Solayer Introduces sUSD, a User-Friendly Stablecoin on Solana Blockchain
Solayer, a staking platform built on the Solana blockchain, has recently launched sUSD, an innovative stablecoin backed by real-world assets (RWA). The purpose of this new digital currency is to provide a decentralized and user-owned alternative to existing stablecoins.
Unlike traditional stablecoins that are pegged to a fiat currency controlled by a central authority, sUSD is backed by a diversified basket of low-risk assets, such as Treasury bills and government bonds issued by the United States Department of the Treasury. Solayer’s team proudly announced in a recent X post that “anyone with just $5 can now access tokenized real-world assets, beginning with the U.S. Treasury Bill, which is already live on the Solana blockchain.”
The U.S. Treasury Bill is the first asset to be onboarded as part of Solayer’s collaboration with OpenEden, a tokenization platform that provides a tokenized U.S. Treasury product with an impressive “A” rating from Moody’s. Solayer has ambitious plans to expand its offerings in the future, aiming to include other low-risk real-world instruments such as oil and gold.
Solayer’s sUSD distinguishes itself by taking a decentralized approach to RWA-backed stablecoins. Through its non-custodial request-for-quote (RFQ) marketplace, users can directly mint and redeem sUSD without relying on centralized institutions. With a minimum entry point of just $5, anyone can access sUSD and earn a portion of the yield generated by the underlying real-world assets. This yield is automatically distributed in USDC, similar to earning interest in a traditional savings account. Importantly, sUSD offers instant redemption back to USDC, effectively addressing liquidity concerns associated with holding RWAs on-chain. Furthermore, sUSD can also be used as collateral for proof-of-stake (PoS) consensus mechanisms, providing an extra layer of security for decentralized networks like Solana and Ethereum.
The creators of sUSD, Solayer Core, envision a future where cryptocurrency and traditional finance seamlessly integrate. They believe that most stablecoins are too reliant on traditional banking infrastructure, straying from the core promise of individual freedom that cryptocurrencies offer. Solayer Core aims to create the ultimate open internet platform, where stablecoins are decentralized and user-owned, serving as automated assets that cannot be created, destroyed, or frozen by anyone other than the users themselves. Similar to an automated market maker (AMM), Solayer’s RFQ protocol allows anyone to create quotes, while qualified tokenizers can become RWA liquidity providers.
Stablecoins have recently gained significant attention due to their increasing global adoption and diverse range of use cases. According to Artemis, the demand for stablecoins has been soaring, with daily transaction volumes surpassing $66.77 billion in the past 24 hours, representing a remarkable 73% increase. Over the last 30 days, the total transaction volume for stablecoins has exceeded $2 trillion, nearly doubling from the previous month. Tether (USDT) and USD Coin (USDC) remain the dominant players in the market, with transaction volumes of $112.4 billion and $33.5 billion, respectively, over the last 30 days.
