Solana has taken the lead in day-to-day stablecoin transfer quantity for the first time in the layer 1 blockchain’s history.

Learn more: Circle’s Euro-Backed Stablecoin $EURC Goes Are living on Solana

On Monday, day-to-day stablecoin transfer quantity on Solana had reached $16.6 billion, outpacing varied major blockchain networks, along with Ethereum, Tron, BNB Chain and Arbitrum, in step with Artemis, an institutional crypto info platform. Solana’s stablecoin transfer quantity has soared about 600% since the initiating of the month when it stood at nearly $2.4 billion.

Screen Shot 2023 12 19 at 4.42.17 PM
Solana’s day-to-day stablecoin transfer quantity from June to Dec. 2023 grew dramatically when put next to the quantity of eight varied major blockchains. (Artemis).


Solana’s day-to-day stablecoin transfer quantity in 2022 ranged from as little as $33 million to as high as $743 million, never exceeding $1 billion. At some stage in the bull market of 2021, Solana’s day-to-day stablecoin transfer quantity reached  $7.1 billion, its previous highest stage earlier than this month.

Screen Shot 2023 12 19 at 4.42.08 PM
Solana’s day-to-day stablecoin transfer quantity from Dec. 2020 to Dec. 2023 (Artemis).


The expansion in Solana’s stablecoin transfer quantity underscores heightened job and liquidity in the layer 1 blockchain’s ecosystem proper throughout the final twelve months. Circle, the issuer of the 2d-splendid stablecoin USD Coin (USDC), launched the day previous to this that decentralized finance capabilities and digital wallets on Solana can now consume Euro Coin (EURC), a stablecoin pegged one-to-one with the euro.

Stablecoins are digital resources extinct on blockchains and pegged to fiat currencies take care of the U.S. greenback to raise steadiness to the crypto ecosystem, neatly-known for its tag volatility.

“Enhance modified into kickstarted by the JTO airdrop [on Dec. 7],” wrote Nirmal Krishnan, head of engineering at Artemis, in an electronic mail to Unchained. “SOL has flipped Ethereum on both [DEX & NFT trading volume] in the previous couple of days.”

He added: “Furthermore, the expansion of memecoins take care of BONK and WIF, which beget traditionally never played out on Solana, has created room for more retail job. Within the destroy, I build deem the aggregate of those components has resulted in seriously more on-chain job, with Solana reaching its highest day-to-day inspiring address numbers since summer season of ’22.”