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- Solana recorded the highest stablecoin volumes for three consecutive months.
- Solana’s rise was related to the growth of USDC.
Solana (SOL) has cemented its position as the largest stablecoin settlement chain, far surpassing its competitors.
Solana for stablecoins
According to AMBCrypto’s analysis of Artemis data, the network handled more than $310 billion in stablecoin volumes over the week, more than double that of the historically dominant Ethereum (ETH).
The weekly rise was part of a broader market capture in 2024, in which Solana dominated the rankings for three consecutive months.
To determine the extent of the change, Solana stablecoin volume in the first three months of 2024 was 3.8 times greater than the total volume recorded in all of 2023.
Source: Artemis
As of March 23, the daily stablecoin volume on the smart contract network was 60 times higher than a year ago.
This set of developments was quite different from the bear market, during which Ethereum and Tron (TRX) cornered more than 80% of the total stablecoin liquidation market.
Interestingly, Tron stablecoin volumes have remained virtually the same over the past three months. It was evident that Solana’s rise was based on gaining a large share of the Ethereum market.
Solana’s rise is linked to USDC resurgence
USD Coin (USDC) was the dominant stablecoin on Solana, accounting for nearly 71% of the total supply, according to AMBCrypto’s examination of DeFiLlama data.
In fact, USDC volumes on Solana were the main drivers of the increase in overall stablecoin transfer volumes in 2024.
Data from Artemis showed that USDC overtook the world’s largest stablecoin, Tether (USDT), to become the most traded stablecoin in 2024.
Source: Artemis
How much is 1,10,100 SOL worth today?
Meanwhile, the chain’s native token, SOL, failed to surpass $175 in the last 24 hours of trading, according to CoinMarketCap.
The fifth-largest cryptocurrency surged above $200 in the past week amid the meme coin frenzy, but pulled back sharply as traders booked profits.