Stablecoin Volumes on Solana Network Reach $300 Billion!

• Transfer volumes of stablecoins on the Layer-1 Solana blockchain have steadily increased, setting a new record in January.
• Solana’s stablecoin market share is currently almost 32%, representing a significant increase from 1.2% market share a year ago.
• On January 18th, Paxos announced the successful launch of its regulated stablecoin USDP on the Solana blockchain.

Stablecoin volumes on the Solana network reached a new record in January: Latest data on blockchain networks!

Stablecoin Volumes on Solana Network Growing

Transfer volumes of stablecoins on the Layer-1 Solana blockchain have steadily increased, setting a new record in January. According to the blockchain analytics platform Artemis, the transfer volume of stablecoins on Solana has already exceeded $300 billion in January.

This figure surpasses Solana’s stablecoin transfer volume of $297 billion in December 2023. Moreover, the volume of $303 billion so far in January is over 2,520% higher than the stablecoin transfer volume of $11.56 billion in January 2023.

Solana’s stablecoin market share is currently almost 32%, representing a significant increase from 1.2% market share a year ago. Stablecoin activity on Solana started to increase in October 2023 and has steadily grown by 650% since then.

As of this month, Ethereum leads the industry with over 33% market share in stablecoin transfer volume, totaling $317 billion. However, Solana is rapidly catching up. Tron is the third-largest blockchain for stablecoin transfers, with a volume of $240 billion so far this month.

Artemis noted that weekly stablecoin volumes reached an annual peak across all networks on January 16th. It attributed this growth to the USD Coin transfer volumes on Solana. On January 18th, Paxos announced the successful launch of its regulated stablecoin, USDP, on the Solana blockchain.

Increased Activity on Solana

Throughout last year, stablecoin transfers exceeding $1.18 trillion were conducted across all blockchains. In addition to stablecoin volume, there has been an increase in decentralized finance (DeFi) activity on Solana. According to DeFiLlama, the total value locked reached its highest level since September 2022, reaching $1.36 billion.

Solana’s price declined this week, reaching $93.4 at the time of writing. The asset is currently 25% lower than its December 2023 level of $123 and 64% lower than its all-time high in November 2021.