Bloomberg: Solana Seeks to Break Into Wall Street, Weaning Off Reliance on Meme Coin Speculation

on October 28, according to Bloomberg, Solana is attempting to shift its growth model from one reliant on meme coins and speculative trading to more mainstream financial applications such as stablecoins and tokenized assets, seeking adoption from Wall Street institutions. Financial institutions such as JPMorgan, Morgan Stanley, and Standard Chartered Bank, along with payment networks like Visa and Fiserv, are already conducting related business on the network.

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