Solana Stablecoin Volume Reaches Record High Of $300 Billion In January
January 21 2024 - 2:50AM
NEWSBTC
According to the latest on-chain data, the Layer-1 network Solana
has hit a significant milestone in terms of the transfer volume of
stablecoins this month. Solana Overtakes Tron In Stablecoin
Transfer Volume Data from the blockchain analytics platform Artemis
shows that the stablecoin transfer volume on Solana has already
surpassed $300 billion in January. This is the largest transfer
volume recorded by stablecoins on the Layer-1 blockchain in a
single month. To put this figure into context, the Solana network
registered $297 billion in stablecoin volume in the entire
December. Meanwhile, the blockchain’s stablecoin transfer volume
was about $11.56 billion in January 2023, reflecting an over 2,500%
growth in the past year. Stablecoin transfer volume across various
blockchains in the past year | Source: Artemis Related Reading:
Bitcoin Whale Addresses Hit 15-Month High – A Sign Of Growing
Accumulation? From the chart above, it is clear that Solana’s
stablecoin activity has been on a steady rise since October,
increasing by more than 650% in the past few months. This
growth has also impacted the network’s share in the stablecoin
market, with Solana now boasting about 32% market share.
Unsurprisingly, Ethereum leads the market for stablecoins, with its
transfer volume already reaching almost $317 billion in January.
Meanwhile, the Tron network trails Solana in third place, with a
stablecoin volume of roughly $240 billion. On Thursday, January 18,
Paxos revealed the launch of its regulated stablecoin, USDP, on the
Solana network. According to DefiLlama data, USDC remains the
dominant stablecoin on the Layer-1 network, with a market cap of
over $1 billion. Paxos is thrilled to share our regulated
stablecoin USDP is now live on the @solana blockchain! This
integration makes it easier for anyone to access and use the
safest, most reliable stablecoins in the market. Learn more here:
https://t.co/0j4Kj0yyPk pic.twitter.com/1doexKvVmY — Paxos (@Paxos)
January 18, 2024 SOL Price Overview Despite Solana’s burgeoning
network activity, the price performance of its native token SOL has
somewhat dampened in the past few weeks. As of this writing, the
Solana token is valued at $92, reflecting a 0.6% decline in the
last 24 hours. This sluggish performance in the past day
underscores the altcoin’s challenges since the turn of the year.
After reaching a multi-month high of $124 at the end of 2023, the
SOL price has largely struggled to hold above the $100 mark.
Related Reading: Brace For Crypto Market Waves: FTX And Celsius Are
Sending MATIC, ETH, And WBTC To Binance According to data from
CoinGecko, the Solana token is down by more than 5% in the past
week. Meanwhile, the coin has declined by about double that figure
since the beginning of 2024. Nevertheless, SOL maintains its
position as the fifth-largest cryptocurrency in the sector, with a
market capitalization of more than $40 billion. Solana price faces
downward pressure on the daily timeframe | Source: SOLUSDT chart on
TradingView Featured image from Dreamstime/Aivaras Sakurovas, chart
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