Solana is increasingly at the center of discussions around the future of stablecoins.
There is a growing debate on whether this fast, high-capacity blockchain could rival Ethereum as interest continues to grow in Solana.
Let us take a closer look at what the experts got to say and why Solana is drawing so much attention in the crypto space.
Greg King, CEO of REX Financial, thinks Solana is where the future of stablecoins is headed — even more than Ethereum.
“Frankly when I saw the big debate about stable coins all being built on ETH I was like this is a huge oversight. I think Solana is the story for the future as far as stablecoins go,” he said, in an interview with Bloomberg TV.
He notes that Solana’s speed and high processing capacity make it particularly well-suited for stablecoins.
“A lot of people think that Solana is the up-and-comer that’s going to sort of dethrone Ethereum,” he added. He also said it’s a very controversial debate gaining both supporters and critics.
According to data from Defilama, the stablecoin market cap for Ethereum is currently at $143.8 billion, while the total stablecoin market cap for Solana is just at $11.8 billion.
As per a report from Messari, Ethereum is seeing growing institutional adoption, leading in tokenized assets and DEX trading volumes. On the other side, Solana has also surged in on-chain activity with daily active addresses surpassing 2 million and DEX volumes sometimes nearly double Ethereum’s.
Key developments on Solana include stablecoin settlements, cross-chain swaps, and new DeFi protocols.
Solana is showing strong momentum across multiple fronts. In the past 24 hours, it surpassed Ethereum and other blockchains in perpetual contract trading volume. Solana-based investment products, including ETFs, ETPs, and funds, received $12 million in inflows last week, marking 11 consecutive weeks of gains.
Greg sees Solana as a top-five coin with strong ETF potential. Its speed, high staking rewards, and position as an Ethereum competitor make it an appealing choice for investors.
He also said that crypto ETF issuers need to be selective about which coins they include, as crypto gets “pretty sketchy” below the top 20.
Notably, nine firms including Bitwise, Grayscale, VanEck, 21Shares, Canary Capital have filed for a spot Solana ETF. Bloomberg analysts project a 95% chance of approval for Solana ETFs.
In early July, REX launched the REX-Osprey Solana Staking ETF, which gives investors direct exposure to Solana along with staking rewards, making it the first U.S. crypto staking ETF.
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