Solana Stablecoin Volume Reaches Record High
Solana, a Layer-1 network, has reached a significant milestone in stablecoin transfer volume, surpassing $300 billion in January. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month, according to blockchain analytics platform Artemis.
The Solana network registered $297 billion in stablecoin volume in December, and its stablecoin transfer volume was about $11.56 billion in January 2023, reflecting a 2,500% growth in the past year.
Solana’s stablecoin activity has been steadily increasing since October, with a 32% market share. Ethereum leads the market for stablecoins, with its transfer volume reaching almost $317 billion in January. Tron trailed Solana in third place with a stablecoin volume of around $240 billion.
(With inputs from Shikha Singh)
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