Solana Stablecoin ISC Money to Shut Down Operations

Earlier today, the co-founder of ISC money, a yield-bearing stablecoin on Solana, announced that the company would enter survival mode and shut down most of its operations. The ISC token will remain functional, but other features like its points system and ecosystem integrations will cease.

ISC’s co-founder, Richard, announced via X that the company would be pivoting to FxSwap full-time. According to Richard, ISC's failure to find product market fit (PMF), even after exceeding the original budget, influenced the decision to close the company.

“After working for more than 2 years on ISC, this decision is heart-wrenching. Especially considering that every week, we’re ever closer to a breakthrough. ISC launched at $1.54 and is now sitting at $1.81. It works,” Richard said.

ISC’s Journey

According to its co-founder, ISC’s lack of traction is mainly due to the investors’ preference for dollar-pegged stablecoins and ISC's poor marketing.

ISC, an inflation-resistant decentralized currency, was touted to overtake USD as users' preferred currency since it protects against hyperinflation. In reality, however, it could not match the dollar’s popularity and didn’t find enough users. It is now shutting down with only $2 million in total value locked (TVL), nearly two years after its launch.

Solana Stablecoins

According to DeFiLlama data, Solana owns 2.43% of the stablecoin market and is one of the top five blockchains, with a stablecoin market cap of $4.73 billion. It's only behind Arbitrum ($5.83 billion), BNB Chain ($6.13 billion), Tron ($60.69 billion), and Ethereum ($103.2 billion).

Notably, unlike all the other chains in the top five, its most dominant stablecoin is USDC, not USDT.