Looking back at recent stablecoin metrics, Solana is "leading the battle" for blockchain payments amid growth in market liquidity and improved investor sentiment, according to research and brokerage firm Bernstein.

“The big change this cycle has been the dominant market share of Solana (43% highest share) in value of stablecoins transferred vs. prior cycle market leader Ethereum,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Tuesday.

They argue that Solana’s single-layer design — compared to the complexity of bridging to Ethereum Layer 2s — direct on-ramps from crypto exchanges, higher throughput and low transaction cost has led to the rise in stablecoin settlement on the network.

However, in terms of stablecoins …