Solana launches an API-based developer platform for institutions, landing Mastercard, Western Union and Worldpay as early users for stablecoin and payment rails.
Summary
- The Solana Foundation launched the Solana Developer Platform (SDP) on March 24, a unified API-based platform targeting institutions and enterprises building tokenized assets, stablecoins, and payment flows on Solana.
- Mastercard, Western Union, and Worldpay have signed on as first adopters, with use cases spanning stablecoin settlement, cross-border payments, and merchant settlement.
- The platform launches as Solana processed a record $650 billion in stablecoin volume in February 2026, surpassing both Ethereum and Tron to become the leading chain for stablecoin activity.
The Solana Foundation on March 24 launched the Solana Developer Platform, a one-stop API-based infrastructure layer designed for financial institutions and enterprises seeking to build tokenized deposits, stablecoins, and real-world payment flows directly on the Solana (SOL) blockchain — with Mastercard, Western Union, and Worldpay joining as its first institutional adopters.
The announcement lands at a moment of considerable momentum for Solana as a payments infrastructure. In February 2026, the network processed a record $650 billion in stablecoin volume, more than doubling its previous peak and overtaking both Ethereum and Tron to claim the largest share of the $1.8 trillion global stablecoin market. The stablecoin sector itself now sits at approximately $328 billion in total market capitalization, according to rwa.xyz.
Solana – A Platform Built for Institutional Scale
The SDP is structured around three core modules: issuance, payments, and trading. The issuance and payments modules are live immediately, allowing institutions to issue tokenized deposits, GENIUS-compliant stablecoins, and tokenized real-world assets, while also managing fiat and stablecoin flows — including on-ramps, off-ramps, and on-chain transactions. A trading module supporting atomic swaps, vaults, and on-chain foreign exchange is expected later in 2026.
To underpin institutional requirements, Solana integrated more than 20 infrastructure partners across node infrastructure, wallets, compliance, and payment ramps. Modern Treasury, the payments software company, was selected as the platform’s payments infrastructure partner. “Solana processes tens of millions of transactions daily with near-instant settlement,” said Matt Marcus, co-founder and CEO of Modern Treasury. “By integrating Modern Treasury’s payments software, we’re helping make that infrastructure usable for enterprises that need strong controls, reliability, and compliance from day one.”
The three launch partners each represent a distinct institutional use case. Mastercard has joined to explore stablecoin settlement, Worldpay is using the tools for merchant payments and settlement, and Western Union — which has been deepening its Solana footprint since partnering with Crossmint in March to support its USDPT stablecoin on the network — is using the platform for cross-border payment flows.
Malcolm Clarke, VP of Digital Assets at Western Union, framed the integration as an extension of the company’s core infrastructure rather than a replacement. “Solana Developer Platform lets us extend what Western Union already does best — moving money reliably across borders — by adding an API-driven, on-chain layer that can orchestrate fiat and stablecoin flows end-to-end,” Clarke said. “It’s not a replacement for our network; it’s a modern extension that helps us innovate faster, expand new use cases, and bring more cross-border activity on-chain in a scalable, compliant way.”
Catherine Gu, Head of Product for Digital Assets at the Solana Foundation, described the platform as an “easy gateway” for any institution to start building immediately, noting that the fully API-based design removes the technical and operational barriers that have historically slowed enterprise blockchain adoption.
Solana’s Institutional Moment
The SDP launch is the latest in a string of enterprise moves on Solana, which has increasingly positioned itself as the settlement layer of choice for payment-focused blockchain applications. Wyoming launched its state-issued FRNT stablecoin on Solana in January 2026, while Backpack rolled out on-chain IPO access using Solana rails in March. SOL was trading near $84 to $95 at the time of the announcement, with $80 acting as key near-term support.
