Stablecoin Transfer Volume on Solana Skyrockets to Over $300B

• The stablecoin transfer volume on Solana surpassed $300 billion in January.
• Solana stablecoin activity has surged 650% since it started going up in October 2023.

With a new record set in January, the amount of stablecoin transfers on the layer-1 Solana blockchain has been constantly increasing. For Solana, the stablecoin transfer volume surpassed $300 billion in January, according to blockchain analytics company Artemis.

The amount of Solana stablecoin transfers for December 2023 was $297 billion, and this number has already surpassed it. Also, compared to the $11.56 billion in stablecoin transfers in January 2023, the current $303 billion is 2,520% higher.

Significant Uptick

The stablecoin market share of Solana has exploded in the last year, going from 1.2% to over 32%. Solana stablecoin activity has surged 650% since it started going up in October 2023. With $317 billion in stablecoin transfers this month, Ethereum has a market share of almost 33% and leads the industry. But Solana is making up ground quickly.

With $240 billion in stablecoin transactions this month, Tron is the third biggest blockchain. The weekly stablecoin volumes across all networks hit an annual high, according to Artemis on January 16th. It said that the increase was due to the number of USDC transfers on Solana.

The regulated stablecoin USDP, developed by Paxos and released on the Solana blockchain, was officially launched on January 18th. Stablecoins were moved across all blockchains to the tune of almost $1.18 trillion in the last year.

Moreover, the total value locked (TVL) on Solana has reached its highest point since September 2022, at $1.36 billion, because of an increase in both stablecoin volumes and decentralized finance activities, according to DefiLlama.

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