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Solana, Terra Building Bridge to Bring Stablecoins to DeFi

defi platforms
defi platforms

Solana, a “web-scale blockchain” for “fast, secure, scalable, decentralized apps and marketplaces,” will partner with Terra, a blockchain-based payments network, to build a “low-latency token bridge.” This bridge would help the Solana platform support stablecoins.

According to a post by Solana, Terra is “supported by a basked of stablecoins pegged to the world’s largest currencies.” These assets will be the first ever stablecoins to be placed on Solana’s network. This should help developers on the network create new projects that correlate with the fiat-backed asset type.

This bridge will be made up of two smart contracts, T and S, and should release by May 2020, the post notes. Once established, users will be able to mint Terra tokens on the Solana platform.

“As history has shown, stable payments are the foundation of some of the most successful DeFi applications,” the post notes. “It’s our hope by prioritizing support for stablecoins with Terra that we can accelerate the DeFi ecosystem within Solana.”

In other DeFi news, Coinbase’s wallet recently revealed that it would be integrating support for decentralized finance, as InsideBitcoins has previously reported on. Huobi also recently joined the DeFi trend. The group built a DeFi blockchain testnet that will “help facilitate collaboration on an industry-wide scale,” InsideBitcoins has also previously reported on.

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