US-based blockchain network Solana has announced a partnership with South Korean payment platform Terra, to introduce stablecoins into its dapp ecosystem.

Terra is supported by a basket of stablecoins pegged to major world currencies, and in partnership with Solana, the company says it is now building a new high-speed token bridge to allow the transfer of Terra stablecoins into Solana’s dapp ecosystem.

According to Solana, they will be the first stablecoins on its network, and should “dramatically expand the design space for developers, opening the door to novel applications that require price-stable payments.”

Solana says two new smart contracts are being built to facilitate the bridge, and should be deployed to both platforms by May 2020 – the mirrored smart contracts will leverage a mint-and-burn model.

It is hoped that by prioritising support for stablecoin, the DeFi ecosystem within Solana can be accelerated.

Terra’s CHAI payment platform is already popular in South Korea, has more than one million active users, and now see daily transaction volumes of around USD $3 million. One of the benefits of the platform is its very low transaction fees of 0.5%, compared to card payments which are normally around 3.5%.

Just last week Solana listed its token on major Malta-based cryptocurrency exchange Binance.

AYO.NEWS says:

The Solana team has been busy recently! Just last week Solana listed its token on major Malta-based cryptocurrency exchange Binance, while a couple of weeks ago we reported the San Francisco-based blockchain company had completed the latest sale of SOL tokens in a “Launch Auction,” hosted by crypto fundraising platform CoinList.

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