Matt Hougan, Chief Investment Officer of crypto asset management firm Bitwise, has declared that Solana is poised to be Wall Street's network of choice for stablecoins and real-world asset tokenization. "I think Solana is the new Wall Street," Hougan stated during an October 2 discussion with Solana Labs' Akshay Rajan, emphasizing that institutional audiences find Bitcoin "ephemeral" but see stablecoins and tokenization as "enormously significant."
Hougan highlighted Solana's technical advantages, including settlement speed improvements from 400 to 150 microseconds, along with high throughput and near-instant finality, which he said make the blockchain "extraordinarily attractive" for high-frequency trading environments. He noted that top financial leaders from entities like the SEC, Bank of England, and BlackRock recognize the disruptive potential of digital assets in reinventing payments and markets.
Currently, Solana holds $13.9 billion in stablecoin supplies, capturing a 4.7% market share, while Ethereum dominates with $172.5 billion and a 59% share, rising to 65% when layer-2 networks are included. Bitwise has consistently promoted Solana, with CEO Hunter Horsley previously suggesting it could outperform Ethereum in staking ETFs due to faster unstaking periods.
The firm offers a Bitwise Physical Solana ETP with $30 million in assets under management and has a spot Solana ETF awaiting SEC approval by October 16. At the time of reporting, SOL was trading at $227, down 2% on the day and over 22% from its January 2025 all-time high, amid bearish market pressure and consolidation between $228.19 and $237.04.
