Solana Payments Boom: MoneyGram Partnership Drives Record On-Chain Activity
Solana's payments and DeFi sector has seen significant growth in recent times, with a key partnership with MoneyGram being a major driver of this expansion. The global payments network, which boasts millions of customers worldwide, recently integrated Solana into its Ramps platform, enabling users to convert cash to cryptocurrency across over 170 countries.
This move comes as Solana's on-chain activity has reached record highs, with daily transactions and transaction speeds also seeing significant increases. Tokenized assets and stablecoin usage are also rising, with Tether's USDT supply growing substantially on the network.
As a result of this momentum, Solana's DeFi and payments sectors are expected to be key growth drivers for Q3, potentially boosting the value of SOL tokens. This growth has also attracted renewed institutional interest, with ETFs tracking Solana seeing $8.8 million in net inflows over the past week.
Interestingly, despite the recent surge in on-chain activity and institutional interest, Solana's price has actually fallen 1.16% to $74.88 over the past week, indicating a possible disconnect between market sentiment and underlying network metrics.