Stablecoin transfer volume on the Solana layer-one blockchain has been steadily increasing, setting a new record in January.
According to blockchain analytics platform Artemis, stablecoin transfers on Solana exceeded $300 billion in January.
This figure has exceeded Solana's stablecoin transfer volume of US$297 billion in December 2023.
Additionally, stablecoin transfers so far in January were $303 billion, a 2,520% increase from the $11.56 billion in stablecoin transfers in January 2023.
Solana’s stablecoin market share is now close to 32%, a significant increase from its 1.2% share a year ago.
Stablecoin activity on Solana began to pick up in October 2023 and has steadily increased by 650% since then.
Ethereum is the industry leader in stablecoin transfer volume, with $317 billion transferred so far this month and over 33% market share. However, Solana is catching up quickly.
The third largest stablecoin transfer blockchain, Tron, is the largest with $240 billion in assets so far this month.
On January 16, Artemis noted that weekly stablecoin transaction volumes across all networks had reached a yearly high. It attributed the growth to an increase in USD Coin (USDC) transfer volumes on Solana.
On January 18, Paxos announced that its regulated stablecoin USDP has been launched on the Solana blockchain.
Over $1.18 trillion in stablecoins moved across all blockchains in the past year.
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