The Solana blockchain has surpassed Ethereum and all other chains in weekly stablecoin transfer volume for the first time.
The data indicates a monthly increase of 612%. This achievement shows Solana’s rapidly growing dominance in the cryptocurrency landscape.
Stablecoin landscape
According to the latest figures, Solana’s transfer volume stands at an impressive $103.01 billion. Ethereum, long considered the leader in this space, follows closely with $90.87 billion.
Other notable chains such as Tron and BNB Chain reported volumes of $82.29 billion and $14.65 billion, respectively, while Arbitrum experienced a 26.2% decrease, reporting $8.11 billion.
The Solana blockchain hosts several significant stablecoins, with USD Coin (USDC) leading at a market capitalization of $977.3 million, maintaining a steady peg around $1. Tether (USDT) follows with a market cap of $831.19 million.
Other stablecoins on Solana include Parrot USD (PAI) and UXD Stablecoin (UXD), with smaller market caps of $17.38 million and $11.1 million, respectively.
More Solana chains
Solana’s achievements extend beyond transfer volumes. The chain has also surpassed Ethereum in daily and weekly decentralized exchange (DEX) trading volumes, a clear sign of its increasing prevalence in the decentralized finance (DeFi) sector.
It has also taken the lead in perpetual futures trading volume, an essential aspect of market liquidity and investor interest.
Solana’s market capitalization recently grew to over $50 billion, and it remains around that mark, according to the latest CoinGecko data.