Solana has reached a major milestone, processing over $300 billion worth of stablecoin transactions in January alone. This shatters the network’s previous monthly record of $297 billion in December. It also represents massive growth compared to January 2022, when Solana processed just $11.56 billion in stablecoin volume.
The surge in stablecoin activity on Solana has occurred rapidly, with volume increasing by over 650% since October. Solana now accounts for around 32% of total stablecoin volume, making it the second largest network behind Ethereum’s $317 billion. Solana has surpassed Tron, which saw $240 billion in January volume.
Part of Solana’s growth stems from adding support for the regulated stablecoin USDP. However, USDC still dominates Solana, with over $1 billion in market cap. The addition of USDP shows Solana’s ecosystem is expanding to include more regulated digital assets.
Despite the network growth, the price of Solana’s SOL token has been inconsistent in 2022. SOL is trading around $92, down slightly in the past day. Since peaking at $124 in late 2021, SOL has struggled to regain its previous highs, reflecting crypto’s volatile nature. Nevertheless, SOL remains the 5th largest cryptocurrency with over $40 billion in market cap.
As Solana continues growing in the crypto space, investors are keeping a close eye on its development and adoption trajectory. Solana’s growth underscores the dynamic nature of the cryptocurrency landscape.
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