Total transaction volume in Stablecoins explodes on Solana:
- The volume of stablecoin transactions on Solana exceeded $300 billion in January.
- This amount represents a 2,520% increase compared to January 2023.
- Solana now holds nearly 32% of the stablecoin market, a significant increase from the previous year.
An explosion of volume in stablecoins on Solana
In January, the volume of stablecoin transactions on the Solana blockchain reached a new peak, surpassing $300 billion.
In fact, this performance exceeds the volume of December 2023, which was $297 billion. Compared to January 2023, where the volume was only $11.56 billion, the increase represents a 2,520% growth. Since the resumption of stablecoin activity on Solana in October 2023, the blockchain has seen a 650% increase this time.
This surge in transfer volume highlights the growing popularity of Solana as the preferred layer 1 for stablecoin transactions.
Today, the price of SOL is trading around $93, and has experienced a 26% decrease since its local top at $126.50 reached in late December 2023.
Solana, a formidable competitor to Ethereum for stablecoins
With nearly 32% market share, Solana is now positioning itself as a major player in the stablecoin space, competing with established leaders like Ethereum.
This rapid growth is attributed in part to the increase in transfer volumes of USD Coin (USDC) on Solana.
In addition, the introduction of the regulated stablecoin USDP by Paxos on Solana contributes to this momentum. At the same time, decentralized finance (DeFi) activity on Solana has also experienced an increase, pushing the Total Value Locked (TVL) to its highest level since September 2022.
