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Wall Street is building on Solana despite its memecoin reputation
For most of its life, Solana’s brand was straightforward: fast infrastructure for whatever crypto wanted to do at volume.
By year four, that mostly meant memecoins, and it stayed that way until year five.
Solana became known for being the infrastructure for high-profile, and sometimes controversial, memecoin launches. A few cases include President Donald Trump-linked TRUMP memecoin and the LIBRA token endorsed by the Argentinian president, Javier Milei.
Blockworks data showed that memecoins accounted for nearly 30% of Solana’s average monthly DEX activity in 2025. The reputation of an on-chain casino was accurate.
Although the brand hasn’t flipped, something else happened: institutions started building there anyway.
In January 2026, Ondo brought more than 200 tokenized US stocks and ETFs to Solana, backed 1:1 by securities held with US-registered broker-dealers.
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WisdomTree enabled native minting of its tokenized funds on the network, with institutional clients able to purchase, hold, and manage positions on-chain.
Solana’s February payments report said Visa, PayPal, and Worldpay are building across treasury management, remittances, payouts, and merchant settlement.
Citi explored tokenizing bills of exchange for trade finance in collaboration with PwC and Solana.
The re-rating case: serious money no longer requires degen activity to disappear first.
The barbell takes shape
What makes this move non-obvious is that Wall Street didn’t wait for cultural cleansing.
Traditional finance infrastructure often demands sterile environments before deployment, as banks don’t typically move into venues where 70% of monthly trading activity involves tokens named cartoon frogs.
However, Solana’s institutional adopters appear to have made a different calculation: they need fast settlement, low fees, and liquid rails more than they need brand distance from speculation.
The tokenized stocks structure reveals that logic. Ondo’s implementation runs mint and redeem windows 24/5, with on-chain transferability between those windows.
Registered broker-dealers hold the securities, and the blockchain handles the movement layer. That separation lets institutions use Solana’s speed without adopting its culture.
WisdomTree’s move carries similar implications. The firm extended its existing tokenized fund infrastructure to include Solana as a venue for minting and management.
Institutional clients can now buy, hold, and manage positions there alongside whatever else lives on the network.
The SEC granted special relief allowing intraday trading in tokenized shares of WisdomTree’s money market fund, indicating that regulators are working with these structures.
The payments narrative follows the same pattern.
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Visa said US banks started settling with it in USDC over Solana, while Worldpay said merchants will be able to settle with USDG on Solana. PayPal positioned PYUSD on Solana to make the stablecoin faster and cheaper for commerce.
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These firms needed to process transactions reliably at scale, with the memecoin narrative becoming irrelevant.
Why the infrastructure play works
The financial argument for Solana turns on distribution.
Ethereum still holds about $15.6 billion in tokenized asset value excluding stablecoins, according to RWA.xyz, compared to Solana’s $1.84 billion. BNB Chain sits between them at roughly $2.95 billion.
Jupiter, Solana’s primary DEX aggregator, provides a consumer-facing onramp for tokenized products that Ethereum’s infrastructure doesn’t readily support.
Ondo’s tokenized stocks launched via Jupiter integration, allowing retail users to access these securities through the same interface they use for memecoin trading.
That creates distribution power: the same wallets, the same UX, and the same liquidity sources applied to regulated securities.
The payment volume supports the rail thesis more than any single product launch.
Solana processed $650 billion in stablecoin transactions in February 2026, more than doubling its previous record, while stablecoin supply exceeded $15 billion.
Those figures show the network already handles money-like flows at an institutional scale, which makes the “financial rail” framing plausible.
RWA.xyz shows about $1.68 billion of Solana’s $1.84 billion tokenized asset value as distributed on-chain, roughly 91.6% in portable form.
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The 30-day RWA transfer volume surpassed $2 billion. For comparison, the entire tokenized stocks category across all chains is valued at about $1.08 billion. It has a monthly transfer volume of $2.3 billion, with Ondo holding roughly $644 million and about 60% platform market share.
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These numbers demonstrate that tokenized assets on the network move at a meaningful scale.
Solana holds $1.84 billion in tokenized assets excluding stablecoins, trailing Ethereum’s $15.6 billion and BNB Chain’s $2.95 billion.
Macro forces behind the bet
Solana’s institutional turn sits within a broader recalibration.
McKinsey’s base case projects roughly $2 trillion in tokenized assets by 2030, with a range of $1 trillion to $4 trillion. BCG forecasts that tokenized fund AUM alone could exceed $600 billion by 2030.
Citi’s 2030 stablecoin outlook raised its issuance forecast to $1.9 trillion base case and $4 trillion bull case, with potential transaction activity reaching $100 trillion to $200 trillion.
Those projections assume blockchains transition from an asset class to a market infrastructure.
Besides, regulatory conditions turned in Solana’s favor. On Mar. 5, the FDIC, Federal Reserve, and OCC said eligible tokenized securities should generally receive the same capital treatment as non-tokenized securities, calling the capital rule “technology neutral.”
That removes one barrier to participation in traditional institutions: banks can now hold tokenized securities without incurring punitive capital requirements simply for choosing blockchain settlement.
Yet despite efforts by names such as Nasdaq, rights structures stay uneven.
McKinsey stressed that regulation-heavy infrastructure creates friction in adoption. Payward recently noted that xStocks have surpassed $25 billion in total transaction volume, including more than $4 billion settled on-chain.
As a result, the landscape is one in which investors are trading billions of dollars‘ worth of tokens that don’t yet make them shareholders.
Additionally, the tokenized stocks category stay tiny globally, meaning a single compliance shock or operational failure could upend the entire narrative.
What’s open now
Despite not resolving the memecoin-versus-institutions tension, Solana turned the tension into a product.
The infrastructure, now treated as a venue for memecoin launches, hosts over 200 of Ondo’s tokenized stocks, WisdomTree’s regulated funds, and Visa’s USDC settlement flows.
The re-rating case assumes institutions care more about throughput, cost, and liquidity than they care about brand adjacency to speculation.
Solana processed $650 billion in stablecoin transactions last month. It handles a 3,000-fold increase in annual RWA trading volume. It attracted Visa, PayPal, Worldpay, WisdomTree, Ondo, and Citi as active participants.
Taken together, those facts support the rail thesis.
The bear case assumes pilots stay pilots. Announcements multiply, but secondary liquidity stays shallow. Institutions prefer Ethereum for serious size, or they build permissioned systems that avoid public blockchains entirely.
Infographic showing Solana’s “barbell economy,” with retail speculation on the left and institutional tokenized stock infrastructure on the right connected by a barbell.
Solana’s ex-stablecoin RWA stays below $2.5 billion, while memecoin bursts continue to dominate revenue and public perception.
What determines the outcome is whether banks, asset managers, and payment processors treat blockchain infrastructure as technology or as something chosen for brand alignment.
Solana turns six with both identities intact. The memecoin casino still operates at full volume, while Wall Street built its infrastructure on top of it anyway.
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