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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-rise-in-the-payments-sector/" data-wpel-link="internal">Solana’s Rise in the Payments Sector</a> 
Bernstein analysts have highlighted the increasing role of the Solana (<a href="https://en.coin-turk.com/what-will-happen-to-sol-coin-after-ftx-crash/" data-wpel-link="internal">SOL</a>) network in the payments space, reporting that it has emerged as a strong player despite ongoing scalability issues. According to the brokerage’s research, a revival in stablecoin settlement characterized by increased liquidity and improved investor sentiment has positioned Solana at the forefront of facilitating <a href="https://coin-turk.com/blockchain-ve-sivilastirilmis-dogal-gaz-uretimi" data-wpel-link="internal">Blockchain</a>-based transactions. 
<h2 style="text-align: justify" id="strong-solana-s-ascent-in-payment-processing-strong">Solana’s Ascent in Payment Processing</h2> 
Bernstein analysts Gautam Chhugani and Mahika Sapra recently noted to their clients that Solana has captured a significant portion of the value transferred in the payments space, particularly in the stablecoin market. Solana has emerged as a leader in stablecoin transfers, holding a 43% market share in terms of transferred value. This marks a significant shift from previous cycles dominated by <a href="https://coin-turk.com/bollinger-bantlarinin-gelistiricisi-john-bollinger-ethereum-eth-satin-aldigini-acikladi-iste-nedeni" data-wpel-link="internal">Ethereum</a> (<a href="https://en.coin-turk.com/crypto-market-recovers-bitcoin-soars-and-altcoins-choose-directions/" data-wpel-link="internal">ETH</a>). 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-334825" src="https://coin-turk.com/wp-content/uploads/2024/03/Altcoin-Solana-SOL.jpeg" alt="" width="1280" height="720"> 
Analysts attribute Solana’s rise in stablecoin settlement to its streamlined single-layer design, direct accessibility from cryptocurrency exchanges, ability to handle higher transaction volumes, and lower transaction fees. These factors have supported Solana’s ascent as a preferred network for stablecoin transactions, eliminating the complexities associated with bridging to <a href="https://en.coin-turk.com/ethereum-price-shows-volatile-days-ahead-will-the-recent-surge-sustain-in-the-near-future/" data-wpel-link="internal">Ethereum</a> Layer 2 solutions. 
However, despite significant strides in stablecoin settlement, Solana still significantly trails Ethereum in terms of the volume of stablecoins issued on the Blockchain. While Solana hosts key stablecoins like USD Coin (USDC), its supply is considerably lower compared to the high figures on the Ethereum network. USDC alone manages a supply of $26.4 billion on Ethereum, while only $2.2 billion is managed on Solana. 
<h2 style="text-align: justify" id="strong-analysts-recommend-increasing-network-tps-strong">Analysts Recommend Increasing Network TPS</h2> 
According to analysts, despite Solana’s capabilities in facilitating cross-border payments and significant collaborations with industry giants like Visa and Shopify, it has not yet entered mainstream consumer or business-to-business (B2B) payment sectors. They attribute this to scalability limitations, emphasizing the need for a significant increase in transactions per second (TPS) to overcome current network congestion issues. 
Recent congestion issues in the Solana network have led to renewed concerns about scalability problems, causing transaction delays and failures. The network’s development team is actively trying to address these concerns through software patches and updates, but the issues have not yet been resolved. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-rise-in-the-payments-sector/" data-wpel-link="internal">Solana’s Rise in the Payments Sector</a></h5>

Solana’s Rise in the Payments Sector

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