Stablecoins are emerging as critical infrastructure across both decentralized and traditional financial applications worldwide.
The market capitalization of stablecoins on the Solana layer-1 blockchain surged by $900 million over a 24-hour period on Tuesday.
Stablecoins, blockchain tokens backed by fiat currency or debt assets, surged to a market cap of $15.3 billion on the Solana network, according to DeFiLlama.
The dramatic surge came as decentralized finance platform Jupiter launched its JupUSD stablecoin, developed in partnership with synthetic stablecoin issuer Ethena.
