The market value of stablecoins based on the Solana layer-1 blockchain increased by $900 million in a day, reaching a total of $15.3 billion, Cointelegraph reported on Jan. 7 (local time).
The market capitalisation of Solana-based stablecoins surged after the DeFi platform Jupiter launched JupUSD in cooperation with synthetic stablecoin issuer Ethena.
JupUSD will serve as a core unit of account as Jupiter, which started as a DEX swap aggregator, evolves into a super app with spot and derivatives trading, lending and prediction markets.
JupUSD links with all of Jupiter’s products. On the lending platform Jupiter Lend, deposited JupUSD is converted into the reward-accruing token jlJupUSD. In the liquidity pool (JLP) of the derivatives trading platform Jupiter Perps, USDC collateral assets are to be converted to JupUSD in stages.
USDC, a dollar-pegged token, currently accounts for 67 percent of the Solana stablecoin market.
Chi-gyu Hwang
delight@d-today.co.kr