Bloomberg: Solana Seeks Wall Street Entry to Shed Reliance on Meme Coin Speculation

October 29: According to Bloomberg, Solana is trying to shift from a growth model reliant on meme coins and speculative trading toward more mainstream financial applications such as stablecoins and tokenized assets, in a bid 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, are already conducting related business on the network.

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