TL;DR:
- Solana benefits from growth in stablecoin and tokenization markets.
- Western Union and strong tech adoption boost Solana’s institutional credibility.
- Bitwise launches BSOL, the first U.S. spot Solana ETF, with record day-one volume.
Solana is positioned to benefit from two major growth trends in the crypto sector, according to Bitwise CIO Matt Hougan. He argues that the blockchain stands to gain both from the rapid expansion of the stablecoin market and the increasing adoption of tokenized assets. Comparing Solana’s potential to Bitcoin’s dual bet on the $27.5 trillion store-of-value market, Hougan emphasizes that Solana could rise either through overall market growth or by capturing a larger share of its ecosystem.
Two Bets, One Blockchain
Solana offers investors a dual opportunity. Hougan describes the stablecoin and tokenization markets as dominated by Ethereum, with Solana, Tron, and BNB Chain as key challengers. While Solana’s current market cap of $107 billion represents just 14% of the total $768 billion market, Hougan sees this as a “catch-up” opportunity. He expects nearly all payments to eventually occur in stablecoins and most assets to be tokenized, creating a market that could grow tenfold or more.
Institutional traction strengthens Solana’s outlook. Western Union’s plan to launch a stablecoin on Solana in early 2026 exemplifies the blockchain’s growing credibility. Hougan highlights Solana’s fast, user-friendly technology and active developer community, which position it to capture a larger share of both stablecoin and tokenization markets. This combination of growth potential and competitive advantage makes Solana a compelling investment thesis.
Bitwise launches first U.S. spot Solana ETF. The new BSOL ETF provides 100% direct exposure to SOL and drew $116 million in net inflows during its first two trading days. With $57.9 million traded on day one and nearly $75 million on day two, BSOL saw the highest day-one trading volume of any ETF launched this year, reflecting strong investor demand and validating Hougan’s bullish perspective.
Market growth and share gains could be explosive. Hougan concludes that Solana’s dual exposure to expanding markets mirrors Bitcoin’s strategy: if the market grows or Solana increases its share, the effect on value could be significant. Investors looking for long-term growth may find Solana uniquely positioned to capitalize on both trends simultaneously, offering a high-reward opportunity in the evolving blockchain landscape.
