Solana (SOL), one of the most popular altcoins, is preparing for the upcoming Alpenglow update, which is seen by the industry as the biggest change to the network.
At this point, as interest in Solana continues to grow, Bitwise CIO Matt Hougan said that despite Ethereum (ETH)’s dominance, Solana’s speed and certainty make it Wall Street’s top choice for stablecoins and tokenization.
Speaking to Akshay Rajan of the Solana Foundation, the Bitwise CIO stated that financial institutions are now starting to take stablecoin and tokenization technologies seriously.
“I think Solana is the new Wall Street. Solana's speed, efficiency, and precision make it extraordinarily attractive.”
According to the data, the stablecoin supply on Solana has increased to $13.9 billion, giving SOL a 4.7% market share. However, it's still a small share compared to industry leader Ethereum, which has $172.5 billion worth of on‑chain stablecoins and a massive 59% market share.
However, Hougan stated that the trend in the stablecoin sector is slowly changing, and said that alternative networks such as Solana, which offer faster transaction capacity and lower fees, have become an attractive address for new projects.
This isn't the first time Bitwise has praised Solana. Bitwise CEO Hunter Horsley recently stated that Solana has a more investor‑friendly design, suggesting it could gain an advantage over Ethereum in the staking ETF market.
He said Solana's issuance process is much faster than Ethereum's, which is important because “ETFs need to be able to return assets in a very short timeframe.”
Bitwise also has a Solana ETF pending with the SEC, with the final decision expected on October 16.
*This is not investment advice.