Stablecoin Transfer Volume on Solana Skyrockets to $300B

Stablecoin transfer volume on Layer-1 blockchain Solana in January has already exceeded $300 billion, surpassing that of December.

Interestingly, there has been a surge in decentralized finance (DeFi) activity on Solana in addition to stablecoin volumes. According to DeFiLlama, this has caused the total value locked (TVL) to reach $1.36 billion, the highest surge since September 2022, while SOL is trading at $92.

Surpassing $300B on Solana

While for December, the volume of stablecoin transfers on Solana was calculated to be $297 billion, blockchain analytics platform Artemis said that volume had already exceeded $300 billion in January.

The volume of stablecoin transfers has been continuously rising on the layer-1 blockchain Solana and has already surpassed a previous record this month. 

Yearly Highs

On January 16, Artemis released a report stating that weekly stablecoin volumes across all networks hit a yearly high. The report highlighted the increase in the blockchain’s USDC transfer volumes.

It is important to note that on January 18, Paxos announced that it launched its regulated stablecoin, USDP, on the Solana blockchain.

For the past year, all blockchain stablecoin transfers were calculated to be more than $1.18 trillion combined.

Stablecoin transfer volume surpassed $367 billion for the week of January 8th.

This notable growth can be attributed to the $USDC transfer volume on @solana, which has propelled stablecoins to reach their highest transfer volume levels in over a year. pic.twitter.com/jpitEHXPxn

— Artemis (@artemis__xyz) January 16, 2024

Solana is Catching Up

Currently, the blockchain stands second in the stablecoin market by 32%. The first rise in stable coin activity was first noted in October and has steadily increased by 650% since then.

As reported earlier by TheCoinRise, the demand for the blockchain’s Saga crypto smartphone has also been on the rise.

Ethereum Leading the Industry

With $317 billion transferred so far this month, Ethereum leads the industry in stablecoin transfer volume and holds a market share of more than 33%, with Solana catching up rapidly.

The third largest blockchain for stablecoin transfers is Tron, with $240 billion so far this month. In early January, a similar trend was noted where SOL surpassed Ethereum in terms of stablecoin volume while Tron was still the third blockchain with the most volume.