Matt Hougan, chief investment officer at Crypto Asset Management company Bitwise, believes Solana will be the perfect Wall Street network for Stablecoins and real-world asset tokenization.
“I think Solana is the new Wall Street,” Hogan said. On October 2nd, I spoke with Akshay Rajan of Solana Lab. Wall Street audiences added that Bitcoin (BTC) is “very fleeting” and “hard to grab your head.”
He said they can see what’s going on in the stubcoin and tokenization space and know that it’s going to be “very important.”
When they look at how they invest, the answer lies in the blockchain space, and when they evaluate the blockchain space, “speed, throughput, and the finality of Solana looks very appealing.”
Hougan cites improvements at settlement speeds from 400 microseconds to 150 microseconds, saying this makes sense to them, because that’s because they like to trade.
Ethereum is still a Stablecoin King
According to RWA.xyz, Solana’s Stablecoin Supplies grew to $13.9 billion, giving it a 4.7% Stablecoin tokenization market share.
It is still a minnow compared to industry leader Ethereum (ETH), with an ontin stub coin value of $172.5 billion and a 59% commander market share. This increases this to 65% if it includes Ethereum Layer-2 networks such as Arbitrum, Base, and Polygon.
“While TVL is definitely not everything, I don’t think you can doubt where the best place to launch a new Stablecoins,” AJ Warner, Chief Strategy Officer at Offchain Labs, compared the totals of the locked Solana and Ethereum on Saturday.
Bitwise Big in Solana
It’s not the first time Bitwise executives have hyped Solana (SOL). Speaking to Cointe Legraph at Token2049 in Singapore last week, Bitise CEO Hunter Horsley said Solana could have the advantage over Ethereum in the Staraking Exchange-Traded Fund (ETF) market.
He said Solana’s staking period was much faster than the Ethereum era. This is important because ETFs need to be able to return assets in very short time frames. So this is a big challenge.”
Related: Can Solana be comparable to Wall Street? Kyle Samani thinks so
The decision deadline for Bitwise Solana etf will be decided soon
The company offers a fund called Bitise Physical Solana ETP. This provides investors with exposure to SOL through fully supported, physically retained structures with facility-grade custody. Bitwise says interest is reduced compared to BTC or ether-based ETFs, with a managed $30 million asset worth just $30 million.
The company also has a spot waiting for the Solana ETF in the SEC approval queue, with the final decision being made on October 16th.
Sol Price had dropped 2% to $227 at the time of writing. Assets have fallen by more than 22% from their all-time high in January 2025.
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