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It goes without saying that Solana is among the crypto industry’s most valuable blockchain networks. Known for its scalability, efficiency and cost-effectiveness, Solana, at present, is the second largest blockchain network in the world, with a Total Value Locked (TVL) of over $11 billion. The network recently witnessed a significant surge in stablecoin activity, jumping by more than 73% since mid-January. This growth underlines Solana's increasing role in the decentralized finance (DeFi) ecosystem.
Image: Solana Stablecoins Market ( in volume)
Image : Solana Stablecoins Market ( USDC dominance)
Not only is Solana a valuable contributor to the crypto ecosystem, but it is also carving out a niche in the mainstream economy, as evidenced by its recent strategic partnerships. PayPal has integrated its stablecoin, PYUSD, onto the Solana network for enhancing transaction speed and cost-efficiency. Payments giant Stripe has reinstated support for USDC transactions, selecting Solana as one of the networks for onchain transaction settlement. Additionally, Stripe's acquisition of the stablecoin platform Bridge for $1.1 billion highlights the increasing interest in stablecoin applications. This spells growth for the Solana ecosystem as well, due to its robust reputation in the stablecoins market.
E Money Network, the world’s pioneering MiCA-compliant BankFi blockchain network, has partnered with Solana to enable compliance capabilities for the network and further bolster its stablecoin growth.
E Money Network’s gamechanging E Money Card is a one-of-a-kind credit card that empowers users to spend their crypto-like cash across the globe. This card enables users to seamlessly convert their crypto into fiat for everyday transactions. By integrating with Solana's high-performance blockchain, the E Money Card offers users efficient and cost-effective payment solutions. For Solana, this integration translates into enhanced utility and greater transaction volume of stablecoins within the network.
When users start spending their Solana stablecoins with their E Money Card, it will boost liquidity, stimulate transaction activity, and further cement Solana’s position as a leader in the blockchain and larger fintech ecosystem, while simultaneously expanding the real-world use cases of stablecoins.
Beyond payment solutions, E Money Network is committed to enabling compliance within the Solana ecosystem. Real-World Asset (RWA) applications require foundational proofs, including identity verification, compliance adherence, and ownership validation. E Money Network addresses these needs by offering a compliant foundation with integrated identity, ownership, custody and compliant proofs for RWA applications. E Money Network’s robust BankFi infrastructure allows RWA applications to seamlessly connect to the ecosystem without expending additional resources on compliance solutions.
The E Money wallet features an integrated Know Your Customer (KYC) check and Know Your Business (KYB) module. This means that users accessing the Solana ecosystem through E Money Wallet will undergo mandatory KYC checks, effectively eliminating bots and enabling the tracking of malicious actors. dApps in the Solana ecosystem leveraging the E Money Wallet will also be mandated to fulfill KYB procedures, ensuring adherence to local jurisdictional laws.
One of E Money Wallet’s most distinguishing features is how effortless it makes the on-ramping and off-ramping process, a common challenge in the crypto space. Equipped with International Bank Account Number (IBAN) integration, it enables users to directly swap cryptocurrencies for fiat, within the wallet. The fiat is stored on-chain in the user's account and can be utilized outside the E Money Network ecosystem. This seamless integration will allow Solana users to manage and use both fiat and crypto assets directly from a single interface, eliminating the need to exit the ecosystem for fiat on/off ramping and transactions.
In conclusion, as stablecoin volumes on Solana continue to rise, E Money Network is strategically positioned to lead this growth. The integration of E Money Card and Wallet within the Solana ecosystem will help enhance the utility and compliance of stablecoins within the ecosystem, and drive broader adoption and growth of the Solana ecosystem.
