Layer 1 blockchain stablecoin supply Solana The amount of money spent on the internet has steadily increased since the start of this year. It reached $3 billion in the last week. According to data from the blockchain analytical platform Artemis, the stablecoin supply on the network has increased by 55.72% in the last three months to reach $3.12 billion.
The balance in the network will be significantly higher by the year 2022. The assets, worth over $6 billion at that time were stored on the blockchain. During the historical bear market, this amount dropped to just $1.4 billion. The current supply seems to be on the increase.
USDC is the leader in stablecoins on the Solana Network. Artemis estimates that Circle stablecoin is responsible for 73% the total amount of assets like this on the network. Circle’s launch of its Cross-Chain Transfer Protocol (CCTP) on the network on March 26 is the likely cause for this recent surge. Artemis data shows that USDC accounted for $63.69 billion of stablecoin transfer volume on April 2, far overshadowing USDT’s $812.41 million
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Meanwhile, stablecoin transfer volume on Solana surged by 164% to $1.4 trillion, reflecting the significant amount of activity the network has enjoyed. An increasing stablecoin supply indicates heightened liquidity and is indicative of increased capital infusion.
Furthermore, the ongoing meme-coin rise and the expanding DeFi activity within the Solana ecosystem may also be playing a part. This new influx of significant capital may have a positive impact on Solana, as the whole network is likely to be growing. Those interested in stablecoins, such as USDC, are also flocking towards Solana.
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Source: watcher.guru
