Solana's stablecoin transactions reach over $300 Billion

Solana has achieved a milestone in stablecoin transfers, surpassing an unprecedented $300 billion in one month.

Solana has achieved a milestone in stablecoin transactions, surpassing an unprecedented $300 billion in one month.

This surge in transaction volume is the highest ever recorded on the Layer-1 blockchain, demonstrating the platform’s growing prominence in facilitating stablecoin transactions.

In January, Solana experienced a significant increase in stablecoin transfers, surpassing the previous month’s figures.

December saw $297 billion in stablecoin transfers, representing a significant month-over-month increase. When comparing current statistics to January of the previous year, Solana has experienced an astounding surge of over 2,550%, handling only $11.5 billion in stablecoin transfers during the same period in 2023.

Paxos recently added its regulated stablecoin, USDP, to the Solana blockchain ecosystem. While USDC remains the dominant stablecoin on Solana, with a market cap of more than $1 billion, the launch of USDP adds to the platform’s diverse stablecoin offerings.

Despite significant progress in stablecoin transfers, Solana’s native token, SOL, faces difficulties in maintaining a price above $100. SOL, which is currently valued at $89, has declined by 2.8% in the last day.

After reaching a high of $124 at the end of 2023, SOL has faced challenges in maintaining a triple-digit value in the new year.

With a market cap of over $40 billion, SOL has fallen by over 6% in the last 7 days, reflecting the ongoing volatility in the crypto market.

TagsSOL Solana

Judith Faith

Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.