{"id":35310,"date":"2024-01-21T08:52:34","date_gmt":"2024-01-21T12:52:34","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35310"},"modified":"2024-01-21T08:52:34","modified_gmt":"2024-01-21T12:52:34","slug":"solana-stablecoin-volume-reaches-record-high-of-300-billion-in-january","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/21\/solana-stablecoin-volume-reaches-record-high-of-300-billion-in-january\/","title":{"rendered":"Solana Stablecoin Volume Reaches Record High Of $300 Billion In January"},"content":{"rendered":"

According to the latest on-chain data, the Layer-1 network Solana has hit a significant milestone<\/a> in terms of the transfer volume of stablecoins this month.<\/p>\n

Solana Overtakes Tron In Stablecoin Transfer Volume<\/strong><\/h2>\n

Data from the blockchain analytics platform Artemis<\/a> shows that the stablecoin transfer volume on Solana has already surpassed $300 billion in January. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month.<\/p>\n

To put this figure into context, the Solana network registered $297 billion in stablecoin volume in the entire December. Meanwhile, the blockchain\u2019s stablecoin transfer volume was about $11.56 billion in January 2023, reflecting an over 2,500% growth in the past year.<\/p>\n\n

From the chart above, it is clear that Solana\u2019s stablecoin activity has been on a steady rise since October, increasing by more than 650% in the past few months.\u00a0 This growth has also impacted the network\u2019s share in the stablecoin market, with Solana now boasting about 32% market share.<\/p>\n

Unsurprisingly, Ethereum leads the market for stablecoins, with its transfer volume already reaching almost $317 billion in January. Meanwhile, the Tron network trails Solana in third place, with a stablecoin volume of roughly $240 billion.<\/p>\n

On Thursday, January 18, Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana<\/a> network. According to DefiLlama data, USDC remains the dominant stablecoin on the Layer-1 network, with a market cap of over $1 billion.<\/p>\n

Paxos is thrilled to share our regulated stablecoin USDP is now live on the @solana<\/a> blockchain! This integration makes it easier for anyone to access and use the safest, most reliable stablecoins in the market. Learn more here: https:\/\/t.co\/0j4Kj0yyPk<\/a> pic.twitter.com\/1doexKvVmY<\/a><\/p>\n

\u2014 Paxos (@Paxos) January 18, 2024<\/a><\/p>\n

SOL Price Overview<\/strong><\/h2>\n

Despite Solana\u2019s burgeoning network activity, the price performance of its native token SOL has somewhat dampened in the past few weeks. As of this writing, the Solana token<\/a> is valued at $92, reflecting a 0.6% decline in the last 24 hours.<\/p>\n

This sluggish performance in the past day underscores the altcoin\u2019s challenges since the turn of the year. After reaching a multi-month high of $124 at the end of 2023, the SOL price<\/a> has largely struggled to hold above the $100 mark.<\/p>\n

According to data from CoinGecko, the Solana token is down by more than 5% in the past week. Meanwhile, the coin has declined by about double that figure since the beginning of 2024.<\/p>\n

Nevertheless, SOL maintains its position as the fifth-largest cryptocurrency<\/a> in the sector, with a market capitalization of more than $40 billion.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

According to the latest on-chain data, the Layer-1 network Solana has hit a significant milestone<\/a> in terms of the transfer volume of stablecoins this month.<\/p>\n

Solana Overtakes Tron In Stablecoin Transfer Volume<\/strong><\/h2>\n

Data from the blockchain analytics platform Artemis<\/a> shows that the stablecoin transfer volume on Solana has already surpassed $300 billion in January. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month.<\/p>\n

To put this figure into context, the Solana network registered $297 billion in stablecoin volume in the entire December. Meanwhile, the blockchain\u2019s stablecoin transfer volume was about $11.56 billion in January 2023, reflecting an over 2,500% growth in the past year.<\/p>\n

From the chart above, it is clear that Solana\u2019s stablecoin activity has been on a steady rise since October, increasing by more than 650% in the past few months.\u00a0 This growth has also impacted the network\u2019s share in the stablecoin market, with Solana now boasting about 32% market share.<\/p>\n

Unsurprisingly, Ethereum leads the market for stablecoins, with its transfer volume already reaching almost $317 billion in January. Meanwhile, the Tron network trails Solana in third place, with a stablecoin volume of roughly $240 billion.<\/p>\n

On Thursday, January 18, Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana<\/a> network. According to DefiLlama data, USDC remains the dominant stablecoin on the Layer-1 network, with a market cap of over $1 billion.<\/p>\n

Paxos is thrilled to share our regulated stablecoin USDP is now live on the @solana<\/a> blockchain! This integration makes it easier for anyone to access and use the safest, most reliable stablecoins in the market. Learn more here: https:\/\/t.co\/0j4Kj0yyPk<\/a> pic.twitter.com\/1doexKvVmY<\/a><\/p>\n

\u2014 Paxos (@Paxos) January 18, 2024<\/a><\/p>\n

SOL Price Overview<\/strong><\/h2>\n

Despite Solana\u2019s burgeoning network activity, the price performance of its native token SOL has somewhat dampened in the past few weeks. As of this writing, the Solana token<\/a> is valued at $92, reflecting a 0.6% decline in the last 24 hours.<\/p>\n

This sluggish performance in the past day underscores the altcoin\u2019s challenges since the turn of the year. After reaching a multi-month high of $124 at the end of 2023, the SOL price<\/a> has largely struggled to hold above the $100 mark.<\/p>\n

According to data from CoinGecko, the Solana token is down by more than 5% in the past week. Meanwhile, the coin has declined by about double that figure since the beginning of 2024.<\/p>\n

Nevertheless, SOL maintains its position as the fifth-largest cryptocurrency<\/a> in the sector, with a market capitalization of more than $40 billion.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35310","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35310"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35310\/revisions"}],"predecessor-version":[{"id":35314,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35310\/revisions\/35314"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35310"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}