Solana stablecoin transaction volume hits record monthly high of $300 billion

The transfer rate of stablecoins on the Layer-1 Solana blockchain is constantly increasing and has set a new record so far this month.

According to blockchain analytics platform Artemis, the amount of stablecoin transfers on Solana already exceeded $300 billion in January.

The figure surpasses the $297 billion in transactions previously reported by the Solana stablecoin in December.

Moreover, January's $303 billion year to date is 2,520% higher than the $11.56 billion stablecoin turnover in January 2023.

Solana's stablecoin market share is now nearly 32%, a significant increase from its 1.2% share a year ago.

Stablecoin activity on Solana started picking up in October and has steadily increased by 650% since then.

Ethereum is the industry leader for statscoin transfer volume with $317 billion, giving it over 33% market share this month, but Solana is quickly catching up.

The third largest blockchain for stablecoin transactions is Tron with $240 billion so far this month.

On January 16, Artemis reported that weekly stable coin volumes across all networks have reached annual highs. He attributed the growth to USDC trading volumes on Solana.

Stablecoin turnover exceeded $367 billion in the week of January 8.

This significant growth can be attributed to the volume of $USDC transactions on @solana, which has pushed the stablecoin to its highest volume in over a year. pic.twitter.com/jpitEHXPxn

— Artemis (@artemis__xyz) January 16, 2024

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

Over $1.18 trillion in stablecoin was transferred across all blockchains last year.

Related: 3 Reasons Why Solana (SOL) Price Dropped This Week

In addition to stablecoin volumes, decentralized finance (DeFi) activity has increased on Solana. This pushed the total price to the highest level since September 2022 at $1.36 billion, DeFillama said.

SOL prices are in retreat this week, down 2% over the weekend to trade at $93 at the time of writing. The asset has now retreated 25% from its December 2023 high of $123 and is down 64% from its November 2021 all-time high of $260.

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