---
title: "Solana stablecoin transfer volume hits record monthly high of $300B"
url: https://diffcoin.com/solana-stablecoin-transfer-volume-hits-record-monthly-high-of-300b/
description: "The transfer volume of stablecoins on the layer-1 Solana blockchain has been steadily increasing, hitting a new record so far this month. According to…"
published: 2024-01-21
updated: 2024-01-21
author: "Mila"
site: "Diffcoin"
---

# Solana stablecoin transfer volume hits record monthly high of $300B

The transfer volume of stablecoins on the layer-1 Solana blockchain has been steadily increasing, hitting a new record so far this month.

According to blockchain analytics platform Artemis, stablecoin transfer volume on Solana has already exceeded $300 billion in January.

The figure has already eclipsed the $297 billion in Solana stablecoin transfer volume for December.

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 huge increase from the 1.2% share it had a year ago.

Stablecoin activity on Solana started picking up in October and has steadily increased by 650% since then.

*Stablecoin transfer volumes 1 year. Source: Artemis*

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 USDC transfer volumes on Solana.

> Stablecoin transfer volume surpassed $367 billion for the week of January 8th.
> 
> This notable growth can be attributed to the [$USDC](https://twitter.com/search?q=%24USDC&src=ctag&ref_src=twsrc%5Etfw) transfer volume on [@solana](https://twitter.com/solana?ref_src=twsrc%5Etfw), which has propelled stablecoins to reach their highest transfer volume levels in over a year. [pic.twitter.com/jpitEHXPxn](https://t.co/jpitEHXPxn)
> 
> — Artemis (@artemis__xyz) [January 16, 2024](https://twitter.com/artemis__xyz/status/1747272524390641945?ref_src=twsrc%5Etfw)

On Jan.18, Paxos [announced](https://twitter.com/Paxos/status/1748012531770077205) 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 combined.

***Related:*** ***3 reasons why Solana (SOL) price is down this week***

In addition to stablecoin volumes, there has been an uptick in decentralized finance (DeFi) activity on Solana. This has pushed total value locked to its highest level since September 2022 at $1.36 billion, according to DeFiLlama.

SOL prices have 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.

***Magazine:*** ***Coinbase fights SEC in court, SBF’s parents seek lawsuit dismissal, and Bitcoin ETFs: Hodler’s Digest, Jan. 14-20***

[Source link](https://cointelegraph.com/news/solana-stablecoin-transfer-volume-record-monthly-high)