Solana USDC trading volume breaks record, demonstrating stablecoin’s growing dominance

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according to data Data from blockchain intelligence platform Artemis shows that USD Coin (USDC) trading volume on the Solana blockchain has surpassed USDT on the Tron blockchain.

Platform data shows that Solana USDC transfer volume exceeded US$60 billion on January 1, and Tron USDT transfer volume was approximately US$34 billion.

Stablecoin remittance volume.Source: Artemis

This continues the trend observed in December, when Solana USDC’s monthly transfer volume was almost equal to Tron’s USDT.according to data Artemis’ Solana USDC trading volume reached $24.58 billion, and Tron USDT trading volume was $6.54 billion.

USDT and USDC are the two stablecoins with the largest market capitalization. These stablecoins account for nearly 90% of the industry’s supply and trading volume.

Jeremy Allaire, CEO of Circle, the issuer of USDC, expressed excitement about this milestone, noting that this is just the beginning of the year.

“Amazing! What’s even more amazing is that it’s only January 2nd, imagine where we’ll be a year from now,” Allaire said.

USDC on Solana makes a significant contribution to the decentralized exchange’s trading activity. At the time, Allaire claimed that 90% of stablecoin trading volume on Solana was USDC.

Solana’s Thriving Ecosystem

Solana’s blockchain ecosystem is recovering, helping it regain its leadership position in the cryptocurrency industry.

The blockchain ecosystem has seen significant growth despite its past ties to troubled exchange FTX founder Sam Bankman-Fried. This growth has resulted in significant new users and key partnerships with major global financial institutions such as Visa and Shopify.

Additionally, Solana’s significant expansion in the DeFi space has led to an unprecedented surge in blockchain-based tokens such as Helium’s HNT.

Solana’s native SOL token became one of the best-performing assets last year, rising more than 850% to a high of $120. However, as of this writing, it has dropped to $99.