Solana Network Sees Growth in Tokenized Assets and Payments

Solana drew growing interest from institutional investors and payment firms in the first quarter, even as the broader crypto market weakened, according to Messari. 01 billion. Growth was led by BlackRock’s tokenized money market fund BUIDL and new integrations tied to payments and tokenized finance.

4 million on Solana after Anchorage Digital added custody support for the fund. Anchorage held roughly 81% of the asset’s supply on the network by the end of the quarter, Messari said.

Several traditional financial firms expanded activity tied to Solana during the quarter. Ondo Finance launched more than 200 tokenized stocks and ETFs on the network through Ondo Global Markets, while Franklin Templeton partnered with Ondo to bring tokenized ETF products onchain.

Citigroup also completed a proof-of-concept for tokenized trade finance on Solana with PwC. Payments emerged as another major theme. Messari said firms including Visa, Stripe, Worldpay, Western Union and PayPal either integrated Solana for stablecoin settlement or launched Solana-native payment products over the past year.

The report said Solana’s low fees and near-instant settlement times have made it increasingly attractive for payment infrastructure. 85 billion, ranking the network third among blockchains. 8 billion.

Despite falling crypto prices, Solana’s onchain activity remained resilient. 2 million during the quarter. Messari also described Solana’s upcoming Alpenglow upgrade as one of the network’s most significant technical developments. 8 seconds to about 150 milliseconds.