Bitwise Picks Solana Stablecoin Network for Wall Street
Bitwise has named Solana’s stablecoin network as Wall Street’s top choice for stablecoin issuance and tokenization. The Solana stablecoin network delivers high throughput and 150-microsecond settlement with rapid transaction finality. On-chain data show stablecoin supply on Solana has risen to $13.9bn (4.7% market share), compared with Ethereum’s $172.5bn (59%). Financial institutions are attracted by low fees and faster unstaking, ahead of Solana’s upcoming Alpenglow upgrade. Bitwise runs a $30mn Physical Solana ETP and awaits SEC approval for a spot SOL ETF, with a decision due October 16.
Bullish
The endorsement of Solana’s stablecoin network by Bitwise signals increasing institutional adoption. Growth from $13.9bn in stablecoins and the pending SEC decision on a spot SOL ETF are strong catalysts. Network upgrades and faster settlement further boost Solana’s competitive edge. Short-term trading could see positive momentum as ETF approval approaches. Long-term tokenization prospects and staking advantages support sustained demand for SOL.