Introduction
"If another truly crypto-native PayFi platform or stablecoin project emerges in the current market, I believe it will only thrive within the Solana ecosystem."
Moderator: Yaoyao, Solana Foundation
Panelists:
- Jason, Co-Founder of Solayer
- Anna, Founder of Perena
- Yetta, Investment Partner at Primitive Ventures
- Zixi, Investor at MPCI
- Chris, Founder of Unipay
This roundtable gathered key builders from the Solana ecosystem to discuss the evolution and potential of stablecoins on Solana.
Key Discussion Points
1. Innovations in Stablecoin Mechanisms
Jason (Solayer):
- Solana’s ecosystem lacks robust stablecoin projects.
- sUSD (Solayer’s RWA-backed synthetic stablecoin) prioritizes simplicity and security, offering ~4.5% yield from U.S. Treasury-backed抵押物. Contrasts with high-risk/high-reward models like Ethena’s USDe.
Anna (Perena):
- Algorithmic stablecoins are outdated; RWA-backed stablecoins dominate.
- Challenges include链下/链上 infrastructure gaps and inefficient利息分发. Perena focuses on纯链上流动性 layers for new stablecoins.
Yetta (Primitive Ventures):
- Shift from complex mechanisms to real-world utility (e.g., Ethena’s yield strategies).
- Utility + Liquidity define success: Ethena’s growth (251 days to $1B revenue) exemplifies execution.
Zixi (MPCI):
- Economic viability concerns: Stablecoins need $30B+ assets to break even post-fees.
- Emerging use cases in LatAm cross-border payments (0.3–0.4% fees vs. traditional 2–3%).
Chris (Unipay):
-抵押资产多元化 and hybrid arbitrage (链下/链上) enhance price stability.
- Unipay’s链上信用支付 abstracts stablecoins via multi-asset质押.
2. Solana’s Competitive Edge
Jason:
- Timing: Capital inflow into Solana eases fundraising.
- Infrastructure: Solayer’s API/account systems simplify integrations.
Anna:
- Solana’s speed/cost efficiency suits支付场景 better than Ethereum.
- Diverse stablecoins (beyond USDC) mitigate regulatory risks.
Yetta:
- PayFi > Stablecoins: Solana’s potential for原生 PayFi platforms will naturally foster stablecoin adoption.
Chris:
- Solana’s culture fosters crypto-native innovation (e.g.,跨境结算 in emerging markets).
FAQs
Q1: What makes sUSD unique among Solana stablecoins?
A: sUSD offers链上-transparent, low-risk yields tied to U.S. Treasuries, contrasting with high-volatility alternatives.
Q2: How does Perena solve liquidity for new stablecoins?
A: Perena pools liquidity (target: $30B+) to reduce entry barriers for emerging stablecoins.
Q3: Why is Solana ideal for PayFi/stablecoin growth?
A: Low fees, high throughput, and ecosystem support enable rapid iteration and adoption.
👉 Explore Solana’s DeFi potential
Conclusion
Solana’s stablecoin sector is poised for growth via:
- RWA Integration (e.g., sUSD).
- Infrastructure (e.g., Perena’s liquidity layers).
- Emerging Markets (e.g., LatAm cross-border payments).
The next crypto-native PayFi revolution may well emerge on Solana.