BIT Mining announced the launch of USD-pegged stablecoin DOLAI on the Solana blockchain, a move that can benefit the ecosystem.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Solana SOL $192.9 24h volatility: 1.9% Market cap: $104.25 B Vol. 24h: $9.82 B has been in the spotlight after technology-driven cryptocurrency infrastructure company BIT Mining announced the launch of DOLAI. The firm chose the Solana blockchain because of its top features, like high speed and low cost. Market observers are expecting that the news will trigger some price gain for SOL.
DOLAI is a USD-pegged stablecoin designed to serve as a bridge, connecting Artificial Intelligence (AI) agents, merchants, consumers, and institutional finance on Solana’s high-speed blockchain ecosystem. In the long run, there is planned expansion into broader multi-chain interoperability.
According to a press release, BIT Mining is rolling out the stablecoin in collaboration with Brale Inc. This will help to ensure that the digital asset remains under robust compliance standards.
Commenting on the token, the mining company said:
“DOLAI represents our vision for a compliant, AI-integrated USD-backed stablecoin that drives innovation, ecosystem growth, and adoption across multiple blockchains.”
The stablecoin is collateralized with reserves held in both cash and short-term US Treasuries. This way, it is compliant with the US regulatory requirements for such products. In addition to ensuring regional compliance, the company incorporates robust anti-money laundering (AML) and Know-your-customer (KYC) procedures, as well as OFAC screening.
By launching on the Solana blockchain, it puts the ecosystem in a good light. However, the performance of SOL does not align with the positive sentiments around the ecosystem. At press time, SOL price traded at $189.18, after losing 2.89% in the last 24 hours. In light of this, analysts are already conceiving a Cardano over SOL takeover.
There is still enough time for SOL to make a major comeback. Currently, Pantera Capital is seeking to raise $1.25 billion to build a Solana-focused treasury vehicle. It plans to start with a $500 million raise, after which $750 million through warrants will follow. This underscores the institutional momentum building around the Solana ecosystem.
Galaxy Digital, Multicoin Capital, and Jump Crypto recently hinted at plans to come up with $1 billion for a Solana treasury. The three companies also chose Cantor Fitzgerald to serve as lead banker for the deal. These positive sentiments around SOL could result in a price rally soon.
Just as several projects are seeking to have their products on Solana, so is Wall Street Pepe (WEPE).
This high-frequency meme coin project presents its ever-growing army of traders with a market that encompasses manipulative whales of crypto.
After a successful shift as one of the best crypto presales of the year, it has now gone live on Solana, joining its counterparts in the true epicenter of meme coin action.
Market watchers believe that the sharpest frog in a pinstripe suit has entered an ecosystem where fortunes can flip in minutes and memes hit harder than market makers.
Investors can still bet on this token for a possible capital multiplication in a short while.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
