In a recent development in the cryptocurrency industry, broker Bernstein revealed in a research report that the cryptocurrency market stablecoins has been showing growth in adoptions for cross-border settlements, de according to information published by Coindesk, on April 9.
According to the publication, the report highlighted that, currently, the stablecoin supply is US$150 billion, with domination by Tether (USDT) and USD Coin (USDC) which are responsible for shares of 75% and 22%, respectively. .
In the report, analysts Gautam Chhugani and Mahika Sapra stated: “The value of the stablecoin established on the blockchain indicates strong adoption of the digital dollar with the crypto trading ecosystem as well as a cross-border payments currency.”
“The annualized value transferred in the first quarter of 2024 is US$6,8 trillion, equivalent to the 2022 maximum of approximately US$7 trillion”, he added.
Still on the occasion, the broker Bernstein reported in its document that Solana is a leader in blockchain payments, however, the network has scalability issues. “The big change this cycle has been Solana’s dominant market share (43% of the largest share) in the value of stablecoins transferred compared to the previous cycle’s market leader, Ethereum,” he noted.
“Scalability requirements for consumer payments would require 15x to 20x growth from here (Solana ~700 TPS versus 10K+ for payment networks), and general purpose blockchains have not yet crossed that chasm,” he added.
Solana Network Registers New Congestion: Impacts and Solutions in View
The Solana network, known for its speed and efficiency, is experiencing a moment of significant congestion. This scenario has resulted in delays and failures in user transactions, generating a wave of concerns and debates within the cryptocurrency community.
The origin of this congestion can be attributed to a complicated interaction between the QUIC implementation and the Agave validator client, responsible for processing a high volume of requests within the network. The Anza team, attentive to the issues raised, announced that it is in the testing phase of a patch aimed at alleviating the congestion issues currently faced.
