According to Cointelegraph: The layer-1 Solana blockchain has reported a record-breaking $300 billion in stablecoin transfer volume in January, surpassing December 2023's volume of $297 billion.
As per Artemis, a blockchain analytics platform, this new high shows a 2,520% increase compared to the stablecoin transfer volume of $11.56 billion in January 2023.
Currently, stablecoins on Solana hold a nearly 32% market share, a significant leap from the 1.2% share seen in the same period one year prior. Solana's stablecoin activity began to grow notably in October 2023, showing an increase of 650% since then.
Despite Ethereum leading the industry with a stablecoin transfer volume amounting to $317 billion this month, boasting a 33% market share, Solana is narrowing the gap. The third position belongs to Tron, having reported $240 billion in stablecoin transfers so far this month.
It was pointed out by Artemis that on January 16, the weekly stablecoin volume across all networks reached an annual high, largely due to USD Coin transfers on Solana. Following this, on January 18, Paxos declared that its regulated stablecoin, USDP, had debuted on the Solana blockchain.
Over the past year, more than $1.18 trillion in stablecoin was transferred across all blockchains.
Solana's use is not only limited to stablecoins; decentralized finance activity on the platform is also rising, pushing the total value locked to its highest peak since September 2022 at $1.36 billion, as specified by DefiLlama.
While Solana's price dipped by 2% over the weekend, trading at $93 at the time of writing, the platform's stablecoin activity is hitting all-time highs. However, it remains 25% down from its December 2023 high of $123 and 64% down from its all-time high of $260 in November 2021.
