Solana ‘beats’ Ethereum – Did USDC have a say here?

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Solana recorded the best stablecoin volumes for 3 months in a row.
Solana’s rise was linked with the expansion of USDC.

Solana [SOL] has solidified its place as the biggest chain for stablecoin settlements, outperforming its rivals comprehensively.

Solana for stablecoins

Based on AMBCrypto’s evaluation of Artemis knowledge, the community dealt with greater than $310 billion in stablecoin volumes over the week, greater than double that of historically-dominant Ethereum [ETH].

The weekly surge was a part of a broader market seize in 2024, which has seen Solana dominate the rankings for 3 months in a row.

To establish the extent of the turnaround, Solana’s stablecoin quantity within the first three months of 2024 was 3.8x larger than the entire quantity recorded in the entire of 2023.

Supply: Artemis

As of the twenty third of March, every day stablecoin quantity on the good contracts community was 60 occasions greater than what it was a yr in the past.

These set of developments had been fairly not like the bear market, throughout which Ethereum and Tron [TRX] cornered greater than 80% of the entire stablecoin settlement market.

Apparently, Tron’s stablecoin volumes largely remained the identical within the final three months. It was evident that Solana’s rise was constructed on scooping an enormous slice of Ethereum’s market.

Solana’s rise linked to USDC’s resurgence

USD Coin [USDC] was the dominant stablecoin on Solana, accounting for nearly 71% of the entire provide, based on AMBCrypto’s examination of DeFiLlama knowledge.

The truth is, USDC volumes on Solana had been the first drivers in boosting total stablecoin switch volumes in 2024.

Information from Artemis confirmed USDC overtaking the world’s largest stablecoin — Tether [USDT] — to develop into essentially the most traded stablecoin in 2024.