“We are funding our competitors” – Solana targets SOL-backed stablecoins
Source: CoinWorld
Time: 2025-09-11 19:11:00
Solana ecosystem leaders propose creating a native stablecoin to transfer USDC’s gains. USDC currently accounts for 70% of Solana's $8.5 billion stablecoin supply. The program was inspired by Hyperliquid’s USDH model and suggested 50% of the proceeds were used to destroy SOL tokens, which would challenge Circle and Coinbase’s revenue share. Solana co-founders Anatoly Yakovenko and Multicoin Capital support the idea, while critics warn that it could create friction with the Layer-1 network. Circle's stock CRCL has fallen 16% since Hyperliquid announced USDH.