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Solana Gains Wall Street's Attention for Stablecoins, Says Bitwise CIO

Key Takeaways

  • ​Solana is emerging as a strong option for financial firms exploring stablecoins and tokenized assets, says Bitwise CIO Matt Hougan;
  • Hougan highlights that Solana’s high-speed performance appeals to Wall Street’s need for reliable transaction processing;
  • Though it holds just 4.7% of the stablecoin market, Solana’s growth signals rising interest from institutional investors.

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Solana Gains Wall Street's Attention for Stablecoins, Says Bitwise CIO

Solana SOL $233.14 may be the go-to platform for financial institutions exploring stablecoins and tokenized assets, according to Matt Hougan, Chief Investment Officer at Bitwise.

In a recent discussion with Akshay BD from the Solana Foundation, Hougan noted that Wall Street professionals are showing increasing interest in stablecoins and digital asset tokenization.

He explained that these industries are becoming too crucial for major players to ignore.

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According to him, while Bitcoin BTC $124,229.22 is often viewed as abstract or difficult for traditional investors to fully understand, the practical applications of stablecoins and tokenized real-world assets are more relatable.

Hougan explained that innovations in blockchain performance have made Solana particularly appealing to financial firms.

One example he highlighted was the reduction in transaction settlement time, from about 400 microseconds to 150 microseconds. He said this level of speed matches the expectations of professional traders who are used to operating in high-frequency environments.

Solana’s processing speed, reliability, and ability to finalize transactions quickly make it a strong candidate in the eyes of many institutions.

Currently, Solana supports around $13.9 billion worth of stablecoins, which accounts for approximately 4.7% of the total market share, based on data from RWA.xyz.

Moonbirds, the non-fungible token (NFT) collection, recently announced the upcoming launch of its own token, BIRB, on the Solana blockchain. What prompted this decision? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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