Solana Surpasses Ethereum in Weekly Stablecoin Transactions

Stablecoins | Jan 3, 2023

Image: Artemis Terminal, Stablecoin Volume by Chain

FYI:  Solana has recently flipped Ethereum in two significant areas

According to Artemis Terminal, Solana-based USDC was the most transacted stablecoin for the week Dec 19-24, 2023, with a staggering $103 billion in transfers. This milestone marks the first time Solana has surpassed Ethereum in stablecoin volume, with Ethereum following at $90.9 billion. Tron and BNB Chain trail behind with $82.3 billion and $14.6 billion, respectively.

See:   UK’s Future Crypto and Stablecoin Regulation

Notably, Solana-based USDC has also eclipsed Tron-based USDT in terms of transaction volume.  This surge was (potentially) fueled by alleviating concerns regarding FTX’s potential liquidation of its SOL holdings and the growing adoption of the network.

BREAKING: @solana FLIPS @ethereum IN 7-DAY STABLECOIN TRANSFER VOLUME FOR THE FIRST TIME IN HISTORY – BREAKS $100 BILLION pic.twitter.com/oEcwSLZuBX

— DEGEN NEWS 🗞️ (@DegenerateNews) January 2, 2024

Google Search Traffic – The Defiant also reports a notable shift in Google search trends. For the first time, worldwide searches for “Solana” have surpassed those for “Ethereum.” This shift in public interest is a testament to the growing curiosity and engagement with Solana’s ecosystem.

Outlook

Solana’s robust performance in 2023, coupled with its increasing adoption and public interest, positions it as a formidable player in the blockchain space and one to watch.

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• Source: https://ncfacanada.org/solana-surpasses-ethereum-in-weekly-stablecoin-transactions/