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South Korea's largest card issuer signed a memorandum of understanding with the Solana Foundation on Thursday to develop stablecoin payment infrastructure on Solana, with eight other Korean financial institutions reportedly building parallel integrations.
The platform launched Polymarket USD, a wrapped stablecoin backed one-to-one by USDC, alongside a rebuilt trading engine and upgraded smart contracts that cut gas costs for its 300,000-plus active traders.
Stablecoin market capitalization reached $319 billion by mid-March 2026, driven by institutional adoption and the GENIUS Act framework.
Trump signed the GENIUS Act into law on July 19, 2025, establishing the first federal stablecoin regulatory framework.
The combined market capitalization of stablecoins exceeded $200 billion in March 2025, driven by expansion of existing issuers and the launch of new entrants competing across different blockchain ecosystems.
