Solana’s ecosystem has welcomed sUSD, the first real-world asset (RWA)-backed synthetic stablecoin on the network, which saw over $10 million in USDC deposits in its first hour, with nearly 5,900 individual deposits.
1/ today, we unveil the Solayer USD (#sUSD) protocol
the first RWA-backed synthetic stablecoin
anyone with $5 can access tokenized real world assets, starting with U.S. Treasury Bill, now live on @Solana
in partnership with @OpenEden_Labs
> https://t.co/Oeu66HNOQd pic.twitter.com/TzkpSBM1Dz
— Solayer (@solayer_labs) October 29, 2024
The innovative stablecoin allows users to access tokenized RWAs, starting with U.S. Treasury Bills, by depositing as little as $5.
sUSD, the first RWA-backed synthetic stablecoin on #Solana, surpassed 10M $USDC in deposits within just one hour of its launch, drawing nearly 5.9K deposits!https://t.co/6Thd3nKRNY pic.twitter.com/64TxZk7VB2
— Lookonchain (@lookonchain) October 30, 2024
Key launch details include the opening of Epoch 5 on October 30th at 7 a.m. PST (2 p.m. UTC) for sUSD minting, with a $20 million cap and exclusive incentives: the first $10,000 deposited earns a 10x boost, and additional rewards are available through the OpenEden dual boost program.
Built on foundational principles, sUSD aims to create a stablecoin independent of traditional banks, bringing real-world assets into the blockchain realm for mainstream adoption. The protocol operates as a non-custodial Request-For-Quote (RFQ) marketplace, allowing only token holders to mint or burn sUSD. USDC deposits are quoted, matched with qualified RWA tokenizers, and converted to sUSD, creating what the team terms an LRT (Liquid RWA Token) stablecoin linked to a variety of tokenized assets.
sUSD simplifies access to RWAs, offering instant USDC redemption for versatility and ease of use. Depositors automatically earn a 4.33% yield in USDC, backed by U.S. Treasury Bills, without the need for staking or minting. With SPL Token 2022’s interest-bearing extension, sUSD maintains a 1:1 peg to the USDC deposit while automatically rebasing, effectively growing users’ balances over time, much like traditional bank interest.
This stablecoin will also serve as collateral for securing critical off-chain infrastructure such as bridges, oracles, and Layer 2 networks, supporting Solana’s broader decentralized vision. Partnering with OpenEden, the only Moody’s-rated RWA tokenization platform, sUSD offers access to OpenEden’s $150M liquidity and exclusive incentives for early depositors, further democratizing the real-world asset market.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.