Solana Stablecoin Transfer Hits $300 Billion In 1 Month
Solana's stablecoin transfers hit a record $300B, Paxos launches USDP, but SOL price struggles below $100.
Solana, a major blockchain network, has reached a new high in stablecoin transfers this month, exceeding $300 billion. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month.
In comparison, Solana handled $297 billion in December and only $11.56 billion in January last year, showing a huge increase of over 2,500% in a year.
Recently, Paxos launched its regulated stablecoin, USDP, on Solana, Although the most dominant stablecoin on Solana is USDC, with a market cap of over $1 billion.
Solana's token, SOL, is currently at $92, a slight drop of 0.6% on the last day. After reaching $124 at the end of 2023, SOL has struggled to stay above $100 this year. It's down by over 5% this week and has a market capitalization of over $40 billion.
