Introduction

Stablecoins are instrumental in decentralized finance. Unlike earlier sablecoins such as USDT and USDC were pegged to a fiat currency, the recent stablecoins are algorithmic or crypto collateral-backed. To what extent, these newly emerging stablecoins which are expected to replace the old ones, succeed to be adopted in blockchain networks and used by crypto accounts is worth studying.

This dashboard focuses on stablecoin popularity on Solana blockchain.

First, using visualization I compare the usage of the old stablecoins USDC, USDT, and the new one UST in transactions throughout the month of January. Then I will focus on UST and provide some insights into its trend: Whether UST has seen more adoption in the Solana ecosystem in January? and How and why it is expected to continue to this trend?

Stablecoins on Solana in January

The graph below shows the number of transactions of stablecoins used in January. The wrapped version of coins are also included. As can be seen, USDC and USDT have an almost a full share of transactions (99.7%) in Solana. UST's share is marginal.

When we look at the daily transactions in January, an upward trend can be seen for UST.

UST overtime

Compared to the previous month, Solana showed a significant adoption volume in January. This growth in the number of transactions is also quite visible in the daily chart of January.

Discussions

AS discussed above, fiat-backed stablecoins such as USDT and USDC have a vast large share of transactions on Solana. The decentralized stablecoin UST which has recently been added to Solana blockchain has a tiny share but its daily and monthly chart reveals an upward trend. The statistical analysis of daily data also shows a significant positive coefficient.

Since there is a growing demand for decentralized and unregulated stablecoins on blockchain in general and UST had already a promising integration into Solana and was tested successfully on this blockchain, we can expect that the adoption of UCT continues its growth.

Notes on data management

• The solana.transactions table has been used for this dashboard.

• The following contract addresses has been used to identify transactions that stablecoins were involved in.

    WHEN pre_mint = 'Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB' THEN 'USDT'
    WHEN pre_mint = 'BQcdHdAQW1hczDbBi9hiegXAR7A98Q9jx3X3iBBBDiq4' THEN 'wUSDT'
    WHEN pre_mint = 'EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v' THEN 'USDC'
    WHEN pre_mint = 'BXXkv6z8ykpG1yuvUDPgh732wzVHB69RnB9YgSYh3itW' THEN 'wUSDC'
    WHEN pre_mint = '9vMJfxuKxXBoEa7rM12mYLMwTacLMLDJqHozw96WQL8i' THEN 'UST'
    WHEN pre_mint = 'CXLBjMMcwkc17GfJtBos6rQCo1ypeH6eDbB82Kby4MRm' THEN 'wUST'
  

• Only succeeded transactions has been included.