Summary
AllianceBernstein declared that Solana is leading the payments race, with stablecoin use growing during the current bull market. Solana has overtaken Ethereum in market share for value of stablecoins transferred, but still has scalability issues. Despite being favored by big names like Visa and Shopify, Solana has yet to break into mainstream consumer or B2B payments. The blockchain’s market cap has grown, but SOL’s price is still below its November 2021 all-time high.
Key Points
1. Solana is leading the charge among stablecoins that are being used for cross-border payments, with a market share of $63.6 billion of the $116.7 billion total transferred.
2. Despite Solana’s growth in market share for value transferred compared to Ethereum, it still has scalability challenges and needs significant growth to meet consumer payment requirements.
3. Solana has gained popularity for its use in speeding up credit card payments, integrating with e-commerce platforms like Shopify, and enabling merchants to accept stablecoin USDC via the blockchain.