Solana(SOL) stablecoin transfer volume hits record monthly high of $300B
The stablecoin transfer volume in January has already exceeded $300 billion, surpassing December’s. Solana’s layer-1 stablecoin transfer volume has steadily increased, reaching a new high in January.
In January, stablecoin transfers on Solana already exceeded $300 billion, according to blockchain analytics platform Artemis. The number has already surpassed the $297 billion Solana stablecoin transfer volume in December 2023. Furthermore, January’s $303 billion to date is 2,520% higher than the $11.56 billion stablecoin transfer volume in January 2023. Solana’s stablecoin market share is now around 32%, a significant increase from the 1.2% it held a year ago.
Stablecoin activity on Solana began in October 2023 and has gradually climbed by 650% since. Ethereum leads the industry in stablecoin transfer volume, with $317 billion this month, giving it a market share of more than 33%. However, Solana is quickly catching up. Tron is the third-largest blockchain for stablecoin transfers, accounting for $240 billion this month.
On January 16, Artemis reported that weekly stablecoin volumes across all networks had reached an annual high. It ascribed the increase to USD coin transfer volumes on Solana.
On January 18, Paxos stated that USDP, their regulated stablecoin, has been released on the Solana blockchain. almost the past year, almost $1.18 trillion in stablecoins have been exchanged across all blockchains. In addition to stablecoin volumes, decentralized finance activity on Solana has increased, bringing total locked value to its highest level since September 2022, at $1.36 billion, according to DefiLlama. Solana’s SOL $89 price has fallen 2% over the weekend, trading at $93 as of this writing. The asset has now declined 25% from its December 2023 high of $123 and is still down 64% from its all-time high of $260 in November 2021.
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