Stablecoin

Solana

United

DeFi

sUSD

<ul class="wp-block-list">
 <li>The Solayer Labs’ sUSD is backed by United States short-term Treasury Bills (T-Bills) and is pegged to the US dollar.</li>
</ul>
<ul class="wp-block-list">
 <li>In addition to payments, sUSD can be used across different Solana’s DeFi platforms.</li>
</ul>
<ul class="wp-block-list">
 <li>The holders of sUSD will earn up to 4 percent yield that is distributed automatically to users</li>
</ul>
Solana (SOL) network-based, <a href="https://solayer.org/platform/susd" target="_blank" rel="noopener noreferrer nofollow">Solayer Labs,</a> a fast-growing restaking protocol with more than $281 million in total value locked (TVL), has announced the launch of its yield-bearing restaking stablecoin dubbed Solayer USD (sUSD). Backed by the United States short-term Treasury Bills (T-Bills), the sUSD intends to offer the crypto market a unique alternative to the existing stablecoins, which do not offer a yield to holders.
“Solayer USD (sUSD)&nbsp; represents a new era in stablecoins, being the first to offer yield-bearing features backed by U.S. T-bills within the Solana ecosystem that can be restaked,” the announcement noted.
<h3 class="wp-block-heading" id="h-why-solayer-usd-susd-stands-out-in-the-stablecoins-market-space">Why Solayer USD (sUSD) Stands Out in the Stablecoins Market Space</h3>
Announced during this year’s Solana Break Point event, the Solayer Labs’ sUSD has attracted significant attention from the web3 space. Moreover, the Solana network has registered a bee-hive of on-chain activities in the recent past, fueled by organic DeFi growth.&nbsp;
Notably, the <a href="http://app.solayer.org" target="_blank" rel="noopener noreferrer nofollow">Solayer’s sUSD is minted</a> through a non-custodial Request for Quote (RFQ) protocol, which manages the conversion of Circle’s USDC into sUSD. The sUSD minting process involves the purchase of U.S. Treasury Bills with the help of USDC and later secured through partnerships with Real World Asset (RWA) liquidity providers.
According to the company, the Solayer USD (sUSD) Stablecoin users can begin minting on October 30, whereby the project is set to kickstart with a market cap of $20 million. Solayer Labs confirmed that the first $10k deposit will earn a 10x boost.
Through backing sUSD with the US short-term T-bills, Solayer Labs has managed to assure its stablecoin holders a 4 percent yield, which is automatically distributed to the wallets. The Solayer Labs’ sUSD was initially introduced to pre-approved financial institutions and accredited investors to ensure protocol stability.&nbsp;
The restaking of Solayer USD (sUSD) helps secure decentralized financial (DeFi) platforms(exo AVSs), which taps into the proof-of-stake consensus mechanisms from the Solana network.&nbsp;
Notably, the Solayer Labs’ sUSD was developed through the use of the Token2022 program, a token extension management on the Solana network that supports interest-bearing processes. As a result, Solayer Labs’ sUSD can provide consistent interest payments while still observing utmost security pegged to the U.S. dollar through a rebasing mechanism.&nbsp;
<h3 class="wp-block-heading" id="h-market-picture">Market Picture</h3>
Amid the notable growth of the Solana network, which has outstripped Ethereum (ETH) in on-chain activities, the Solayer Labs is well positioned to grow exponentially in the near term. Moreover, Solayer Labs is backed by reputable web3 investors including Binance Labs, Hack VC, and Polychain Capital, among others.&nbsp;
In mid-August this year, Solayer Labs raised $12 million in a seed funding round led by Polychain Capital, thus achieving a total valuation of about $80 million.
Consequently, Solayer Labs has managed to launch several products and attracted more than 155k users who have deposited on its network to restake. In addition to the sUSD, Solayer Labs recently collaborated with Bitget exchange to launch a liquid restaking token dubbed BGSOL.&nbsp;

Solayer Labs Launches First Treasury Bills-backed and Yield-bearing Restaking Stablecoin On Solana Network Dubbed sUSD (Solayer USD)

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