Visa, a global leader in payment technology, has recently shone a spotlight on the growing prominence of Solana (SOL) in the stablecoin market.
According to Visa Stablecoin Dashboard, Solana has witnessed a surge in stablecoin transactions, particularly USDC (USD Coin), a stablecoin pegged to the U.S. dollar.
Solana surpasses other blockchains
Per the reports, Solana’s stablecoin transactions surpassed other blockchains like Tron, Binance Smart Chain (BSC) and others.
The blockchain’s total stablecoin transactions exceed 69 million over the past 30 days. Compared to its closest rival, Binance Smart Chain saw a total of 47.2 million transactions. Ethereum fared even more poorly as the stablecoin transactions came in at only 2.3 million for the past 30 days.
It appears that larger investors are currently favoring Solana's network, as the choice of protocol boils down to the specific needs and strategies of stablecoin users.
Looking at the future of Solana, a continued rise will depend on the market sentiment post-halving, project developments and the capacity of buyers to drive and sustain higher prices.
Solana congestion challenges get major fix
Just recently, Solana announced the release of a major congestion fix on its mainnet. According to the platform, a new version upgrade dubbed v1.17.31 has been released and is available for MainnetBeta validators.
Solana has confirmed that the new upgrade will address its congestion issues directly. Before this release, many developers and validator clients had released major updates on the testnet as a concerted effort was invested in helping address network woes across the board.
With this fix, many halted projects have expressed plans to proceed with launching, with plans to go live as network stability is now guaranteed.
Notably, the new release of the Solana congestion fix sent the price of SOL up by 9.24% to $154.43 over the past week. While this growth trails a broader market recovery, the return of normalcy and the trust that the resolution of congestion woes will bring should help in boosting the growth of the coin in the long term.