The Solana blockchain has overcome Ethereum and all other chains in weekly stablecoin transfer volume for the first time.
The Solana blockchain has overcome Ethereum and all other chains in weekly stablecoin transfer volume for the first time.
The data indicates a monthly increase of 612%. This achievement shows Solana’s rapid growth in the cryptocurrency landscape.
Stablecoin Landscape
According to the latest figures, Solana’s transfer volume amounts to an impressive $103.01 billion. Ethereum, long considered the leader in this space, is close behind with $90.87 billion.
Other notable chains such as Tron and BNB Chain reported volumes of $82.29 billion and $14.65 billion, respectively, while Arbitrum saw a 26.2% decline, reporting $8.11 billion.
The Solana Blockchain Hosts several major stablecoins, with USD Coin (USDC) leading with a market capitalization of $977.3 million, maintaining a stable peg around $1. Tether (USDT) follows with a market capitalization of 831.19 million Dollars.
Other stablecoins on Solana include Parrot USD (PAI) and UXD Stablecoin (UXD), with smaller market caps of $17.38 million and $11.1 million, respectively.
More Solana chains
Solana’s achievements go beyond transfer volumes. The chain has also surpassed Ethereum in daily and weekly decentralized exchange (DEX) trading volumes, a clear sign of its growing prevalence in the decentralized finance (DeFi) sector.
It has also taken the lead in perpetual futures trading volume, an essential aspect of market liquidity and investor interest.
Solana’s market capitalization recently grew to over $50 billion and remains around that mark, according to the latest data from CoinGecko.