Solayer USD (sUSD), the first RWA-backed synthetic stablecoin on Solana, was launched on October 29, by Solayer Labs and OpenEden. However, within just an hour of opening its deposit window today, it experienced an inflow of more than $10 million in USDC deposits.
$10M USDC deposited into sUSD
within the first hour
welcome sUSD💚 pic.twitter.com/8AZ26UxWQG
— Solayer (@solayer_labs) October 30, 2024
Solayer USD claims to be the first yield-generating stablecoin on the Solana blockchain. It is pegged to the U.S. dollar and backed by real-world assets, initially starting with U.S. Treasury bills.
By holding sUSD, users are said to automatically earn a 4-5% yield through T-Bills and further rewards from the platform and its partners, all without needing to mint or stake.
Read more: XRP Ledger Expands with Tokenized Treasury Bills
Meanwhile, this unique offering may have been the catalyst for the rapid adoption observed in such a short period.
Chaz, one of the founding engineers at Solayer, noted that they are shifting the perception regarding stablecoin investments, as typical stablecoin issuers often gain profits by investing users’ deposited dollars without providing any return to the users.
Lookonchain’s onchain data site also provided an update, indicating that the platform attracted nearly 5,900 deposits in the first hour of deposit availability, accumulating over $10 million in USDC stablecoin deposits.
sUSD, the first RWA-backed synthetic stablecoin on #Solana, surpassed 10M $USDC in deposits within just one hour of its launch, drawing nearly 5.9K deposits!https://t.co/6Thd3nKRNY pic.twitter.com/64TxZk7VB2
— Lookonchain (@lookonchain) October 30, 2024
About Solayer
Solayer is a restaking protocol operating on the Solana network, aimed at improving block space and decentralized applications (dApps) security. It enables users to lock their staked Solana tokens for additional yields, fostering a stronger ecosystem for on-chain activities.
Moreover, the platform stated its goal to enhance network access reliability while cutting costs by up to 50 times.
In addition to Solayer USD (sUSD), it features a native token known as Solayer SOL (sSOL), referred to as the liquid token of Solayer. sSOL functions as a liquid token on Solayer, facilitating various DeFi applications like liquidity provisioning, collateral, and spot trading.
According to CoinMarketCap data, the Solayer SOL (sSOL) token is currently priced at $180.50, having decreased by 3.27% in the last 24 hours. It has a market capitalization of $216.19 million.
On the other hand, sUSD asserts itself as a completely permissionless stablecoin that anyone can mint or redeem without authorization.
“Its decentralized RFQ protocol enables market makers to compete in fulfilling orders, eliminating reliance on centralized parties,”the official website says.
All transactions are recorded on the Solana blockchain, which ensures both transparency and public verifiability.
Read more: Solana Price Prediction as it Flips Ethereum on Key Metric
