Volume of Stablecoin Traded on Solana Chain Reaches Historic High of $144 Billion

Stablecoin trading on the Solana blockchain has reached an all-time high of $144 billion, soaring 336 per cent from about $33 billion to more than $144 billion in less than eight weeks. Eugene Chen, co-founder of Ellipsis Labs, a core contributor to the decentralised exchange Phoenix, said that the soaring stablecoin transfer metrics may be correct, but it is not a good indicator of economic activity. Chen confirmed that the majority of last week's $144 billion in transfers came from the Solana-based Phoenix exchange. Unlike other similar exchanges on the blockchain, Phoenix requires users to deposit assets before placing orders on its marketplace. These deposits leave a record on the blockchain and can easily be mixed with data showing actual stablecoin transactions. So as activity on Phoenix has increased in recent weeks, so has the volume of stablecoin transfers on Solana.