For the first time, the amount of weekly stablecoin transfers on the Solana blockchain has topped that of Ethereum and all other chains combined.
The information shows a 612% monthly rise. This accomplishment demonstrates Solana’s steadily increasing prominence in the cryptocurrency market.
Stablecoin landscape
As per the most recent data, Solana has an astounding transfer volume of $103.01 billion. With $90.87 billion, Ethereum—long regarded as the market leader—follows closely behind.
Other prominent chains, like Tron and BNB Chain, reported $82.29 billion and $14.65 billion in sales, respectively, while Arbitrum recorded $8.11 billion, a 26.2% decline.
Several notable stablecoins are hosted on the Solana blockchain, with USD Coin (USDC) topping the pack with a market value of $977.3 million and a consistent peg of $1. Next, with a market capitalization of $831.19 million, is Tether (USDT).
Parrot USD (PAI) and UXD Stablecoin (UXD), two other stablecoins on Solana, with lesser market capitalization of $17.38 million and $11.1 million, respectively.
More Solana chains
The accomplishments of Solana go beyond transfer quantities. The chain is becoming more and more popular in the decentralised finance (DeFi) space as evidenced by the fact that it has eclipsed Ethereum in daily and weekly DEX trade volumes.
In terms of perpetual futures trading volume, which is a crucial component of market liquidity and investor interest, it has also assumed the lead.
Based on the most recent CoinGecko statistics, Solana’s market value increased to above $50 billion lately and is still around that amount.
