USDC - Why the Solana Coin Is Up 14% Today
The Solana (CRYPTO: SOL) cryptocurrency is having a sunny day on Tuesday. The blockchain-based decentralized finance (DeFi) platform launched a new payment processing system. Furthermore, cryptocurrency trading giant Coinbase Global (NASDAQ: COIN) listed market data for Solana-based tokens for the first time. Together, these bullish tidbits added up to a 24-hour gain of 14.1% at 1:25 p.m. ET today.
First, the Solana Labs organization launched a payment system called Solana Pay. This platform lets retailers and other merchants accept payment in the form of Solana's namesake token, other cryptocurrencies based on the Solana blockchain network, and the USD Coin (CRYPTO: USDC) stablecoin. Transactions will reportedly be instant and carry minimal transaction fees.
"If people can seamlessly transact on-chain just like they do with cash, we believe that will spur interest and create new innovations, which is why the protocol is designed to allow for developers to build new commerce experiences on top of it," Solana Labs representative Sheraz Shere told The Block, a cryptocurrency news website.
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Why the Solana Coin Is Up 14% Today