U.S. blockchain network Solana has teamed up with South Korean payment platform Terra to bring stablecoins into its dApp ecosystem. The Terra platform is backed by Korean eCommerce giant TMON.
Solana was launched in 2019, and claims to have superior technology in terms of scaling (65,000 transactions per second), security and decentralization. The partnership enables its dApp developers to accept low cost, price-stable payments through a new token bridge technology. Solana COO Raj Gokal said the partnership expands the platform’s capabilities:
“By bringing stablecoins onto our network, we aim to dramatically expand the design space for developers, opening the door to novel applications that require price-stable payments.”
Terra is popular in South Korea
Terra’s payment platform CHAI has a monthly active user base of more than 1 million and the network sees daily transaction volumes around $3 million. Fees of 0.5%, compare favourably to typical card fees of around 3.5%.
The network will be incorporated into the Solana ecosystem through a low-latency bridge, creating the ability to burn tokens from one chain and mint them on the other.
Terra said in a statement the new partnership was the best of both worlds:
“Working together, we believe this partnership will foster a thriving community of dApps that leverage the strengths of both Solana’s speed and Terra’s stablecoin ecosystem.”