January’s stablecoin transfer volume has already exceeded $300 billion, surpassing that of December. On the layer-1 Solana blockchain, the volume of stablecoin transfers has been continuously rising and has already surpassed a previous record this month.
As per Artemis, a blockchain analytics company, the transfer volume of stablecoins on Solana has surpassed $300 billion in January. The amount has already surpassed December’s $297 billion in Solana stablecoin transfers.
Additionally, January’s $303 billion transfer volume to date is 2,520% greater than January 2023’s $11.56 billion stablecoin transfer volume.
From its 1.2% market share a year ago, Solana’s stablecoin share has increased significantly to approximately 32% at this point.
From October onwards, Solana has seen a steady growth in stablecoin activity of 650%.
With $317 billion transferred so far this month, Ethereum leads the industry in stablecoin transfer volume and holds a market share of over 33%; but, Solana is catching up quickly. Tron has transferred $240 billion in stablecoins this month, making it the third-largest blockchain.
Weekly stablecoin volumes across all networks hit a yearly high, according to a report released by Artemis on January 16. It ascribed the increase to Solana’s USDC transfer volumes.
Paxos declared on January 18 that the Solana blockchain had seen the introduction of its regulated stablecoin, USDP. Stablecoins worth over $1.18 trillion have been moved across all blockchains combined in the last year.
There has been a surge in decentralised finance (DeFi) activity on Solana in addition to stablecoin volumes. According to DeFiLlama, this has caused the total value locked to reach its highest point since September 2022, at $1.36 billion.
As of this writing, prices are trading at $93 after declining 2% over the weekend. This week, prices have been declining. The asset has now dropped 25% from its peak of $123 in December 2023 and is still 64% below its peak of $260 in November 2021.