Altcoins

Solana Stablecoin Volume Reaches Record High Of $300 Billion In January

In accordance with the most recent on-chain knowledge, the Layer-1 community Solana has hit a big milestone when it comes to the switch quantity of stablecoins this month.

Solana Overtakes Tron In Stablecoin Switch Quantity

Data from the blockchain analytics platform Artemis exhibits that the stablecoin switch quantity on Solana has already surpassed $300 billion in January. That is the biggest switch quantity recorded by stablecoins on the Layer-1 blockchain in a single month.

To place this determine into context, the Solana community registered $297 billion in stablecoin quantity in the complete December. In the meantime, the blockchain’s stablecoin switch quantity was about $11.56 billion in January 2023, reflecting an over 2,500% development up to now 12 months.

Solana

Stablecoin switch quantity throughout varied blockchains up to now 12 months | Supply: Artemis

From the chart above, it’s clear that Solana’s stablecoin exercise has been on a gentle rise since October, rising by greater than 650% up to now few months.  This development has additionally impacted the community’s share within the stablecoin market, with Solana now boasting about 32% market share.

Unsurprisingly, Ethereum leads the marketplace for stablecoins, with its switch quantity already reaching virtually $317 billion in January. In the meantime, the Tron community trails Solana in third place, with a stablecoin quantity of roughly $240 billion.

On Thursday, January 18, Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana community. In accordance with DefiLlama knowledge, USDC stays the dominant stablecoin on the Layer-1 community, with a market cap of over $1 billion.

SOL Worth Overview

Regardless of Solana’s burgeoning community exercise, the value efficiency of its native token SOL has considerably dampened up to now few weeks. As of this writing, the Solana token is valued at $92, reflecting a 0.6% decline within the final 24 hours.

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This sluggish efficiency up to now day underscores the altcoin’s challenges for the reason that flip of the 12 months. After reaching a multi-month excessive of $124 on the finish of 2023, the SOL worth has largely struggled to carry above the $100 mark.

In accordance with knowledge from CoinGecko, the Solana token is down by greater than 5% up to now week. In the meantime, the coin has declined by about double that determine for the reason that starting of 2024.

However, SOL maintains its place because the fifth-largest cryptocurrency within the sector, with a market capitalization of greater than $40 billion.

Solana

Solana worth faces downward strain on the every day timeframe | Supply: SOLUSDT chart on TradingView

Featured picture from Dreamstime/Aivaras Sakurovas, chart from TradingView

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