This week Solana pulled new praise from a corner of the crypto world. A senior asset manager said the chain could be Wall Street’s Go-to network for stable coins and tokenized real assets.
The comment comes because the market participants and the sums of raw chain dollars weigh the speed and settlement features.
Solana calls ‘the new Wall Street’
According to Matt Hougan, Chief Investment Officer from Bitwise, the traditional finance Solana takes seriously due to its transaction speed and ability to appeal to institutional dealers who take care of a quick settlement.
Hougan made the comments while talking to Solana Labs with Akshay Rajan on October 2.
This technical case is only part of the picture. The market size still prefers other networks with a large margin. According to the on-chain analysis, which have been mentioned in the latest reports, StableCoin to Solana is almost $ 14 billion or around 4.5% of the on-chain stable market.
Yes, it is @Solana. Exciting times ahead. https://t.co/pvx1wtgfx4
– Matt Hougan (@matt_hougan) October 4, 2025
In contrast, Ethereum holds around $ 173 billion or almost 60% of the market-one share, which extends to 65% if the main networks of the layer-Two such as arbitrum, base and polygon are counted. These numbers underline how much soil Solana would have to cover to suppress Ethereum for most stable coin emissions.
Ethereum still dominates stable coins
Voices from the EVM ecosystem are pushed back. AJ Warner, Chief Strategic Officer at Offchain Labs, argued that the total value is only a metric, but the EVM environment is the obvious place for the start of new stable coins due to developer tools and existing integrations.
This view reflects a careful attitude of parts of traditional finances that prefer systems with long track records and wide tools.
BitWise’s own movements show that the company bets in both directions. The company already operates a bitter physical Solana ETP with a managed assets of around 30 million US dollars, a small sum compared to Bitcoin and Ether products, but a concrete step to give investors about institutional custody and familiar fund structures in Sol.
On the edge of something great
If the speed and efficiency of Solana can gain the same bankers who once doubted crypto, the StableCoin crown of the Wall Street may not rest long with Ethereum.
The increase in the chain from an experimental network to a potential financial backbone shows how quickly the mood can shift when the performance fulfills the purpose.
Regardless of whether Bitwise’s are upcoming ETF or a wider institutional adoption, Solana is now on the edge of something rare in crypto – an opportunity how the biggest players move money.
Selected picture of Unsplash, Diagram from Tradingview
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