Solana prioritizes stablecoin support by partnering with Terra
Solana has partnered with Terra, the Tendermint-based stablecoin project started by the founder of e-commerce platform TMON, to introduce price-stable payments into its new network. Solana is still only in beta, but it is prioritizing stablecoin integrations to help form a foundation of resources that can support future financial applications and services.
Why it matters:
- Stablecoin issuance has ballooned over $8 billion recently, making stablecoins quite possibly the fastest growing sector in the crypto industry. The increasing preference for price-stable assets makes adding support for them almost a necessity for smart contract platforms. Otherwise, users will move to the network that suits their appetite for volatility.
- Solana is a Proof of Stake (PoS) blockchain that aims to support high-throughput transactions, one of many such Ethereum competitors set to hit the market over the next year. Instead of encroaching on Ethereum, almost all of these soon-to-launch platforms could end up fighting with each other over the remaining share of the market. In this case, getting a head start on ecosystem development by way of strategic partnerships is critical, with stablecoins being of paramount importance.
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.