Solayer Launches RWA-Backed Stablecoin, sUSD

Solana infrastructure protocol, Solayer, announced the launch of sUSD, a stablecoin backed by real-world assets (RWAs).

The sUSD stablecoin combines traditional assets, like Treasury bills, and on-chain assets, like stablecoins. sUSD, built in partnership with OpenEden labs, is live for minting. It has a cap of $20 million on the total mintable amount during Solayer’s epoch 5, which is an undisclosed amount of time within Solayer’s greater participation campaign.

sUSD protocol, which powers the minting and redeeming process for sUSD, works through a non-custodial request for quote (RFQ) marketplace, where the protocol will aggregate the ideal exchange based on factors such as expiration time, commission rate, and amount of USDC.

During the RFQ process, USDC is deposited and then processed through Solayer’s matching engine for the ideal exchange partner across different RWA tokenizers.

The move is the latest in Solana’s expanding RWA ecosystem, which also works with industry leaders such as Ondo Finance and Maple Finance.

According to RWA.xyz, the total market capitalization of RWA’s onchain is nearly $13 billion, up 62% since the beginning of 2024. Between tokenized Treasuries and private credit, less than $200 million, or 15%, exists on Solana.

sUSD will also support Solana’s growing stablecoin ecosystem, which is still only the 6th largest stablecoin economy at a $3.7 billion market cap, trailing Ethereum and Tron’s by over 90%.