Solana Makes Move To Enable Real-Life Payments With SOL Token

Solana, the fifth-largest blockchain by market capitalization, has integrated with various providers in the past week to power real-life payments using stablecoins and its SOL token.

The blockchain’s most recent integration is with Crypto Life, a digital crypto payments solution provider. It allows users to connect their Solana wallet to Crypto Life’s CL debit card, enabling seamless online and real-life payments using crypto.

“Welcome CL Card — the card that lets you use Solana to pay IRL at 90m+ merchants around the globe. Integrated with Ledger Live and works with Apple Pay,” the official Solana account announced via X on Monday.

A Step Towards Mass Adoption

Solana announced on X that users can connect their Solana wallet to Crypto Life’s CL card and use SOL for payments in over 90 million merchants worldwide. Google and Apple Pay support the CL card, which allows users to make online and in-store payments.

The Crypto Life integration comes after a similar move with UQUID, a web3 online marketplace. The integration, announced on Dec. 2, allows users to make payments using Solana USDT when shopping on UQUID shop.

More recently, Fuse Wallet, a Solana smart wallet, now offers virtual bank accounts, allowing users to receive USD payments directly in their wallets. The move eliminates the need for on and off-ramps, as users can convert from fiat to crypto in their wallets at little cost.

Solana Stablecoin Growth

According to DeFiLlama data, Solana has enjoyed massive growth in stablecoin use and interaction this year, growing to $4.7 billion market cap from a $1.8 billion at the start of the year. It is now the fifth-largest stablecoin chain behind Ethereum, Tron, BSC, and Arbitrium.

Stablecoin payments with Solana are also growing rapidly. Acctual, a Solana payment and invoicing solution, has processed over $25 million in USDC payments this year. Arf is another company providing USDC-based settlement solutions and has recorded $1.4 billion in liquidity volume in just a year of operation.

With Institutional interest in stablecoins increasing, it could potentially become a trillion-dollar industry.

Right now, the stablecoin market is worth $195 billion, with Ethereum accounting for $103 billion, Tron at $60 billion, BSC at $6 billion, Arbitrium at $5.8 billion and Solana $4.7 billion, making up the top five blockchains with the highest stablecoin market cap.