{"id":570537,"date":"2024-01-21T08:50:18","date_gmt":"2024-01-21T08:50:18","guid":{"rendered":"https:\/\/wncen.com\/?p=570537"},"modified":"2024-01-21T08:05:21","modified_gmt":"2024-01-21T08:05:21","slug":"solana-stablecoin-volume-reaches-record-high-of-300-billion-in-january","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/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.<\/span><\/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.<\/span><\/p>\n

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

\"Solana\"<\/p>\n

Stablecoin transfer volume across various blockchains in the past year | Source: Artemis<\/a><\/pre>\n
Related Reading: Bitcoin Whale Addresses Hit 15-Month High \u2013 A Sign Of Growing Accumulation?<\/a><\/div>\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.<\/span><\/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.<\/span><\/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.<\/span><\/p>\n
\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><\/blockquote>\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.<\/span><\/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.<\/span><\/p>\n
Related Reading: Brace For Crypto Market Waves: FTX And Celsius Are Sending MATIC, ETH, And WBTC To Binance<\/a><\/div>\n
According to data from CoinGecko, the Solana token is down by more than 5% in the past <\/span>week. Meanwhile, the coin has declined by about double that figure since the beginning of 2024.<\/span><\/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.<\/span><\/p>\n
\"Solana\"<\/p>\n
Solana price faces downward pressure on the daily timeframe | Source: SOLUSDT chart on TradingView<\/a><\/pre>\n
Featured image from Dreamstime\/Aivaras Sakurovas, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
According to the latest on-chain data, the Layer-1 network Solana has hit a significant milestone in terms of the transfer volume of stablecoins this month. Solana Overtakes Tron In Stablecoin Transfer Volume Data from the blockchain analytics platform Artemis 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. To put this figure into context, the Solana network registered $297 billion in stablecoin volume in the entire December. Meanwhile, the blockchain’s stablecoin transfer volume was about $11.56 billion in January 2023, reflecting an over 2,500% growth in the past year. Stablecoin transfer volume across various blockchains in the past year | Source: Artemis Related Reading: Bitcoin Whale Addresses Hit 15-Month High \u2013 A Sign Of Growing Accumulation? 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. 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. On Thursday, January 18, Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana network. According to DefiLlama data, USDC remains the dominant stablecoin on the Layer-1 network, with a market cap of over $1 billion. Paxos is thrilled to share our regulated stablecoin USDP is now live on the @solana 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 pic.twitter.com\/1doexKvVmY \u2014 Paxos (@Paxos) January 18, 2024 SOL Price Overview 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 is valued at $92, reflecting a 0.6% decline in the last 24 hours. 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 has largely struggled to hold above the $100 mark. Related Reading: Brace For Crypto Market Waves: FTX And Celsius Are Sending MATIC, ETH, And WBTC To Binance 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. Nevertheless, SOL maintains its position as the fifth-largest cryptocurrency in the sector, with a market capitalization of more than $40 billion. Solana price faces downward pressure on the daily timeframe | Source: SOLUSDT chart on TradingView Featured image from Dreamstime\/Aivaras Sakurovas, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":558021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[1946,12837,86420,83626,85361,83627,15241,16680],"class_list":["post-570537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-ethereum","tag-sol","tag-sol-price","tag-solana","tag-solana-price","tag-solusdt","tag-stablecoins","tag-usdc"],"acf":[],"yoast_head":"\nSolana Stablecoin Volume Reaches Record High Of $300 Billion In January<\/title>\n<meta name=\"description\" content=\"According to the latest on-chain data, Solana has hit a significant milestone in terms of the 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana Stablecoin Volume Reaches Record High Of $300 Billion In January","url":"http:\/\/wncen.com\/news\/solana\/solana-stablecoin-volume-reaches-record-high-of-300-billion-in-january\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana\/solana-stablecoin-volume-reaches-record-high-of-300-billion-in-january\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/solana_sol_cryptocurrency_physical_coin_placed_crypto_altcoins_lit.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/solana_sol_cryptocurrency_physical_coin_placed_crypto_altcoins_lit.jpg?fit=800%2C534"},"articleSection":"Solana","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ethereum","sol","sol price","solana","solana price","solusdt","stablecoins","usdc"],"dateCreated":"2024-01-21T08:50:18Z","datePublished":"2024-01-21T08:50:18Z","dateModified":"2024-01-21T08:50:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana Stablecoin Volume Reaches Record High Of $300 Billion In January\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-stablecoin-volume-reaches-record-high-of-300-billion-in-january\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-stablecoin-volume-reaches-record-high-of-300-billion-in-january\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/solana_sol_cryptocurrency_physical_coin_placed_crypto_altcoins_lit.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/solana_sol_cryptocurrency_physical_coin_placed_crypto_altcoins_lit.jpg?fit=800%2C534\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ethereum\",\"sol\",\"sol price\",\"solana\",\"solana price\",\"solusdt\",\"stablecoins\",\"usdc\"],\"dateCreated\":\"2024-01-21T08:50:18Z\",\"datePublished\":\"2024-01-21T08:50:18Z\",\"dateModified\":\"2024-01-21T08:50:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/solana_sol_cryptocurrency_physical_coin_placed_crypto_altcoins_lit.jpg?fit=800%2C534","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570537"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=570537"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570537\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/558021"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=570537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=570537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=570537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}