Solana unveils enterprise development platform… payment firms including Mastercard join

Solana (SOL) has unveiled a development platform for financial institutions, expanding collaboration with established payment companies. The market is increasingly viewing stablecoin payments and enterprise blockchain use cases as taking more concrete shape.

According to crypto-focused media outlet Decrypt on the 24th, the Solana Foundation launched the “Solana Developer Platform (SDP)” to help financial institutions more easily build blockchain-based services.

The platform integrates technologies from more than 20 infrastructure partners and provides them in the form of APIs, focusing on reducing development burdens for enterprises by modularizing functions such as digital asset issuance, payment processing and transactions.

Initial participants include Mastercard, Worldpay and Western Union. These companies are said to be considering use of the platform across a range of areas, including stablecoin payments, merchant payment processing and cross-border remittances.

Raj Dhamodharan, executive vice president overseeing Mastercard’s blockchain and digital assets unit, said, “The next phase of digital asset innovation will be determined by real-world use cases that integrate naturally with the existing financial system,” adding, “Solana-based stablecoin payments can deliver both speed and scalability.”

The platform is currently running in a test environment, and the full service, including transaction functionality, is slated to be rolled out in stages later this year.