Cointime

Cointime

Download App
iOS & Android

Solana Takes the Lead in Daily Stablecoin Transfer Volume

Since the start of December, Solana’s daily stablecoin transfer volume has grown 600% to $16.6 billion and now outpaces major blockchain networks, according to Artemis, an institutional crypto data platform.

Solana's daily stablecoin transfer volume has risen 600% to $16.6 billion in the month of Dec. 2023.(Artemis)

Sage D. YoungPosted December 19, 2023 at 5:15 pm EST.

Solana has taken the lead in daily stablecoin transfer volume for the first time in the layer 1 blockchain’s history. 

On Monday, daily stablecoin transfer volume on Solana had reached $16.6 billion, outpacing other major blockchain networks, including Ethereum, Tron, BNB Chain and Arbitrum, according to Artemis, an institutional crypto data platform. Solana’s stablecoin transfer volume has soared about 600% since the start of the month when it stood at nearly $2.4 billion.

Solana’s daily stablecoin transfer volume from June to Dec. 2023 grew dramatically compared to the volume of eight other major blockchains. (Artemis).

Solana’s daily stablecoin transfer volume in 2022 ranged from as little as $33 million to as high as $743 million, never exceeding $1 billion. During the bull market of 2021, Solana’s daily stablecoin transfer volume reached  $7.1 billion, its previous highest level before this month.

Solana’s daily stablecoin transfer volume from Dec. 2020 to Dec. 2023 (Artemis).

The growth in Solana’s stablecoin transfer volume underscores heightened activity and liquidity in the layer 1 blockchain’s ecosystem over the past year. Circle, the issuer of the second-largest stablecoin USD Coin (USDC), announced yesterday that decentralized finance applications and digital wallets on Solana can now use Euro Coin (EURC), a stablecoin pegged one-to-one with the euro.

Stablecoins are digital assets used on blockchains and pegged to fiat currencies like the U.S. dollar to bring stability to the crypto ecosystem, widely known for its price volatility. 

“Growth was kickstarted by the JTO airdrop [on Dec. 7],” wrote Nirmal Krishnan, head of engineering at Artemis, in an email to Unchained. “SOL has flipped Ethereum on both [DEX & NFT trading volume] in the last few days.” 

He added: “Additionally, the growth of memecoins like BONK and WIF, which have historically never played out on Solana, has created room for more retail activity. Ultimately, I do think the combination of these factors has resulted in significantly more on-chain activity, with Solana reaching its highest daily active address numbers since summer of ’22.”

Solana stablecoin
Comments

All Comments

Recommended for you

  • Japan Officially Allows Export of Lethal Weapons Through Cabinet Resolution

    On April 21, according to Kyodo News, the Japanese government officially revised the 'Three Principles on Transfer of Defense Equipment' and its operational guidelines during a cabinet meeting, which will, in principle, allow the export of lethal weapons. (Xinhua News Agency)

  • Trump Claims Iran Will Negotiate

    On April 21, during a phone interview with CNN, U.S. President Trump stated that Iran "will negotiate" and expressed confidence in potential talks set to take place in Pakistan. Trump remarked, "They will negotiate; if they don't, they will face unprecedented problems." He also expressed hope that both sides could reach a "fair agreement" and emphasized that Iran "will not have nuclear weapons." Additionally, he defended military actions against Iran by stating there was "no choice" and claimed that they would ultimately "wrap things up."

  • Amazon to Invest Additional $5 Billion in Anthropic

    On April 21, Amazon announced on Monday that it will invest an additional $5 billion in the artificial intelligence company Anthropic, bringing the total investment to as much as $20 billion. Anthropic develops the Claude chatbot and programming tools, and plans to invest over $100 billion in Amazon's cloud technology and chips over the next decade.

  • Three U.S. Carrier Strike Groups May Deploy Simultaneously in the Middle East

    On April 21, according to CCTV, the U.S. military is expected to deploy three carrier strike groups simultaneously in the Middle East in the coming days. Currently, the USS Lincoln strike group is stationed in the Gulf of Oman, near the Strait of Hormuz, participating in maritime blockade operations; the USS Ford strike group is located in the northern Red Sea; and the USS Bush strike group, which is taking a route around Africa, is heading north from the southeast of Africa and is expected to enter the Arabian Sea—this carrier may replace the USS Ford in its mission. In the short term, the U.S. military may have three aircraft carriers in the Middle East.

  • BTC Surpasses $76,000

    Market data shows that BTC has surpassed $76,000, currently priced at $76,039.83, with a 24-hour increase of 1.67%. The market is highly volatile, so please ensure proper risk management.

  • Trump: Bombs Will Explode if Ceasefire Agreement Expires

    On April 20, according to PBS, U.S. President Trump stated on Monday that if the ceasefire agreement with Iran expires on Tuesday, there will be a large number of bombs exploding. Trump made this remark during a call with White House reporter Liz Landers, focusing on the issue of the Iran war, while a U.S. delegation was preparing for further peace negotiations. When asked whether Iran would still participate in the talks scheduled to take place in Islamabad, Trump replied, "I don't know. I mean, they should show up. It's arranged. We'll see if they come. If they don't, that's fine too." When asked about his expectations for the negotiations, Trump stated, "Very simple, Iran absolutely cannot have nuclear weapons."

  • U.S. Vice President Vance and Delegation to Arrive in Islamabad Today

    On April 20, according to the New York Post: U.S. Vice President Vance and the American delegation will arrive in Islamabad today.

  • BitMine Increases ETH Holdings by Over 100,000, Total Holdings Exceed 4.97 Million ETH

    As of April 19, Eastern Time, BitMine's total cryptocurrency and cash holdings, including the 'Moon Landing Plan,' amount to $12.9 billion. BitMine holds 4,976,485 ETH (an increase of 101,627 ETH from last week), which represents 4.12% of the total Ethereum supply of 120.7 million ETH. Additionally, it holds 199 BTC, shares in Beast Industries worth $200 million, $107 million in Eightco Holdings (NASDAQ: ORBS), and $1.12 billion in unsecured cash. As of April 20, 2026, the total amount of staked ETH by BitMine is 3,334,637 ETH, valued at $7.7 billion based on a price of $2,301 per ETH.

  • Strategy Acquires 34,164 Bitcoins for $2.54 Billion Last Week

    On April 20, Strategy purchased 34,164 Bitcoins last week for a total of approximately $2.54 billion, at a unit price of about $74,395, achieving a 9.5% return on Bitcoin from 2026 to date. As of April 19, 2026, Strategy holds a total of 815,061 Bitcoins, valued at approximately $61.56 billion, with a unit price of about $75,527.

  • Binance Wallet to Launch 46th TGE Project OpenGradient (OPG)

    On April 20, Binance Wallet will launch the 46th exclusive TGE project OpenGradient (OPG). The subscription period is from April 21, 17:00 to 19:00 (UTC+8), and users must participate using Binance Alpha Points and meet the corresponding qualifications. According to the official announcement, OPG tokens will be available for collection and trading starting at 19:00 (UTC+8) on the same day. Additionally, 23,000,000 OPG tokens are reserved for future activities, with specific rules to be announced later.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company