Circle has announced the extension of its Web3 Services and Tools suite to the Solana blockchain, aimed at enhancing the accessibility of USDC for developers and enterprises, facilitating seamless integration into diverse applications.
Highlighting the role of stablecoins like $USDC in fostering a more open and inclusive financial ecosystem, Circle expressed its commitment to empowering enterprises and developers with the necessary tools to make USDC widely accessible.
This move follows a report from AllianceBernstein, which identified Solana as the leading network for stablecoin transfers, particularly for cross-border payments. Circle’s initiative seeks to streamline the integration of USDC into various applications by offering APIs for secure wallet integration, on-chain transaction and smart contract management, as well as user onboarding and transaction flows.
Circle’s expansion coincides with the rapid growth of the stablecoin market, evidenced by a nearly 10% increase in USDC’s supply over the past month. The AllianceBernstein report underscores the resurgence of stablecoin usage in the current market uptrend, with Solana emerging as the leader in cross-border payments using stablecoins.
According to data from Artemis, Solana has secured a commanding 43% market share in the value of stablecoins transferred, significantly surpassing Ethereum. In March alone, Solana witnessed stablecoin transfer volumes totaling $63.6 billion, dwarfing Ethereum’s $26.6 billion. On-chain metrics further reveal Solana’s dominance in stablecoin transfers, with a market share of $1.4 trillion, more than double that of Ethereum at $635 billion.
However, Bernstein analysts caution that while Solana has surpassed Ethereum in terms of value transferred, it faces notable scalability challenges, particularly in consumer payments. Despite Ethereum boasting a higher market cap of stablecoins on its blockchain, a substantial portion of its capital remains untapped.