Solayer announced the launch of sUSD, a real-world asset-backed stablecoin, on the Solana blockchain.
Solayer announced the launch of sUSD, a real-world asset-backed stablecoin, on the Solana blockchain. The newly issued sUSD derives its value from a diversified basket of low-risk assets, starting with U.S. Treasury bills, making it different from all other stablecoins.
Solayer developed a bridge between traditional finance and the crypto world with the tokenization platform OpenEden, allowing retail investors to enter government bonds with a minimum entry of just $5.
"Most stablecoins are tethered completely to traditional banking infrastructure, drifting away from crypto’s core promise of individual freedom," explained Solayer Core. They, however, insisted that their system was committed to user ownership and complete decentralization. The non-custodial RFQ marketplace platform enables users to mint and redeem sUSD themselves; hence, no intermediary institution is involved.
What further differentiates sUSD is a yield-paying function that automatically pays returns in USDC to its holders, similar to how interest from a savings account would work. It also enables instant redemption to USDC.
Recent data from Artemis reveals that daily volumes for the transfer of stablecoin have surpassed $66.77 billion, up 73%. In the last month, the total volume of transactions has breached the $2 trillion mark, dominated by established players like Tether and USD Coin.
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