Methodology

We will first look at the current market share for USDC and USDT on Solana relative to other stablecoins in the ecosystem (USDC, USDT, UXD, USDH, PAI, NIRV, UST). We will next look at the transaction volume and number of transactions for USDC and USDT. Finally, we will look at USDC and USDT transaction activity by contract and exchange flows. All data will be from the past six months.

USDC and USDT are by far the most popular stablecoins on Solana by both transaction volume and number of transactions. The volume and number of transactions have fluctuated significantly daily, with the daily transaction volume ranging from about 100 million to over 1 billion. Almost the entirety of stablecoin transaction volume on Solana is made up by USDC and USDT, with competing stablecoins making up less than .2% of the total volume over the past six months. USDC is far more popular than USDT, making up over 3/4 of transaction volume over the past six months.

By far the most popular exchange to transfer USDC and USDT both in and out of Solana is FTX, with Houbi Global in a very distant second place. USDT and USDC inflows from FTX ranged from about 10 million to over 300 million over the past six months, while daily outflows from FTX ranged from about 20 million to over 400 million over the past six months.

Over 96% of all USDT and USDC inflow and outflow volume over the past six months was made up by FTX, with Houbi Global making up only 2.4%, and gate.io making up 1.37%. FTX has been absolutely dominating the Solana market in terms of stablecoin transfers.

Conclusion

In conclusion, USDC is the most popular stablecoin on Solana by both number of transactions and transaction volume. USDT is the second most popular stablecoin. Together they have made up 99.8% of stablecoin transaction volume on Solana over the past six months. FTX is by far the most popular platform to transfer USDT and USDC in and out of Solana, making up 96.2% of all USDT and USDC exchange transfers.