Berlin, Germany – Solana has emerged as the leading blockchain network for stablecoin settlements, surpassing its competitors with ease. In a recent analysis of Artemis data by AMBCrypto, Solana processed over $310 billion in stablecoin transactions in just one week, showcasing its dominance in the market.
This surge in stablecoin volumes is part of a larger trend that has seen Solana consistently topping the rankings for three consecutive months in 2024. The network’s stablecoin volume during the first quarter of 2024 was an impressive 3.8 times higher than the total volume recorded in the entirety of 2023, highlighting its rapid growth and adoption.
As of March 23rd, the daily stablecoin volume on Solana had skyrocketed to 60 times its volume from a year prior, indicating a significant increase in activity on the network. This shift in the market marked a departure from the bear market, where Ethereum and Tron dominated over 80% of the stablecoin settlement market.
Interestingly, while Tron’s stablecoin volumes remained stagnant, Solana’s rise was fueled by capturing a substantial portion of Ethereum’s market share. USD Coin (USDC) emerged as the dominant stablecoin on Solana, accounting for nearly 71% of the total supply on the network, according to DeFiLlama data analyzed by AMBCrypto.
The surge in USDC volumes on Solana played a pivotal role in driving overall stablecoin transfer volumes in 2024. Artemis data revealed that USDC surpassed Tether to become the most traded stablecoin on the network this year, further solidifying Solana’s position as a leading platform for stablecoin settlements.
Despite these achievements, Solana’s native token SOL faced challenges in breaking above $175 in recent trading sessions. Although the cryptocurrency briefly surpassed $200 amid a meme coin frenzy, it retraced sharply as traders secured profits, showcasing the volatility of the crypto market.