Solana has beaten other major blockchain networks in stablecoin inflows over the past week, with a $3.13 billion increase in USDT and USDC holdings. This surge, reported by blockchain analytics firm Lookonchain on X, is way ahead of the stablecoin growth seen on other networks, including Ethereum and Tron. This signals a shift in stablecoin capital.
In the past 7 days, stablecoins(USDT&USDC) on #Solana increased by $3.13B, and stablecoins(USDT&USDC) on #Ethereum increased by $652M.https://t.co/5LqK4tN0NO pic.twitter.com/Tw3Pd9Euaw
— Lookonchain (@lookonchain) January 21, 2025
Data shows that Solana is the top dog among the top 15 blockchain platforms for stablecoin distribution. In just one week, from January 13 to January 20, 2025, stablecoin holdings on the Solana network jumped by $3.13 billion, making it the leader in stablecoin adoption.
Related: Top 10 Chains by Stablecoin Transfer Volume in 2024: Analysis
Meanwhile, Ethereum’s increase in stablecoin holdings was lower, with a rise of $652 million over the same period. This pales in comparison to Solana’s recent performance.
Other Blockchains Report Modest Gains
Tron recorded a $442.25 million increase in stablecoin holdings, while Hyperliquid, a decentralized exchange, reported an additional $329 million, showcasing its growing role in decentralized finance (DeFi). Meanwhile, Aptos added $67.43 million, securing a spot among the platforms with steady growth.
Related: Ethereum vs. TRON: ETH Still Leads in Stablecoin Market Share
While Solana led the pack, several blockchain networks lost stablecoin reserves. Arbitrum saw the largest decrease among all networks, with a $637 million drop in stablecoin holdings. Avalanche followed with a decline of $325.16 million, while other chains like Polygon, Base, and Near also had decreases in stablecoin reserves.
Looking back at the week ending December 30, 2024, Solana added $424.87 million in stablecoin reserves, a smaller but notable gain compared to Ethereum and Tron during the same period. The data reflects the shifting trends in stablecoin distribution and the growing influence of platforms like Solana.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
