Cover image via U.Today

Visa, a leader in payment technology, has highlighted the growing importance of Solana (SOL) in the stablecoin market. According to Visa's Stablecoin Dashboard, Solana has seen a significant increase in stablecoin transactions, especially with USDC (USD Coin), a stablecoin pegged to the U.S. dollar.

Reports show that Solana's stablecoin transactions have outpaced other blockchains like Tron, Binance Smart Chain (BSC), and others. Over the last 30 days, Solana has recorded more than 69 million stablecoin transactions, surpassing Binance Smart Chain, which had 47.2 million transactions, and Ethereum with only 2.3 million transactions.

The network is currently attracting larger investors, and their choice of protocol depends on the specific needs and strategies of stablecoin users. The potential growth of Solana will be influenced by market sentiment post-halving, project advancements, and the ability of buyers to maintain higher prices.

Recently, Solana addressed its congestion challenges with a major fix on its mainnet. The release of version upgrade v1.17.31 aims to solve congestion issues directly. This improvement has led to many developers and validator clients releasing updates on the testnet to help tackle network problems. As a result, many stalled projects are now planning to launch and go live due to the enhanced network stability.

Following the congestion fix announcement, the price of SOL surged by 9.24% to $154.43 in the past week. While this growth lags behind the overall market recovery, the assurance of network stability brought by the resolution of congestion issues is expected to drive long-term growth for the coin.