01-21-07.53.51.jpeg?w=860&amp;resize=860%2C490" alt="Solana" width="860" height="490">
From the chart above, it is clear that Solana’s stablecoin activity has been on a steady rise since October, increasing by more than 650% in the past few months.&nbsp; This growth has also impacted the network’s share in the stablecoin market, with Solana now boasting about 32% market share.
Unsurprisingly, Ethereum leads the market for stablecoins, with its transfer volume already reaching almost $317 billion in January. Meanwhile, the Tron network trails Solana in third place, with a stablecoin volume of roughly $240 billion.
On Thursday, January 18, <a href="https://bitcoinist.com/solana-paxos-stablecoin-expansion-january-2024/amp/" target="_blank" rel="noopener noreferrer nofollow">Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana</a> network. According to DefiLlama data, USDC remains the dominant stablecoin on the Layer-1 network, with a market cap of over $1 billion.
<blockquote class="twitter-tweet">
 Paxos is thrilled to share our regulated stablecoin USDP is now live on the <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@solana</a> blockchain! This integration makes it easier for anyone to access and use the safest, most reliable stablecoins in the market. Learn more here: <a href="https://t.co/0j4Kj0yyPk" rel="noopener noreferrer nofollow">https://t.co/0j4Kj0yyPk</a> <a href="https://t.co/1doexKvVmY" rel="noopener noreferrer nofollow">pic.twitter.com/1doexKvVmY</a>
 — Paxos (@Paxos) <a href="https://twitter.com/Paxos/status/1748012531770077205?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 18, 2024</a>
</blockquote>
<h2 id="strong-sol-price-overview-strong">SOL Price Overview</h2>
Despite Solana’s burgeoning network activity, the price performance of its native token SOL has somewhat dampened in the past few weeks. As of this writing, the <a href="https://www.newsbtc.com/news/solana/solana-meme-coins-sol/" target="_blank" rel="noopener noreferrer nofollow">Solana token</a> is valued at $92, reflecting a 0.6% decline in the last 24 hours.
This sluggish performance in the past day underscores the altcoin’s challenges since the turn of the year. After reaching a multi-month high of $124 at the end of 2023, the <a href="https://www.newsbtc.com/analysis/sol-price-reaches-90/" target="_blank" rel="noopener noreferrer nofollow">SOL price</a> has largely struggled to hold above the $100 mark.
According to data from CoinGecko, the Solana token is down by more than 5% in the past week. Meanwhile, the coin has declined by about double that figure since the beginning of 2024.
Nevertheless, SOL maintains its position as the <a href="https://www.newsbtc.com/news/solana/solana-price-will-climb-to-750/" target="_blank" rel="noopener noreferrer nofollow">fifth-largest cryptocurrency</a> in the sector, with a market capitalization of more than $40 billion.
<img loading="lazy" src="https://www.tradingview.com/x/BvlQpaET/" alt="Solana" width="2174" height="1434">

Solana Stablecoin Volume Reaches Record High Of $300 Billion In January

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