- Bitwise CIO Matt Hougan says Solana could become Wall Street’s main network for stablecoins and real-world asset tokenization.
- Stablecoin supply on Solana is $13.9 billion, far behind Ethereum’s $172.5 billion share.
- Hougan highlights Solana’s fast network speeds and high throughput as key advantages for institutional investors.
- Bitwise has a spot Solana ETF awaiting SEC approval, with a decision expected by October 16.
- Solana’s market share is growing, but Ethereum maintains a leading position for stablecoins and tokenized assets.
Bitwise Chief Investment Officer Matt Hougan said on October 2 that he believes Solana will serve as the top blockchain network for Wall Street when it comes to stablecoins and tokenized real-world assets. Hougan made these comments during a conversation with Akshay Rajan from Solana Labs.
Hougan noted that many traditional Wall Street actors see Bitcoin as complex and difficult to understand, while the use case for stablecoins and tokenized assets stands out as clear and significant. He stated that “really important people are saying that stablecoins will reinvent payments and tokenization will reinvent stock, bond, commodity, and real estate markets.” He highlighted Solana’s improvement in transaction settlement speeds—from 400 to 150 microseconds—as a major draw for firms used to quick trading.
Despite Hougan’s positive outlook, current figures show that Solana trails behind its competitor. According to data from RWA.xyz, Solana’s on-chain stablecoin supply is $13.9 billion, capturing a 4.7% market share. In comparison, Ethereum dominates with $172.5 billion in stablecoin assets and a 59% market share, reaching 65% with the addition of various layer-2 networks. Offchain Labs executive AJ Warner pointed out that Ethereum’s ecosystem remains the preferred launchpad for new stablecoins, saying, “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.”
Bitwise has shown consistent support for Solana. CEO Hunter Horsley recently suggested that Solana could perform better than Ethereum in the staking ETF market because Solana’s shorter unstaking period fits ETF requirements for quick asset redemption.
Bitwise already offers a Solana physical ETP (exchange-traded product) with about $30 million in managed assets, according to their latest data (details). Interest in this fund remains well below products tied to Bitcoin or Ether. Meanwhile, the company’s spot Solana ETF is awaiting approval from the SEC, with a final decision expected by October 16.
At the time of reporting, Solana’s price stood at $227, down 2% for the day and over 22% below its all-time high from January 2025.
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