Solana’s blockchain network has witnessed a significant surge in stablecoin transfer volume, reaching a new monthly record surpassing $300 billion in January, eclipsing December’s $297 billion. This growth represents a staggering 2520% increase from January 2023’s $11.56 billion, with Solana’s stablecoin market share now at nearly 32%, up from just 1.2% the previous year.
The increase in stablecoin activity within the Solana ecosystem began in October and has since consistently risen by 650%. Ethereum remains the leader in stablecoin transfer volume for the month, with over $317 billion and a market share above 33%, while Tron holds the third position with $240 billion in transfers.
On January 16, Artemis reported the highest weekly stablecoin volumes of the year across all blockchain networks, attributing much of this growth to USDC transfers within the Solana ecosystem. Additionally, on January 18, Paxos announced the launch of its regulated stablecoin USDP on Solana.
Last year, over $1.18 trillion in stablecoins were transferred across all blockchain ecosystems. Alongside stablecoin volumes, decentralized finance (DeFi) activities on Solana have also increased, with DeFiLlama reporting the highest total locked value since September 2022 at $1.36 billion.
Despite these developments, Solana’s price has retreated this week, falling by 2% over the weekend to trade at $93, a 25% decline from its December 2023 peak of $123 and 64% below its all-time high of $260 in November 2021.