Earlier today, the co-founder of ISC Money, a revenue-generating stable coin on Solana, announced that the company is going into survival mode and ceasing most operations: the ISC token will continue to function, but other features such as the loyalty system and ecosystem integration will be discontinued.
ISC co-founder Richard announced via X that he is moving to a permanent job at FxSwap. According to Richard, the decision to close the company was influenced by ISC's inability to find market fit (PMF) even beyond the original budget.
We have been working with ISC for over a year now, and this decision couldn't be happier. Especially when you consider that every week we were closer to a breakthrough - ISC started at $1.54 and now it's at $1.81. It's working, Richard said. According to the co-founder, ISC's poor performance is mainly due to the fact that investors prefer stable coins tied to the dollar and the lack of ISC marketing.
It was believed that ISC, a decentralized currency, resistant to inflation and protected from hyperinflation, was to overtake the U. S. dollar as the preferred currency of users. However, in reality, it fell short of the US dollar in popularity and failed to find enough users. Now, almost two years after launch, the blockchain's total #blockchain value (TVL) is only $2 million and it is about to be shut down.
According to DeFiLlama, #Solana accounts for 2.43% of the stablecoin market and is one of the top five #blockchains with a stablecoin market value of $4.73 billion. It is followed by Arbitrum ($5.83 billion), BNB Chain ($6.13 billion), Tron ($60.69 billion) and #Ethereum ($ 103.2 billion).
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