Solana jumps on Visa stablecoin announcement as bitcoin and other cryptocurrencies remain flat

The native token of the Solana blockchain jumped on Tuesday after Visa announced it will expand its stablecoin capabilities to the Ethereum alternative.

The move came after Visa announced that it will introduce settlement of the USDC stablecoin over the Solana network. The payments giant said in a statement that the development could help"improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa's treasury."

Solana is one of several networks aiming to rival Ethereum. It's loved among developers, who may choose to build applications on it instead of Ethereum because of its speed and cost effectiveness. It's year-to-date gain is one of the biggest in the crypto market at 101%.

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