Record-breaking Solana USDC volume signals growing stablecoin dominance News ▸ Solana ▸ Stablecoins
Record-breaking Solana USDC volume signals growing stablecoin dominance
Solana has emerged as one of the most dominant blockchain networks for USDC transactions.
2 min read
Updated: Jan. 4, 2024 at 11:55 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana-based USD Coin (USDC) transaction volume surpassed that of USDT on the Tron blockchain, according to data from blockchain intelligence platform Artemis.
Data from the platform shows that Solana USDC transfer volume reached more than $60 billion on Jan. 1, while that of Tron USDT was around $34 billion.
This continues a trend observed in December when Solana USDC’s monthly transfer volume was nearly that of Tron’s USDT. Per Artemis data, Solana USDC saw $24.58 billion in volume, while Tron’s USDT was $6.54 billion.
USDT and USDC are the top two largest stablecoins by market capitalization. These stablecoins account for nearly 90% of the industry supply and trading volume.
Circle’s CEO, Jeremy Allaire, expressed excitement at the milestone, noting that it was only the beginning of the year. Circle is USDC’s issuer.
“Incredible! What’s even more incredible is that it’s only Jan 2nd, imagine where we’ll be a year from now,” Allaire said.
CryptoSlate had previously identified that Solana-based USDC contributed a significant portion of trading activities on decentralized exchanges. At the time, Allaire stated that 90% of all stablecoin transaction volume on Solana was USDC.
Solana’s thriving ecosystem
Solana’s blockchain ecosystem is enjoying a resurgence that has helped it regain a pole position within the crypto industry.
The blockchain ecosystem has experienced significant growth despite its past connections with Sam Bankman-Fried, the embattled FTX founder. This development has led to an influx of new users and crucial partnerships with major global financial entities such as Visa and Shopify.
Furthermore, Solana’s DeFi sector has witnessed remarkable expansion, resulting in an unprecedented surge for its blockchain-based tokens like Helium’s HNT.
Data from CryptoSlate shows Solana’s native SOL token closed last year as one of the top-performing assets, up more than 850% to a peak of $120. However, it has retraced to $98 as of press time.
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Posted In: Solana, Stablecoins
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
USD Coin
$1.00030
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
$0.99989
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Jeremy Allaire stands as the founder, chairman, and CEO of Circle, a trailblazing consumer Internet company.