Notably, Paxos recently announced the launch of its regulated Stablecoin, USDP, on the Solana Blockchain on January 18, 2024. In addition to Stablecoin volumes, Solana has witnessed an upswing in decentralised finance (DeFi) activity, driving total value locked to its highest level since September 2022 at $1.36 billion, according to DefiLlama. Despite Solana’s SOL experiencing a 2 per cent decline over the weekend to trade at $93, down 25 per cent from its December 2023 high, the Blockchain's robust performance in Stablecoin transfers signals its growing influence in the crypto space.