With the US Treasury bills as backing, Solayer’s sUSD stablecoin aims to bring a new level of stability and yield for DeFi users on the Solana blockchain.
Solayer, a decentralized finance (DeFi) protocol focused on restaking activities, has launched its native stablecoin, Solayer USD (sUSD), backed by United States Treasury bills on the mainnet.
According to a shared press release, the token will serve as the first stablecoin in the crypto industry to offer yield-bearing opportunities for holders within the Solana blockchain. Users will be able to earn up to 4% yields on their assets, which will be distributed directly to their wallet addresses.
Yield-Bearing and Restaking Features
As a yield-bearing stablecoin, sUSD aims to compete against other stablecoins such as Tether USD USDT $1.00 24h volatility: 0.0% Market cap: $143.90 B Vol. 24h: $28.96 B and Circle USD USDC $1.00 24h volatility: 0.0% Market cap: $60.09 B Vol. 24h: $7.41 B , currently dominating the market with more than $120 billion and $34 billion in value, respectively. The yield-bearing feature was made possible through the integration of Token2022, a Solana extension that introduces interest-bearing tokens. The tool allows sUSD to disburse yield payments to users without risking its 1:1 peg to the US dollar.
In addition to the yield-bearing capability, the dollar-pegged stablecoin comes with a novel restaking functionality on the Solana (SOL) network. This functionality allows users to commit their assets to help secure other decentralized systems (exo AVSs) that require proof-of-stake mechanisms beyond the protocol. This integration with Solana’s ecosystem could accelerate sUSD’s growth, leveraging the platform’s expansive user base.
Solayer said that the stablecoin already has prominent brands as launch partners. These partners include OpenEden, a blockchain tokenization platform that recently celebrated a milestone of crossing $150 million in tokenized US Treasury bills alongside Wormhole, Squads, and Orca.
Stable Minting via RFQ Protocol
Solayer said the stablecoin is minted using a non-custodial Request for Quote (RFQ) protocol that manages the conversion of USDC into sUSD. According to the platform, OpenEden will handle the conversion as a launch partner. The company will also ensure that sUSD will remain stable and redeemable in the face of market turmoil.
Solayer said it decided to make the token public to everyone following a successful trial phase with pre-selected financial institutions and other accredited investors.
Starting today, users will be able to access the sUSD stablecoin by simply depositing their USDC into the Solayer pool in exchange for the token.
Meanwhile, Solayer has been gradually expanding its presence within the crypto space since its launch. This month, the platform introduced two products into the market. On October 24, Coinspeaker reported that Solayer had launched BGSOL, a liquid restaking token developed in partnership with Bitget.
The digital asset is the first exchange-backed LRT token, providing users with restaking rewards and convenient redemption options. Solayer stated that its primary goal is to harness the potential of Solana’s staking infrastructure fully.
next