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25 April 2024
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Ethereum

Solana Stablecoin Supply Surges Past $3 Billion

Stablecoin supply on the layer-1 blockchain network Solana has increased steadily since the beginning of the year, crossing the $3 billion mark during the past week. According to data from the blockchain analytical platform Artemis, the stablecoin supply on the network has increased by 55.72% in the last three months to reach $3.12 billion.

Notably, this number pales significantly against the balance on the network in 2022. At that time, more than $6 billion worth of these assets were on the blockchain. However, it fell to as low as $1.4 billion during the historic bear market situation. Now though, the supply appears to be back on the rise.

Coinbase To Increase USDC Access With Commission-free Trading
Source: Mt Pelerin

Leading the stablecoin charge on the Solana network is USDC. Circle’s stablecoin accounts for 73% of such assets on the network, according to Artemis. Circle’s launch of its Cross-Chain Transfer Protocol (CCTP) on the network on March 26 is the likely cause for this recent surge. Artemis data shows that USDC accounted for $63.69 billion of stablecoin transfer volume on April 2, far overshadowing USDT’s $812.41 million

Also Read: Ripple (XRP) Price Prediction After Bitcoin Halving

Meanwhile, stablecoin transfer volume on Solana surged by 164% to $1.4 trillion, reflecting the significant amount of activity the network has enjoyed. An increasing stablecoin supply indicates heightened liquidity and is indicative of increased capital infusion.

Furthermore, the ongoing meme-coin rise and the expanding DeFi activity within the Solana ecosystem may also be playing a part. With this new significant influx of capital into the network, Solana as a whole may be on the rise, and those interested in stablecoins are flocking to Solana for USDC.

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