The amount of stablecoins circulating on the Solana blockchain network has been steadily growing since the start of the year and recently surpassed $3 billion. Data from the analytical platform Artemis reveals that the stablecoin supply on Solana has increased by 55.72% over the last three months, reaching $3.12 billion.

Although this figure is lower than the $6 billion balance seen in 2022, it marks a significant recovery from the $1.4 billion low during the bear market period. In addition, stablecoin transfer volume on Solana has surged by 164% to $1.4 trillion, demonstrating the high level of network activity.

USDC, a stablecoin issued by Circle, dominates the stablecoin landscape on Solana, accounting for 73% of all stablecoin assets on the network. The data from Artemis also indicates that USDC has a much higher transfer volume compared to other stablecoins like USDT and EURC.

The rise in the stablecoin balance on Solana can be attributed to the increased liquidity and capital influx on the network. This surge in stablecoins coincides with the growing interest in meme coins and the expanding decentralized finance (DeFi) activities within the Solana ecosystem.

Despite its ties to Sam Bankman-Fried, the founder of FTX, the Solana blockchain ecosystem has experienced significant growth over the past year. This growth has attracted new users and forged partnerships with major global financial entities, including Visa and Shopify.