The transfer volume of stablecoins on the layer-1 Solana blockchain has steadily increased, hitting a new record in January.
According to blockchain analytics platform Artemis, stablecoin transfer volume on Solana already exceeded $300 billion in January.
The figure has already eclipsed the $297 billion in Solana stablecoin transfer volume for December 2023.
Moreover, January’s $303 billion to date is 2,520% more than the $11.56 billion stablecoin transfer volume in January 2023.
Solana’s stablecoin market share is currently almost 32%, which is a massive increase from the 1.2% share it had a year ago.
Stablecoin activity on Solana started picking up in October 2023 and has steadily increased by 650% since then.
Ethereum is the industry leader for stablecoin transfer volume, with $317 billion so far this month, giving it a market share of more than 33%. However, Solana is rapidly catching up.
The third-largest blockchain for stablecoin transfers is Tron, with $240 billion so far this month.
On Jan. 16, Artemis noted that weekly stablecoin volumes across all networks had reached a yearly high. It attributed the growth to USD Coin USDC $1.00 transfer volumes on Solana.
On Jan.18, Paxos announced that its regulated stablecoin, USDP, had launched on the Solana blockchain.
Over the past year, more than $1.18 trillion in stablecoins was transferred across all blockchains.
Related: 3 reasons why Solana (SOL) price is down this week
In addition to stablecoin volumes, there has been an uptick in decentralized finance activity on Solana, pushing total value locked to its highest level since September 2022 at $1.36 billion, according to DefiLlama.
Solana’s SOL $82 price has been in retreat this week, falling 2% over the weekend to trade at $93 at the time of writing. The asset has now retreated 25% from its December 2023 high of $123 and remains down 64% from its all-time high of $260 in November 2021.
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