It’s been a tough week across crypto but we keep building, as always.
Here’s a rundown of what’s been happening on the stablecoin front on @solana this past week:
→ Many ecosystem teams shared how they managed the recent surge in network activity without any downtime, fee spikes, or bad debt. Shoutout to @kamino, @hylo_so, @LoopscaleLabs, @DeFiCarrot, @DriftProtocol, @ethena_labs and others.
→ Weekly stablecoin transfers on Solana crossed $300B, setting a new all-time high. (s/o to @blockworksres)
→ USX by @solsticefi became Solana's 5th largest stablecoin within a week of launch, crossing $200M+ TVL, 15K+ users, and $84M+ locked in the YieldVault.
→ @JupiterExchange announced JupUSD, a new stablecoin built in partnership with @ethena_labs.
→ @UmbraPrivacy raised $154M USDC on @MetaDAOProject (and returned most of it), showing what open capital formation looks like on Solana. Shoutout to @kru_tweets and the team.
→ @global_dollar's USDG continues to grow on Solana, with supply at $460M, up 5x since June. (s/o to @tokenterminal)
→ @uselulo crossed $100M in USDC deposits.
→ The @fusewallet Card is now available in 18 countries. You can spend your stablecoins anywhere Visa is accepted, with zero fees.
That's the recap for the week.
Shout it out in the replies below if I missed anything👇
Stablecoins on Solana had one of their biggest weeks yet.
→ Total stablecoin supply on @solana reached a new all-time high of $15.4B (up 750% since Jan ’23, s/o to @artemis @tokenterminal for the data).
→ @tryaltitude is now live in 150+ countries, offering businesses USD/EUR accounts, 5% APY, cross-border payments, and modern treasury management powered by stablecoins.
→ USYC, a tokenized money market fund by @circle that accrues yield directly to the token price, is now live on Solana.
→ USX, a delta-neutral stablecoin by @solsticefi closed its first week as the 5th largest stablecoin on Solana with $180M TVL and 5k+ holders.
→ @stablecoin introduced Open Issuance, a new platform that lets businesses design and launch their own stablecoins with shared liquidity and interoperability.
→ @phantom announced @useCash, a neutral stablecoin built w/ @stripe + @stablecoin, now live on Solana with monthly @kamino incentives and more DeFi integrations coming soon.
→ @moonshot partnered with @coinbase to make USDC the default stablecoin across Moonshot products for their 1M+ users.
→ Stablecoin payments are coming to @brexHQ, with Solana integrated from the start.
→ @orogoldapp launched 1:1 vaulted, yield-bearing gold on Solana.
→ @hylo_so reached $70M+ in TVL, setting a new all-time high.
→ @LoopscaleLabs deposits grew from $45M to $100M+ in the past quarter alone.
→ @keel_fi, a Solana-native capital engine powered by @SkyEcosystem, launched with $2.5B to support stablecoin lending, swaps, and tokenized assets.
Huge shoutout to all the teams pushing our ecosystem forward!
If I missed something, let me know in the replies.👇
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