The post Solana marks a record daily inflow of new stablecoins appeared on BitcoinEthereumNews.com.

Solana is showing peak activity, though not only meme tokens are responsible for the increased growth. Stablecoins have been flowing into Solana at peak levels.  Solana reached a record for daily stablecoin inflows. In the past few weeks, Solana has been increasing its value locked, to over $8.39B, of which around $4.5B are in the form of bridged stablecoins. The supply of stablecoins on Solana increased to levels not seen since the crash of FTX at the end of 2022. The bulk of the growth came from USDC, which added another 1B tokens from October 20 to date.  Solana saw more active inflows of USDC in the past 30 days. | Source: Dune Analytics The additional growth of stablecoins arrives at a time when Solana is close to its price record, stabilizing around $232.51. SOL also traded on the highest volumes since its peak in March 2024. Open interest for SOL was also near a three-year high at $3.69B.  The latest inflow coincided with the launch of USDS on Solana. The stablecoin by Sky Ecosystem, formerly Maker, is still a limited addition to the total balance. The bulk of stablecoin flows come from bridged USDT and USDC. Stablecoin usage remains one of the key features of top blockchains, especially Ethereum and TRON. Solana is also turning into a more liquid hub for trades, payments, DeFi, or other use cases.  The other factor for Solana is the renewal of crypto invoicing and payments through Stripe. Solana is one of the networks to carry USDC, leading to some of the increased traffic. DeFi usage, DEX, and token transactions are also adding to the need for more stablecoins.  Solana’s network marks increased stablecoin usage Solana sees not only bulk inflows but also increased usage and turnover of the bridged assets. The transaction value…

---

Filed under: News - @ November 20, 2024 8:19 pm