- Solana recorded the highest stablecoin trading volume for the third month in a row.
- Solana's rise was linked to the growth of USDC.
Solana [SOL] has consolidated its position as the largest chain for stablecoin payments, outperforming its competitors overall.
Stablecoin Solana
According to an analysis of Artemis data by AMBCrypto, the network processed over $310 billion in stablecoin transaction volume in one week.This is more than double his of historically dominant Ethereum [ETH].
This weekly jump is part of a broader market grab in 2024, with Solana dominating the rankings for three consecutive months.
To confirm the extent of the turnaround, Solana stablecoin volume in the first three months of 2024 was 3.8 times the total volume recorded in all of 2023.
Source: Artemis
As of March 23, the daily volume of stablecoins on smart contract networks was 60 times higher than a year ago.
These developments were completely different from the bear market that saw Ethereum and Tron fall. [TRX] It accounted for over 80% of the entire stablecoin payment market.
Interestingly, Tron's stablecoin volume has remained largely unchanged for the past three months. It was clear that Solana's rise was built on scooping up a large chunk of the Ethereum market.
The rise of Solana is linked to the resurgence of USDC
us dollar coin [USDC] According to a study of DeFiLlama data by AMBCrypto, it was the dominant stablecoin in Solana, accounting for almost 71% of the total supply.
In fact, the amount of USDC on Solana was the main driver driving overall stablecoin transfer volume in 2024.
Data from Artemis showed USDC has overtaken Tether, the world's largest stablecoin [USDT] — 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 break above $175 in the past 24 hours of trading, according to CoinMarketCap.
The fifth-largest cryptocurrency soared above $200 last week on the meme coin frenzy, but rebounded sharply as traders booked profits.
