Solana stablecoin transfer volume hits record monthly high of $300B

In January, stablecoin transfers totaled more than $300 billion, exceeding December’s amount. The volume of stablecoin transfers on the layer-1 Solana blockchain has constantly climbed, reaching a new high in January.

As per the data provided by blockchain analytics firm Artemis, the transfer volume of stablecoins on Solana surpassed $300 billion in January.The value has already surpassed the December 2023 Solana stablecoin transfer volume of $297 billion.

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. Beginning in October 2023, stablecoin activity on Solana has grown steadily, adding 650% in the intervening months.

With $317 billion transferred so far this month, Ethereum leads the industry in terms of stablecoin transfer volume, with a market share of more than 33%. But Solana is catching up quickly.Tron moved $240 billion in stablecoins this month, making it the third-largest blockchain.Weekly coin 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 USD Coin transfer volumes.

Solana’s Stablecoin Integration and Market Trends

Paxos announced on January 18 that USDP, its regulated stablecoin, has gone live on the Solana blockchain. Stablecoins worth over $1.18 trillion have been moved across all blockchains in the last year.

Along with stablecoins volume, Solana has seen a rise in decentralized finance activity, which has caused the total value locked to reach $1.36 billion, the highest amount since September 2022, according to DefiLlama.

This week, the price of Solana has been declining; during the weekend, it dropped 2%, trading at $93 at the time of writing. 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.