Bloomberg:Solana Shifts to stablecoins and tokenized assets to win Wall Street adoption
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AT A GLANCE
The report stated that Solana is shifting toward mainstream financial applications, but weak market conditions, fund outflows, and a declining trading share pose challenges.
Article
Bloomberg:Solana seeks to enter Wall Street and reduce its reliance on speculative Meme coin trading
PANews October 29 reported, citing Bloomberg, that Solana is attempting to shift from a growth model reliant on Meme coins and speculative trading toward more mainstream financial applications such as stablecoins and tokenized assets, in an effort to win adoption by Wall Street institutions. Financial institutions including JPMorgan Chase, Morgan Stanley, and Standard Chartered, as well as payment networks such as Visa and Fiserv, have already conducted related business on the network. However, amid a weak crypto market and the rise of competitors such as Hyperliquid,Solana faces challenges in transforming its growth model. Data show that SOL has fallen nearly 20%year to date, while U.S.-listed spot and staked SOL ETF have recorded outflows for 2 consecutive weeks this month, totaling approximately 50000000 USD. Meanwhile,Solana share of on-chain perpetual contract trading volume has fallen from 17%to 6%。
PANews said its information came from a Bloomberg report.
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The report stated that Solana is seeking to shift from a growth model reliant on Meme coins and speculative trading toward financial applications such as stablecoins and tokenized assets.
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The report stated that JPMorgan Chase, Morgan Stanley, Standard Chartered, Visa, and Fiserv have already conducted related business on the Solana network.
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The report noted that Solana faces transformation challenges from the weak crypto market and the rise of competitors such as Hyperliquid.
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Data show that SOL has fallen nearly 20%。
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U.S.-listed spot and staked SOL ETF recorded outflows for 2 consecutive weeks this month, totaling approximately 50000000 USD。
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Solana Its share of on-chain perpetual contract trading volume has fallen from 17%to 6%。
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Solana It hopes to reduce its reliance on Meme coins and speculative trading and shift more of its business toward financial applications such as stablecoins and tokenized assets. The report also shows that SOL price, related ETF fund flows, and perpetual contract trading share are all currently under pressure.
Why it matters to readers
This reflects Solana direction of transformation in its growth model and also highlights the funding, market, and competitive pressures it faces in seeking adoption by financial institutions.
Beginners can monitor ETF fund flows, its share of on-chain perpetual contract trading, and whether relevant institutions disclose further business developments; these indicators can help assess whether the reported transformation is progressing.
Risks and unknowns
The available evidence consists only of PANews citing a Bloomberg report and does not provide the original Bloomberg article.
The material does not include first-hand announcements from the relevant financial institutions or payment networks, making it impossible to independently verify the specific business activities.
SOL The statistical sources and calculation methodologies for the decline,ETF fund flow, and trading-share data are not explained in the material.
The report does not state whether the transformation can succeed or provide quantified results for the related business activities.
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Related concepts
Meme Coins
This term is not in the glossary yet. Browse related concepts in the glossary.
A derivative contract with no expiration date, designed for continuous holding, whose funding rate mechanism helps keep its price close to that of the underlying asset.
