Solana is rapidly gaining traction as a preferred blockchain for financial institutions, hinting at the potential for a Solana-based ETF in the future.
As the fourth-largest blockchain by total value locked (TVL), Solana is seeing increasing institutional adoption. According to Robinson Burkey, Chief Commercial Officer and co-founder of the Wormhole Foundation, more financial institutions are integrating with the Solana blockchain to future-proof their services.
“Solana and institutions make sense. Industry leaders like PayPal, Stripe, and Visa must future-proof their offerings. The best way to do that is by meeting their most forward-thinking users on the platforms they’re adopting. You’ll likely see many more institutional moments for Solana in the coming years.”
Last week, PayPal extended its PayPal USD (PYUSD) stablecoin to the Solana network, marking the company’s first move to a blockchain outside of the Ethereum ecosystem. This integration allows Solana users to make low-cost transactions using PYUSD, aiming to enhance the stablecoin’s utility for everyday purchases.
In September 2023, global payments giant Visa also launched its USD Coin (USDC) on the Solana blockchain, making Solana the second network to support the stablecoin, in addition to Ethereum.
Summary Review: Solana‘s recent integrations with major financial players like PayPal and Visa underscore its growing role in the institutional adoption of blockchain technology. As more financial institutions seek to future-proof their offerings, Solana’s efficient and scalable platform is becoming an attractive option. This trend points to the increasing potential for Solana to lead in the blockchain payments space and possibly inspire the creation of a Solana-based ETF in the near future.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
