Bloomberg: Solana Seeks to Expand into Wall Street, Moving Away from Dependence on Meme Coin Speculative Trading

TechFlow reported on October 28 that, according to Bloomberg, Solana is trying to shift from a growth model dependent on meme coins and speculative trading toward more mainstream financial applications such as stablecoins and tokenized assets to win institutional adoption on Wall Street. Financial institutions including JPMorgan, Morgan Stanley and Standard Chartered, as well as payment networks such as Visa and Fiserv, have already launched related business on the network.

However, amid the crypto market downturn and the rise of competitors such as Hyperliquid, Solana faces challenges in transitioning its growth model. Data shows SOL has fallen nearly 20% year to date, while U.S.-listed spot and staked SOL ETFs recorded outflows for two consecutive weeks this month, totaling approximately $50 million. Meanwhile, Solana's share of on-chain perpetual futures trading volume has fallen from 17% to 6%.

Source: TechFlow