Fidelity, a prominent financial services company, has expanded its offerings by adding Solana trading capabilities to its platform. This move makes Solana's native token, SOL, accessible to both institutional and retail investors.
Solana (SOL) is now available for purchase, sale, and trading across Fidelity Crypto, Fidelity Crypto for IRAs, Fidelity Crypto for Wealth Managers, and the Fidelity Digital Assets platform, which serves institutional investors. A Fidelity spokesperson confirmed this development on Thursday, stating:
"The addition of Solana is a continuation of Fidelity's decade-plus effort to develop the infrastructure, products, and educational resources for digital assets consistent with the solutions we provide for traditional asset classes."
This enhanced support for SOL signifies the ongoing maturation of cryptocurrencies as a distinct asset class, effectively bridging the gap between traditional finance and the burgeoning digital asset market.
Solana Aims to Be the Hub for Internet Capital Markets
With a market capitalization exceeding $104 billion, Solana currently ranks as the sixth-largest cryptocurrency by market capitalization.
Key developers within the Solana ecosystem believe the network has substantial potential for further growth, with an ambitious goal to establish it as the primary platform for internet capital markets, thereby challenging the dominance of traditional financial centers like Wall Street.
Solana developers are focused on enabling the blockchain to host a diverse range of tokenized real-world assets (RWAs). This includes assets such as stocks, money market funds, stablecoins, and collectibles, with the ultimate aim of democratizing access to financial markets and unlocking liquidity from traditionally illiquid asset classes.
The launch of cross-chain interoperable versions of Tether's USDt stablecoin (USDT) and Tether Gold (XAUT), a tokenized gold product, on Solana in October marks a significant step. These additions potentially position the network as a central hub for cross-chain stablecoin liquidity.
The integration of these tokenized RWAs onto the Solana network could solidify its role as a critical component of decentralized finance (DeFi) infrastructure. This would provide traders with access to deeper stablecoin liquidity, thereby mitigating risks associated with high volatility, depegging events, and trade slippage.
In September, U.S. regulators indicated their intention to reform the traditional financial system, which currently operates with limited trading hours, by moving towards a 24/7 capital markets trading schedule. This shift aligns with the increasing demands of a global, always-on economy.
Spokespeople for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission stated in a joint release: "Further expanding trading hours could better align US markets with the evolving reality of a global, always-on economy."