Solana, a blockchain that aims to function at "web-scale," is integrating its first stablecoin.
"By bringing stablecoins onto our network, we aim to dramatically expand the design space for developers, opening the door to novel applications that require price-stable payments," the Solana team wrote in a draft blog post shared with CoinDesk in advance. "It's our hope by prioritizing support for stablecoins with Terra that we can accelerate the DeFi ecosystem within Solana."
The Terra team wrote: "As we continue to grow, we expect demand to expand into new regions and new blockchain ecosystems beyond our own. Anticipating this, we recognize the priority of building bridges and relationships to grow the reach of Terra’s stablecoins within the Solana ecosystem."
Terra is one of many payment providers available to e-commerce users in South Korea, primarily through its payment app, Chai. In a blog post, Terra said it recently crossed 1 million daily active users and $3 million in daily transaction volume.
The advantage to vendors using Chai is that payment fees amount to only 0.5 percent, much less than typical credit card fees. Nevertheless, one knowledgeable source in Korea told CoinDesk that Chai still does not have nearly the user base of legacy payment platforms in the country.
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