Bitcoin (CRYPTO: BTC)-centric decentralized finance protocol Solv Foundation (SOLV) announced Friday that it is integrating with Stellar (CRYPTO: XLM), a cross-border payments network, aiming to turn its USDC (CRYPTO: USDC) liquidity into something more useful.
Turning Idle USDC ‘Productive?’
The launch would enable yield generation for the $200 million worth of USDC supply on Stellar, according to a press release shared with Benzinga.
As part of the launch, Solv will integrate its BTC+ vault, an automated vault for generating yield on BTC holdings, with Stellar, helping remittance providers, fintech companies and retail users to convert the USDC payment liquidity into yield.
‘Next Phase Of Stablecoin Utility’
“On Stellar, we're empowering users and fintechs to unlock productive capital strategies on USDC. This marks the next phase of stablecoin utility, moving from cross-border transfers to capital-efficient DeFi,” said Ryan Chow, co-founder of Solv.
Stellar, meanwhile, is known for facilitating cross-border transactions, claiming an average settlement time of 5.3 seconds and an average transaction fee of $0.0006718. It has stablecoin deposits worth $223 million, with USDC accounting for 94% of the total.
Price Action: At the time of writing, BTC was exchanging hands at $92,064, up 1.27% in the last 24 hours, according to data from Benzinga Pro.
Stellar’s native token XLM traded down 0.47% at $0.2528 at last check. Solv Foundation’s native token SOLV was down 0.49% to $0.01694.
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