Does the Solana Network have stablecoins? 🧐
Yes! The top stablecoins on the Ethereum network — namely, Tether(USDT) and USDC, are also available on the Solana network.
Unfortunately, it seems that there’s little to no support for the likes of Binance USD(BUSD) and DAI as of today.
Should I bridge my stablecoins to Solana? 🤔
It depends! If you want to use a specific Solana DeFi platform, or if you simply want to take advantage of the Solana Network’s very cheap transaction fees, then you should probably transfer over some of your stablecoins!
While the Ethereum network still has far more DeFi platforms compared to Solana, the transaction fees can definitely hurt sometimes!
How do I transfer my Ethereum stablecoins to Solana? 🔀
Using a centralized exchange
The easier option. You simply deposit your stablecoins on a centralized exchange that supports withdrawals through the Solana network like FTX, then you withdraw the stablecoins using the Solana option(instead of the usual Ethereum).
Using a bridging platform
A slightly more complicated option, but you might want to use this method if you don’t like using centralized exchanges.
We recommend using Portal Bridge, simply because it’s one of the few reputable bridging platforms that support Solana. You simply connect both your Ethereum wallet and your Solana wallet, then you do a transaction that’s similar to using decentralized exchanges or “DEXs” like the famous Uniswap.
