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Solana provides traders “two methods to win,” giving it “explosive” progress potential because it expands within the stablecoin and tokenization markets, mentioned Bitwise CIO Matt Hougan.
Hougan mentioned in a publish on X that Solana can win from the anticipated progress of the stablecoin and tokenization sectors, in addition to from capturing a bigger market share of these sectors.
He mentioned Solana’s edge lies in its quick, user-friendly expertise and increasing ecosystem, citing Western Union’s determination this week to launch its stablecoin, USDPT, on Solana as proof of rising momentum within the community’s stablecoin infrastructure.
”I believe individuals dramatically underestimate how a lot and the way rapidly these applied sciences will remake markets,” he mentioned. ”It’s straightforward for me to think about this market rising by 10x or extra.”
Ethereum Leads The Market, However Solana Is Gaining Floor
Ethereum at present leads the stablecoin and tokenization infrastructure market by a cushty margin when taking a look at every blockchain’s respective Complete Worth Locked (TVL) and stablecoin market share metrics.
Ethereum on-chain metrics (Supply: DefiLlama)
Knowledge from DefiLlama reveals Ethereum’s TVL at present stands at round $85.116 billion, whereas the chain additionally hosts $163.667 billion price of the stablecoin provide at present in circulation.
In the meantime, Solana’s TVL stands at $11.386 billion and it hosts $16.945 billion of the stablecoin markets.
Hougan sees Solana as a high challenger and likes its odds “of successful a bigger share” of the stablecoin and tokenization infrastructure market.
“It provides quick, user-friendly expertise, backed by an amazing group with a ship-fast perspective,” he mentioned. “It’s a more moderen asset and is taking part in catch-up in opposition to its friends in successful institutional mandates, nevertheless it’s gaining floor.”
First Spot SOL ETFs Commerce In The US This Week
Hougan’s prediction comes after Bitwise launched the primary US spot SOL ETF (exchange-traded fund) this week.
On its first day of buying and selling, the Bitwise Solana Staking ETF (BSOL) recorded $69.5 million inflows and $56 million in buying and selling exercise. In accordance with Bloomberg ETF analyst Eric Balchunas, this was the best quantity of debut buying and selling exercise of any of the 850 ETFs launched this yr.
$BSOL‘s $56m is the MOST of any launch this yr.. Greater than $XRPR, $SSK, Ives and $BMNU. And what’s superb is it seeded with $220m. It might have invested seed on Day One, which might have resulted in $280m-ish, can be much more than $ETHA‘s debut. Sturdy begin both means.
— Eric Balchunas (@EricBalchunas) October 28, 2025
Previous to its launch, traders had put $220 million into the ETF as effectively. In accordance with Balchunas, had the fund invested this seed capital on the primary day it might have posted volumes of round $280 million. This might have been increased buying and selling volumes than BlackRock’s US spot Ethereum ETF (ETHA).
Inflows for the funding product continued within the days that adopted. After its first day of buying and selling, BSOL noticed $46.5 million inflows on Oct. 29 and $36.5 million on Oct. 30, in accordance with information from Farside Buyers.
US spot SOL ETF flows (Supply: Farside Buyers)
BSOL was additionally in a position to outperform the Grayscale Solana Belief (GSOL) product, which debuted a day after BSOL.
The US spot SOL ETF market might quickly change into extra aggressive as extra funds enter the area.
In accordance with Grayscale government Zach Pandl, spot SOL merchandise might see the identical success that comparable funding merchandise for Bitcoin and Ethereum loved. The chief believes that spot Solana ETFs might swallow up at the least 5% of SOL’s complete provide inside the subsequent yr or two.
That may equate to greater than $5 billion price of SOL tokens at present costs.
The current launch of the US spot SOL ETFs has not had the specified affect on the worth of Solana, which has retraced amid a broader crypto market correction in current days. Knowledge from CoinMarketCap reveals SOL slid greater than 2% up to now 24 hours to commerce at $186.56 as of seven:22 a.m. EST.
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