Solana’s Stablecoin Transfer Volume Hits Record $303 Billion

Since the beginning of the year, the volume of stablecoin transfers on the Solana blockchain has reached $303 billion. This figure has already surpassed the December 2023 value of $297 billion and has grown 26.2 times compared to January last year ($11.56 billion), according to Artemis.

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

Analysts attribute this significant growth to a surge in interest in USDC on Solana.

The blockchain’s share in stablecoin circulation has increased to 32% from 1.2% a year ago.

The upward trend began in October 2023.

Ethereum remains the leader in the segment. In January, the figure stood at $317 billion with a share of over 33%. Tron holds the third position with $240 billion.

According to Artemis, weekly stablecoin volumes across all networks have reached an annual high.

On January 18, Paxos announced the launch of USDP on the Solana network.

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

Earlier in 2023, the daily transaction volume in Solana exceeded $40 billion, reaching its highest level since October 2022. 

Previously, CoinGecko analysts noted the impressive “resurrection of Solana from the dead” following the “chain reaction” from the collapse of FTX.