Stablecoin

Solana

Billion

Coin

Recent data from IntoTheBlock revealed that stablecoin’s on-chain trading volume now surpasses $846 billion. This market nevertheless remains highly active, despite a 30% drop in monthly trading and $20 billion below its highest peak at the same time. 
This recent stablecoin usage in international remittance could be leveraged to cut down the large fees tied to traditional cross-border transactions.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcsbMyqY8B76Okfccc2f92OuxOiBV2iNSI3Yi5AifwWN_srmlWkwRTtqIzkg2JI23UoP2GFHObGlKw6fFOv250RauVAfKeXtcZr5i6QZx9Hm0N-CmJRJSII2MjjgSPTeXQARx0BvRtzd3JB6FcuE11o1_o?key=oRUmZxd7lHTP69ZI9cvX0Q" alt="AD 4nXcsbMyqY8B76Okfccc2f92OuxOiBV2iNSI3Yi5AifwWN srmlWkwRTtqIzkg2JI23UoP2GFHObGlKw6fFOv250RauVAfKeXtcZr5i6QZx9Hm0N">
 <figcaption class="wp-element-caption">
 Stablecoin Monthly On-chain Trading volume according to <a href="https://app.intotheblock.com/perspectives/stablecoins" target="_blank" rel="noreferrer noopener nofollow">IntoTheblock</a>
 </figcaption>
 </figure>
</div> 
Moreover, a <a href="https://www.coinbase.com/en-br/blog/crypto-could-help-save-billions-of-dollars-remittance-fees" target="_blank" rel="noreferrer noopener nofollow">recent study</a> conducted by Coinbase has shown that Americans spend almost $12 billion per year just for transfer fees abroad due to a lack of cheaper options. 
PayPal’s PyUSD, one of the major stablecoins plays a key role in this. Within the last four weeks, PyUSD has become not only one of the fastest growing but also the tenth most capitalized stablecoin with over 21% increase since the month of April. Furthermore, PayPal recently <a href="https://www.cryptotimes.io/2024/05/29/paypal-usd-stablecoin-goes-live-on-solana-blockchain/">announced </a>its expansion onto Solana blockchain from Ethereum, reinforcing its position in this particular market. 
As of now, the Solana ecosystem itself boasts of over $4 billion in stablecoin market cap, with USD Coin (USDC) currently dominating over 72% of the market share according to Artemis data.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXf35T_AQ4A-LJcjeMloe1hzgV_-YVUd39KWNGJm9_FrUSWflIaRmuvVFmlpa8yIlIkpCayzo3ZcWw1hMq9VGpWJZOsouwRfknmMOvNVcNZadUsZJZCfMMZmQp8FWcO4k4z31jPv5QSX7uDfl-wBsDjHnNU?key=oRUmZxd7lHTP69ZI9cvX0Q" alt="AD 4nXf35T AQ4A LJcjeMloe1hzgV YVUd39KWNGJm9 FrUSWflIaRmuvVFmlpa8yIlIkpCayzo3ZcWw1hMq9VGpWJZOsouwRfknmMOvNVcNZadUsZJZCfMMZmQp8FWcO4k4z31jPv5QSX7uDfl">
 <figcaption class="wp-element-caption">
 Image Source: <a href="https://app.artemis.xyz/stablecoins?chain=solana" target="_blank" rel="noreferrer noopener nofollow">Artemis</a>
 </figcaption>
 </figure>
</div> 
This development also follows PayPal’s announcement last month that Xoom, its money transfer service, would <a href="https://www.cryptotimes.io/2024/04/04/xoom-launches-pyusd-funding-option-for-u-s-customers/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/04/04/xoom-launches-pyusd-funding-option-for-u-s-customers/" rel="noreferrer noopener">enable US customers to send stablecoins</a> to approximately 160 countries without incurring any fees. 
The rise in stablecoin usage can be further indicated by the fact that the stablecoin on-chain trading volume surpassed $1.3 trillion last month, exceeding the average monthly volume <a href="https://annualreport.visa.com/financials/default.aspx" target="_blank" rel="noreferrer noopener nofollow">processed</a> by Visa last year which recorded $32 billion. Tether USD (USDT), DAI, and USD Coin (USDC) collectively processed over $1.3 trillion in transactions in the past 30 days.

Stablecoins Surpass $846 Billion in On-Chain Trading Volume

The Crypto Times

Other articles published on May 31, 2024

Crypto Analyst Reveals Why $69,000 Is Very Important In The Grand Scheme Of A Bitcoin Recovery

Beijing Asks WeChat to Lower Its Mobile Payment Share Amid Digital Yuan Pilot

Coinbase Files Closing Brief, Blasts SEC Over Unclear Regulation

XRP, Cardano (ADA), And Algotech (ALGT): Which Of These 3 Will Reach $1 First?

Dogecoin Whales Accumulate 700 Million DOGE Tokens in 72 Hours, What To Expect?

PEPE Crashes 15%, Exits Out Of Top 20 Crypto List

Join our free newsletter for daily crypto updates!