Cointime

Download App
iOS & Android

Solana stablecoin transfer volume hits record monthly high of $300B

Validated Individual Expert

The transfer volume of stablecoins on the layer-1 Solana blockchain has been steadily increasing, hitting a new record so far this month. 
According to blockchain analytics platform Artemis, stablecoin transfer volume on Solana has already exceeded $300 billion in January.
The figure has already eclipsed the $297 billion in Solana stablecoin transfer volume for December.
Moreover, January’s $303 billion to date is 2,520% more than the $11.56 billion stablecoin transfer volume in January 2023.
Solana’s stablecoin market share is currently almost 32% which is a huge increase from the 1.2% share it had a year ago.
Stablecoin activity on Solana started picking up in October and has steadily increased by 650% since then.
Ethereum is the industry leader for stablecoin transfer volume with $317 billion so far this month giving it a market share of more than 33%, however, Solana is rapidly catching up.
The third largest blockchain for stablecoin transfers is Tron with $240 billion so far this month.
On Jan. 16, Artemis noted that weekly stablecoin volumes across all networks had reached a yearly high. It attributed the growth to USDC transfer volumes on Solana.
On Jan.18, Paxos announced that its regulated stablecoin USDP had launched on the Solana blockchain.
Over the past year, more than $1.18 trillion in stablecoins was transferred across all blockchains combined.
In addition to stablecoin volumes, there has been an uptick in decentralized finance (DeFi) activity on Solana. This has pushed total value locked to its highest level since September 2022 at $1.36 billion, according to DeFiLlama.
SOL$92 prices have been in retreat this week, falling 2% over the weekend to trade at $93 at the time of writing. The asset has now retreated 25% from its December 2023 high of $123 and remains down 64% from its all-time high of $260 in November 2021.

Comments

All Comments

Recommended for you

  • Bitcoin mining difficulty exceeds 100T, setting a new record high

    the difficulty of Bitcoin mining has surpassed 100T, reaching a new historical high. 

  • BTC falls below $68,000

    the market shows that BTC has fallen below $68,000 and is currently trading at $67,991.33, with a 24-hour drop of 1.02%. The market fluctuates greatly, so please be prepared for risk control.

  • BTC falls below $68,500

    market shows BTC has fallen below $68,500 and is currently trading at $68,446, with a 24-hour increase of only 0.02%. The market is volatile, please be prepared for risk control.

  • ETH/BTC exchange rate fell below 0.0356, hitting the lowest level since the 21-year bull peak

    market data shows the ETH/BTC exchange rate has fallen below 0.0356, currently at 0.03557, with a 24-hour decline of 0.81%, continuing to reach the lowest level since the bull market peak of 21 years ago. The market fluctuations are significant, so please be prepared for risk control.

  • AAVE drops below $130

    market shows that AAVE has fallen below $130 and is now reporting at $129.99, with a 24-hour drop of 1.87%. The market is fluctuating greatly, so please be prepared for risk control.

  • BTC falls below $68,500

    market shows BTC has fallen below $68,500, now trading at $68,486.02, with a 24-hour decline of 0.02%. The market is volatile, so please be prepared for risk control.

  • BTC breaks through $69,000

    the market shows BTC breaking through $69,000, currently reporting at $69,001.99 with a 24-hour decline of 0.03%. The market is experiencing significant fluctuations, please be prepared for risk control.

  • BTC falls below $68,000

    the market shows that BTC has fallen below $68,000 and is now trading at $67,931.33, with a 24-hour drop of 2.7%. The market is fluctuating greatly, so please be prepared for risk control.

  • Why is Solana's Dogwifhat (WIF) memecoin crashing?

    WIF price risks declining by another 48% due to the formation of a classic bearish reversal setup.

  • Solana Edge Data Intelligent Network 375ai Completes $5 Million Seed Round of Financing, Led by 6MV

    Solana's edge data intelligent network 375ai announced the completion of a $5 million seed round of financing on X platform, with 6MV as the lead investor and participation from Arca, Escap Velocity, Primal Capital, and Auros. Specific valuation information has not been disclosed. 375ai provides decentralized edge data intelligent network nodes and mobile applications based on blockchain for real-time data collection. Users can participate in the network by deploying nodes, using applications, or staking tokens, while also receiving rewards.