Blockchain network Solana has teamed up with the South Korean payment platform Terra to bring stablecoins into its dApp ecosystem. The partnership will build a new high-speed token bridge that facilitates the transfer of Terra stablecoins into Solana’s dapp ecosystem.
The announcement was made on April 16, the Terra platform is backed by Korean eCommerce giant TMON. Solana claims to have superior technology in terms of scaling (65,000 transactions per second), security and decentralization.
The partnership will enable its dApp developers to accept low cost, price-stable payments through a new token bridge technology.
Solana COO Raj Gokal said:
“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.”
By prioritizing support for stablecoins with Terra that it can accelerate the DeFi ecosystem within Solana. 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.
“Beyond the bridge, this is an important step for both communities, as we also envision a close partnership moving forward. We are encouraged by the support that Terra has shown Solana during the time we’ve worked together and expect big things to come from this partnership.”