Solana's stablecoin market cap surges by $900M in 24 hours

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.

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