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Solana‘s blockchain reached a record level in January in terms of stablecoin transfer volume on its Layer-1 infrastructure. According to data from Artemis, Solana’s stablecoin transfer volume exceeded $300 billion per month, surpassing the December figure.
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The $303 billion in transfer volume for January represents a 2,520% increase from the same period last year. Solana’s stablecoin market share rose to 32%, up 1.2% from last year.
Solana is rapidly catching up to Ethereum and is also seeing an increase in DeFi activity. On January 16, weekly stablecoin volumes across all networks reached their highest level of the year, and Artemis attributed the growth to USDC transfer volumes on Solana.
On January 18, it was announced that regulated stablecoin USDP was launched on the Solana blockchain. However, SOL shares have fallen 2% this week to trade at $93. The asset is down 25% from its peak in December 2023 and 64% below its all-time high in November 2021.