Bitwise Sees Solana Becoming the Blockchain of Choice for Wall Street Stablecoins

Solana has become increasingly notable in the crypto sector for its exceptional speed and rapid transaction finality. These qualities have drawn attention from traditional finance, with Bitwise Chief Investment Officer Matt Hougan emphasizing Solana’s potential to serve as Wall Street’s preferred blockchain for stablecoins and real-world asset tokenization, even as Ethereum continues to dominate the space. Hougan presents Solana as a network that meets the standards and demands of large financial institutions.

From Bitcoin Uncertainty to Solana’s Clarity

Hougan notes that although Bitcoin is well-known, many investors find it difficult to grasp. Stablecoins and tokenized assets, on the other hand, offer a clearer and more tangible way to participate in the crypto market. 

These innovations are seen by top figures in global finance as having the potential to reshape payments and traditional markets. As these opportunities become more apparent, investors are increasingly looking for ways to engage, with blockchain providing the main platform for such exposure.

According to Hougan, Solana’s technical capabilities make it especially attractive in this context. The blockchain’s high throughput and near-instant finality—transactions settle in approximately 400 microseconds, potentially reaching 150 microseconds—address the demand for speed and reliability that resonates with institutional participants.

And then when they evaluate the different blockchains, the speed, the throughput, the finality of Solana makes it seem extraordinarily attractive. You can tell them things like Solana literally gets to finality in the blink of an eye, 400 microseconds going to 150 microseconds. That makes sense to them.

Matt Hougan

Solana’s Position in the Growing Stablecoin Market

Ethereum continues to dominate the stablecoin market, yet Solana has secured a smaller but notable share. The total market capitalization of stablecoins stands at $292.73 billion, according to data from RWA.xyz , and here is how the networks compare:

• Ethereum maintains a leading position with $172.6 billion, making up 58% of the stablecoin market.
• TRON follows with $77 billion, which corresponds to 26% of stablecoin holdings.
• Meanwhile, Solana accounts for $13.9 billion, representing roughly 4% of the market.

Measuring Network Scale Through TVL

However, AJ Warner, Chief Strategic Officer at Offchain Labs, provides a different perspective , noting that “the gap between Ethereum and Solana for DeFi TVL is about 15x larger than Solana and any other chain. TVL is definitely not everything, but I don’t think you can doubt where the best place to launch new stablecoins is. Build within the EVM.“

At the same time, Bitwise executives have shown interest in Solana for different reasons. Last week, CEO Hunter Horsley shared that the network’s architecture is particularly well-suited for staking through ETFs . He pointed out that Solana allows faster unstaking compared with Ethereum, offering an advantage for ETFs that require quick access to assets. As of writing, the token is trading around $232, up roughly 2% over the past 24 hours.