Recent data from IntoTheBlock has shown that the on-chain trading volume of stablecoins has reached over $846 billion, indicating a resilient market despite a 30% decrease in monthly trading compared to its peak. This increased usage of stablecoins presents an opportunity for more cost-effective international remittances, potentially reducing the substantial fees associated with traditional cross-border transactions.

Additionally, a recent study by Coinbase revealed that Americans spend nearly $12 billion annually on transfer fees abroad due to limited affordable options. PayPal's PyUSD, a notable stablecoin, has seen significant growth, becoming the tenth most capitalized stablecoin with a remarkable 21% surge since April. Moreover, PayPal's shift to the Solana blockchain from Ethereum further solidifies its position in the market.

The Solana ecosystem itself boasts a stablecoin market cap of over $4 billion, with USD Coin (USDC) currently holding a dominant market share of 72% according to Artemis data. The stablecoin trading volume exceeded $1.3 trillion last month, surpassing Visa's average monthly volume from the previous year. Noteworthy stablecoins like Tether USD (USDT), DAI, and USD Coin (USDC) collectively processed transactions worth over $1.3 trillion in the last 30 days.