Solana (SOL) briefly slipped under $100 on Saturday, three days after its biggest network upgrade went live, as ETF outflows and a market-wide wave of liquidations weighed on the token.
Key Takeaways
Alpenglow went live; SOL fell 5% next day.
US Solana ETFs shed $30.3M in five days.
Market-wide liquidations top $816M, 84% longs.
SOL down 15% in October, Bitcoin about 4%.
Binance’s SOL/USDT daily chart on TradingView shows the token about 19% below its recent swing high, trading near $100.8 with the daily candle still open.
Upgrade day ended at resistance
Solana switched on Alpenglow on Wednesday, replacing TowerBFT, the consensus system the network had run since 2020. Solana’s official account on X said finality “just went from ~12.8 seconds to ~150ms.” For exchanges crediting deposits and merchants taking payments, that means a transaction becomes irreversible in a fraction of a second instead of several seconds, according to Anza, the engineering firm behind the upgrade. The 150ms figure still awaits independent measurement.
The token did not get the same lift. SOL rallied to about $109 on upgrade day, straight into its main resistance cluster, and gave the move back with a drop of about 5% the next session.
Where the selling came from
Two forces have worked against SOL since then, one specific to Solana and one hitting the whole market.
Fund flows (SoSoValue)
$30.3M net out of US spot Solana ETFs in the five trading days to October 22
About $8.5M out on October 22, with no fund taking in money
Net inflows on just two October days through October 22
Leverage (CoinGlass, 24h)
$816M in crypto futures liquidated market-wide
196,239 traders liquidated
Largest single liquidation: an $11.85M Ether position on Binance
Longs 84.3% · $688M
Shorts 15.7% · $128M
Most of the liquidations hit in the final 12 hours of that window, as Bitcoin slid toward $80,000. On their own, the numbers do not say whether SOL has a problem of its own or is simply caught in a falling market. The October scorecard does.
SOL
−15%
Bitcoin
−4%
Approximate change from each coin’s October open.
SOL is down about 15% from its October open near $118, while Bitcoin, trading near $80,500 on Saturday, has lost roughly 4% over the same stretch. The market-wide flush explains the timing of Saturday’s drop. It does not explain why SOL has fallen nearly four times as far as Bitcoin this month, and the steady drain from the ETFs is the clearest Solana-specific reason.
Three tests of $100
The round number carries extra weight because it also sits on the 0.382 Fibonacci retracement of SOL’s move from about $60 to $125.
Oct 15
Low just above $100, and buyers stepped in.
Oct 18
A second low just above $100, followed by the bounce that carried SOL into upgrade day.
Oct 24
An intraday low near $98.6 before price climbed back above $100.
The first two tests held on a closing basis. Saturday’s was the first to trade through the level, which makes the daily close the number to watch.
Levels above and below $100
●
Recent swing high
~$124.9
+24%
●
50-day SMA + 0.236 Fib
~$109.6
+9%
◆
Current price
~$100.8
–
●
0.382 Fib + $100 round number
~$100.1
−1%
●
100-day SMA to 0.5 Fib
~$92.4–$96.5
−4% to −8%
●
200-day SMA
~$88.3
−12%
●
Golden pocket (0.618-0.65 Fib)
~$82.7–$84.8
−16% to −18%
●
0.786 Fib
~$73.9
−27%
The 50-day SMA supported SOL through September and early October before rolling over, and it now caps rallies alongside the 0.236 Fib. Below $100, there is a gap of about 4% before the next support, so a clean break would leave little to slow a move until the 100-day SMA. The 100- and 200-day averages are both still rising, which keeps the long-term trend pointing up.
The case for each side
Bulls can argue that Saturday’s break came in the middle of a market-wide liquidation wave, the kind of forced selling that can fade once leveraged positions are cleared.
Bears can point to the size of the ETF drain. The $30.3 million that left in five trading days equals about 2% of the roughly $1.53 billion the US Solana funds hold, a steady withdrawal of the kind of patient demand that usually turns a relief bounce into a recovery.
Potential Moves (not a forecast)
SOL is clinging to $100, with the $109.6 resistance cluster overhead and the $92.4–$96.5 zone below.
↗ If $100 holds: A daily close back above $105, roughly halfway to resistance, could set up a retest of the 50-day SMA and 0.236 Fib.
↘ If $100 gives way: A daily close below it before the end of October could open a slide toward the 100-day SMA and 0.5 Fib.
◎ Bigger picture: The 200-day SMA sits just above the golden pocket. Holding it would keep the long-term structure intact, while losing it would put the golden pocket in play.
Method: daily SOL/USDT candles from Binance on TradingView, with the latest candle still open. Fibonacci levels run from the recent swing low to the swing high. Liquidation figures are a CoinGlass snapshot from Saturday evening. October performance is measured from each coin’s approximate monthly open.
This article is provided for informational purposes only and does not constitute financial advice. Cryptocurrency prices are volatile.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else.
It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other.
What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn?
He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Solana Foundation official brand assets (solana.com/branding)
A recent analysis by Motley Fool suggests Solana is a more attractive option than XRP, citing higher network activity, greater transaction capacity, and stronger stablecoin usage as key advantages. Solana’s network processed 3.18 billion non-vote transactions in September 2026, with a stablecoin supply between $17.3 billion and $17.5 billion, alongside 888,000 daily active addresses. In contrast, XRP’s ledger handled 222.4 million transactions in Q2 2026, with a stablecoin holding of $1.11 billion, albeit dominated by concentrated automated transactions. The analysis appears to have contributed to a perception of Solana’s superior network metrics, which may influence market sentiment.
Key Takeaways
Analysis suggests Solana’s network activity and stablecoin usage are superior to XRP’s, consistent with support for Solana.
Solana processed significantly more transactions than XRP, suggesting its network is more active.
Market pricing suggests increased optimism for Solana could influence its price forecasts.
What to Watch
Market participants will be observing Solana’s ability to maintain its transaction volume and stablecoin activity, as these factors are consistent with scenarios supporting Solana’s price increase. Additionally, any regulatory developments affecting Solana or XRP could have a significant impact on market dynamics. Key players such as the SEC and Solana Labs may provide updates that could further influence market pricing trends.
JPMorgan adds Solana to its institutional crypto strategy. Since October 22, its two tokenized money market funds MONY and JLTXX have been accessible on the network to qualified American investors via Morgan Money. The products also remain available on Ethereum. The change therefore concerns less the creation of new funds than a multichain extension of already operational financial products.
In brief
JPMorgan makes MONY and JLTXX available on Solana.
JLTXX managed 628.48 million dollars as of September 30.
Both funds remain reserved for eligible American investors.
JPMorgan pushes its crypto funds beyond Ethereum
MONY and JLTXX started their journey on Ethereum. MONY was launched in December 2025. JPMorgan then deployed 100 million dollars in its first tokenized money market fund aimed at qualified investors. JLTXX followed in May 2026. With Solana, JPMorgan is not moving these products off Ethereum. The bank simply adds them a second public blockchain.
Investors still go through Morgan Money, the group’s liquidity management platform. They can subscribe or request redemption of their shares there, then receive the tokens representing their position directly on a blockchain address.
MONY remains a private 506(c) structure intended for qualified investors and designed to produce a return in dollars. JLTXX has a different profile. It is a registered U.S. government money market fund. It invests only in U.S. Treasury securities and repurchase agreements secured by Treasuries or cash.
As of September 30, JLTXX held 628.48 million dollars in assets. Its daily yield stood at 3.73%, with a seven-day SEC yield of 3.79%. Serious figures already for a product launched five months earlier.
Solana recovers a new building block of tokenized finance
JPMorgan explains its choice by a fairly simple observation: its clients use multiple blockchains and want to be able to move their liquidity between these different networks. Solana thus becomes a new channel of access to traditional financial products represented in token form. The network arrives with an RWA market that has already grown strongly. In twelve months, the value of tokenized assets on Solana has risen from about 700 million to 4.3 billion dollars.
JPMorgan now adds two money market funds to this set. JLTXX presents a particular interest for the crypto sector. The fund was designed to invest according to rules that can meet reserve requirements imposed on stablecoin issuers by the GENIUS Act. An issuer can thus keep part of its reserves in a product exposed to Treasuries while having tokens representing its shares on blockchain.
JPMorgan however has not announced any stablecoin issuer already using JLTXX on Solana. The bank does not specify either how many assets have been transferred to the new Solana versions of MONY and JLTXX. The 628.48 million dollars correspond to total JLTXX assets as of September 30, not the amount currently present on Solana. The distinction avoids artificially inflating the launch’s scope.
JPMorgan’s crypto strategy clearly becomes multichain
The movement now goes beyond the two funds. JPMorgan has been multiplying experiments on public blockchains for a year. The bank used Solana for a commercial paper issuance, develops its on-chain settlement infrastructures, and gradually deploys its products on multiple networks.
Ethereum remains central however. A few days before the announcement on Solana, JPMorgan had again opened JPM Coin to institutions directly on Ethereum. Its deposit token JPMD was previously available on Base.
The model becomes quite readable. JPMorgan keeps its own platforms and access controls, but assets can now circulate on several public blockchains. The bank no longer asks its institutional clients to choose between traditional finance and crypto infrastructure.
It directly brings its products onto the networks where these clients already operate. The size of the group gives weight to this evolution. J.P. Morgan Asset Management managed 4,800 billion dollars of assets as of September 30, 2026.
MONY and JLTXX still represent only a tiny fraction. But their move from Ethereum to Solana shows that tokenization is no longer treated only as an isolated experiment. JPMorgan is now building a multichain distribution for its treasury management products. Ethereum was the first gate. Solana becomes the second.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
In this week’s edition of the weekly recap, US regulators finalized stablecoin rules under the GENIUS Act, Bitcoin lost ground after a sharp reversal in ETF flows, and Solana activated Alpenglow. Corporate Bitcoin financing, institutional custody deals, and Ethereum’s postponed testnet upgrade also shaped crypto.news coverage for Oct. 18–24.
Summary
Jan. 18, 2027, is the effective date for the OCC’s final GENIUS Act stablecoin rules.
$635.49 million left US spot Bitcoin ETFs on Oct. 22, ending three consecutive inflow sessions.
Solana activated Alpenglow on Oct. 21, targeting roughly 150-millisecond finality with its new consensus system.
Strategy increased its Bitcoin holdings to 848,517 BTC and expanded its securities buyback authorization.
Strive closed a $630 million preferred stock offering carrying a fixed 15% annual dividend rate.
GENIUS Act rules set January start date
The Office of the Comptroller of the Currency finalized stablecoin regulations on Oct. 21, establishing standards for reserve assets, redemptions, risk management, custody and issuer supervision. The rules take effect Jan. 18, 2027, and cover issuers and related activities under the agency’s jurisdiction.
Existing issuers with substantially complete applications pending by the deadline may seek temporary compliance waivers while their submissions undergo review. Anti-money laundering and sanctions provisions remain subject to a separate rulemaking with the Treasury Department. The framework also addresses foreign issuers and transitions from state to federal oversight.
Bitcoin ETF withdrawals interrupt the recovery
US spot Bitcoin ETFs recorded $635.49 million in net outflows on Oct. 22, reversing three consecutive sessions that brought in approximately $1.08 billion. SoSoValue’s figures showed the largest daily withdrawal since June 25, with October’s cumulative flows turning negative by about $174.5 million.
Bitcoin traded near $81,450 in crypto.news’ Oct. 23 market report after failing to sustain its recovery toward $85,000. The retreat returned attention to the $80,000 area. CoinGlass separately recorded roughly $406 million in liquidations across the broader cryptocurrency market over 24 hours, rather than Bitcoin alone.
Solana activates Alpenglow consensus
Solana Foundation’s activation record confirmed Alpenglow’s deployment on mainnet during epoch 1064 on Oct. 21. The Votor consensus system targets roughly 150-millisecond finality, compared with 12.8 seconds under TowerBFT. Transaction execution, program behavior, and fee mechanics remain unchanged.
Alpenglow consensus began at slot 459,653,000 after a genesis block received certification from 446 of 654 validators. Rotor, the proposed data-distribution component, remains reserved for a later release. Solana also promoted Quantumglow research, but the proposed post-quantum adaptation has no announced deployment date and is separate from the completed consensus migration.
Strategy adds Bitcoin and expands buybacks
Strategy acquired another 267 Bitcoin, bringing its holdings to 848,517 BTC as of Oct. 18. Michael Saylor’s Oct. 19 disclosure also reported $193 million in STRC preferred stock repurchases and approximately $5.3 billion in dollar assets. The company increased its digital credit securities repurchase authorization from $2 billion to $3 billion.
Strive closes $630 million preferred offering
Strive closed its upsized offering on Oct. 20, selling 7 million SATS preferred shares for $90 each. The shares carry a fixed annual dividend of 15% against their $100 stated value. The Bitcoin treasury company outlined an 18-month dividend reserve equivalent to $157.5 million at the final offering size; payments remain subject to board approval and legally available funds.
BlackRock proposes Bitcoin protection ETF
BlackRock filed for a fund called the iShares Bitcoin Managed Protection ETF, with proposed ticker PBIT. Its options strategy would seek partial downside protection while limiting potential gains. The proposed fund would hold cash, fixed-income instruments, and Bitcoin-linked options rather than Bitcoin directly. Its filing did not establish a confirmed launch date or guarantee investors a maximum loss.
JPMorgan expands tokenized funds to Solana
J.P. Morgan Asset Management brought two funds to Solana through Morgan Money, offering MONY and JLTXX to qualified US investors. Investors can subscribe and redeem through the platform and receive token balances at their blockchain addresses. Existing fund documents describe onboarding controls, approved-wallet requirements and $1 million opening minimums, with waivers available under JLTXX’s terms.
Standard Chartered signs Zodia acquisition agreement
Standard Chartered signed definitive agreements to acquire full ownership of Zodia Custody and integrate its regulated custody operations into Securities Services. The Oct. 21 announcement left completion subject to regulatory approvals and customary conditions. Financial terms were undisclosed. Zodia’s software and professional services operations will operate separately as Zodia Solutions under SC Ventures.
Fireblocks denies reported Visa acquisition talks
Fireblocks denied acquisition reports after Axios reported that Visa was negotiating a purchase worth approximately $2.5 billion. A spokesperson said the reported transaction was news to the company and untrue at the time. Visa declined to comment on the reported negotiations. Neither company announced a definitive agreement, leaving the proposed deal disputed.
Tether joins Tenstorrent’s $1.5 billion raise
Tether joined Tenstorrent’s financing at a $6.2 billion post-money valuation, extending its investments in AI infrastructure. Tether announced its participation on Oct. 20 after the chipmaker disclosed the completed Series E. Tenstorrent plans to fund server deployment, chip development and commercial expansion. The $1.5 billion represents the whole round; Tether’s individual contribution was undisclosed.
Ethereum postpones Glamsterdam testnet activation
Ethereum developers postponed the Hoodi upgrade scheduled for Oct. 26 while investigating EIP-8037’s interaction with existing smart contracts. ChainSecurity identified risks involving failed calls and retry mechanisms under proposed gas changes. The decision also removed a planned increase to a 200 million gas limit. Developers had not announced replacement Hoodi or mainnet activation dates.
Phantom opens Kalshi markets to US users
Phantom opened Kalshi market access for eligible US wallet users, with combined platform and exchange fees of $0.02 per contract. Customers must create or link a Kalshi account and complete identity checks. Trading funds move to Kalshi, while available proceeds return to Phantom’s Cash account. The integration uses conditional CFTC staff no-action relief for specified software activities.
Initia halts its blockchain after security incident
Initia halted its layer-1 network and rollups on Oct. 23 while investigating a security incident with researchers, validators, and exchanges. Security researcher Spreek alleged unauthorized token minting and estimated that an attacker had cashed out approximately $2.6 million. Initia confirmed the suspension but did not establish a final loss figure in its initial statement.
OKXICE encounters issuer objections to stock tokens
OKXICE’s proposed stock-token venue faced nine documented objections, including Broadcom, CoreWeave, Verizon and UnitedHealth, according to its Oct. 15 notice covered on Oct. 18. The SEC’s exemption lets issuers block unaffiliated tokenization on the notifying venue. The proposed platform would use Uniswap v4 pools on XLayer, with no confirmed public launch date.
Solana co-founder Anatoly Yakovenko has named five major applications as higher priorities for network optimization than validators, developers, market makers, or core engineers, arguing that products holding substantial assets and handling retail trading volume deserve the most attention.
Summary
Five apps topped Yakovenko’s list of groups that Solana should optimize its network for. He credited the Ethereum Foundation with serving Aave’s need for reliable transaction access. His post responded to criticism of Ethereum designers’ personal experience using the network. The comments contained no specific upgrade, funding allocation, or change to validator participation rules. Anatoly Yakovenko made the comments in an Oct. 23 X post, naming Phantom, Pump.fun, Fomo, Jupiter and Kamino while responding to criticism of how Ethereum’s protocol designers use their own network.
Products with a ton of aum and a ton of retail volume are the two most important groups to optimize for.
Phantom/pump/fomo/jup/kamino >>> validators or devs or market makers or core engineers.
FWIW, eth foundation has done a decent job at optimizing for aave, because the… https://t.co/DCpN0XaM1Z
— toly 🇺🇸 (@toly) October 23, 2026 Solana’s largest apps top Yakovenko’s priority list Yakovenko identified assets under management and retail activity as the two measures behind his preference. His post did not provide figures for either measure or rank the five named products against one another.
“Products with a ton of aum and a ton of retail volume are the two most important groups to optimize for,” he wrote.
The co-founder then placed the five applications ahead of validators, developers, market makers and core engineers. His wording addressed whose needs should guide optimization, without specifying a technical proposal or a timetable for implementing one.
Phantom, Pump.fun, Fomo, Jupiter and Kamino were examples in his argument. The post did not announce an agreement with those teams, give them governance authority, or identify a network setting that would change on their behalf.
In a follow-up visible beneath the post, he described the priority user in more general terms.
“The most important user is the plumber, institutional or retail plumber.”
Ethereum criticism prompts praise for Aave’s reliability needs The discussion began with another poster’s argument that many people designing Ethereum’s protocol do not use it themselves. The author argued that designers should depend on their own product and face losses when it fails.
Quoting that criticism, Yakovenko gave the Ethereum Foundation qualified praise. He said it had done a decent job optimizing for Aave because an inability to get transactions included during an outage or congestion would break the lending platform.
Application fees featured in an earlier Robinhood debate Yakovenko previously argued that a company could build on Solana, subsidize transaction costs and charge customers through its own interface. As crypto.news previously reported on Sep. 6, his position drew a response from Offchain Labs co-founder Steven Goldfeder over Robinhood’s decision to use Arbitrum technology.
Goldfeder defended Robinhood’s ability to retain chain revenue, saying it could keep roughly 90% under the Arbitrum Expansion Program. He contrasted that arrangement with an application paying to use Solana.
The reported arrangement sends 10% of net protocol revenue to the Arbitrum ecosystem, divided between an 8% allocation to its DAO and 2% for its Developer Guild. The percentage concerns net revenue after relevant network expenses, including Ethereum data-posting costs.
The Robinhood exchange concerned a U.S. brokerage’s infrastructure and revenue model. Yakovenko’s Oct. 23 post did not announce any change to product access for U.S. customers.
Alpenglow preparations set out separate duties for app teams and validators Earlier Solana upgrade coverage documented different requirements for application developers and the operators supplying their infrastructure. On Sep. 26, Alpenglow reached devnet, following its testnet transition, giving application teams access to the new consensus behavior before a mainnet handoff.
The Foundation’s guidance, described in that coverage, said applications that only submit transactions and read balances would not need a migration. Services processing blocks or tracking validator activity faced changes to how they read network data.
An Aug. 14 account of the Alpenglow finality target documented an objective of roughly 150 milliseconds, compared with about 12.8 seconds under TowerBFT. The coverage distinguished consensus finality from an initial indication that a transaction landed.
Subsequent reporting on the validator fee changes described the Foundation’s plan to replace individual onchain voting fees with a flat 0.8 SOL admission charge per epoch, burned in full. Operators must fund that charge above their vote account’s rent-exempt minimum.
The same guidance makes payment one epoch in advance. A validator unable to pay loses permission to vote or produce blocks in the following epoch.
The operator documentation described in the October coverage qualifies the finality target for nodes outside the admitted validator set. Those nodes normally learn the result from certificates included in a later block, potentially adding a produced-block interval, with longer waits if blocks are skipped or delayed.
For the earlier testing stage, the September coverage distinguished the two public networks. Devnet lets application teams check software using tokens without real value, while testnet lets validators and infrastructure operators put network software through more demanding conditions. Anza publicly announced the successful devnet transition on Sep. 25, one day after testnet completed its switch.
Securitize has confirmed that 12 tokenized U.S. stocks, including Apple, Nvidia and Tesla, are live on Solana for eligible investors, with each token backed by a share the company says is never lent out.
Summary
12 stock tokens are live on Solana, including Apple, Nvidia, Tesla, Microsoft, and Amazon.
Securitize says backing shares are never lent out, and eligible U.S. investors can participate.
Holders receive security entitlements; direct registration requires conversion, subject to the available arrangements.
The original launch announcement dates to Oct. 8, before the latest posts confirming availability.
In its Oct. 23 X post, Securitize said that eligible investors in the United States, European Union and other permitted jurisdictions can trade the products through Securitize Stocks. Solana repeated the availability announcement, including the one-for-one backing and no-lending claims.
Securitize Stocks went live after an Oct. 8 announcement
Securitize’s original announcement named Apple, Microsoft, Nvidia, Alphabet, Tesla, Meta, Amazon, Netflix, Circle, SpaceX, Strategy, and Palantir in the initial offering. The latest promotional image displays the same companies, including Alphabet’s GOOGL ticker.
The company had announced the product on Oct. 8. Its Oct. 23 posts describe the stocks as available, without announcing a new set of 12 companies or a separate expansion in the number of products.
As crypto.news previously reported on Oct. 9, the stock entitlement structure gives holders an interest through an intermediary. Simply holding a token does not put the investor’s name on the underlying company’s shareholder register.
The earlier coverage identified eligibility and the precise underlying interest as questions for individual products, particularly SpaceX. Inclusion in a platform’s catalog does not by itself establish identical access conditions for every security or investor.
The Oct. 8 release named Jump Trading as a market maker supporting the initial Solana offering. It described transactions settling in USDC and identified Securitize Europe Brokerage and Markets, S.A. as the offering entity in the EU. Planned lending and collateral uses were described as future applications, including potential support through Aave.
Eligible US investors must complete onboarding
Securitize’s product page identifies Securitize Markets, LLC as the SEC-registered broker-dealer offering the stocks. The page says participation remains subject to onboarding, identity verification, and jurisdictional eligibility.
Investors can buy with USDC and hold the tokens in an approved Solana wallet, according to the product description. The page advertises trading 24 hours a day, five days a week, while describing seven-day trading as a future feature.
The platform says an underlying share is held in a segregated account for each tokenized stock. Its description includes dividend payments after applicable withholding and participation in shareholder votes.
Securitize’s disclosures state that the underlying issuers have neither sponsored nor endorsed the products. Investors hold security entitlements through the broker-dealer and become registered shareholders only if they convert.
The page warns that extended-hours trading carries additional risks. Its USDC disclosure states that the stablecoin is neither legal tender nor a bank deposit and has no FDIC or SIPC protection.
Kraken’s xStocks carry different access and ownership terms
Kraken’s tokenized stock vaults, introduced on Sep. 14, offered estimated net yields of 2% on SPYx and QQQx and 1.8% on NVDAx during the initial launch period. The products track two U.S.-listed funds and Nvidia shares.
Kraken said those tokens provide exposure to the referenced assets’ prices without the voting rights, dividend rights, or legal claims against the underlying companies associated with conventional share ownership. The vault service excluded residents of the United States, United Kingdom, Canada and Australia.
Its vault documentation described a three-day redemption process and risks including liquidation, smart-contract failures, liquidity shortages, bad debt and cross-chain transactions. Kraken warned that a stablecoin losing its peg or a custodian failing could reduce a user’s vault balance.
Separately, Payward’s Sep. 24 Ledger wallet partnership outlined hardware-wallet support for eligible xStocks customers. The companies planned deeper integration so users could buy, sell, and transfer tokens while holding their own keys.
Payward put cumulative xStocks transaction volume above $42 billion in that announcement. Its terms continued to exclude U.S. persons, and hardware-wallet support did not remove the jurisdictional restrictions. The September coverage distinguished holding tokens in a wallet from depositing them into a lending strategy.
Robinhood stock tokens use derivative contracts
Robinhood’s stock token terms describe its Classic Stock Tokens as derivative contracts under MiFID II. Holders receive exposure to a referenced asset’s price without owning the underlying shares or receiving voting rights, according to the company’s description.
Robinhood said the assets supporting those contracts were held through a U.S.-licensed institution. Its stock tokens remained unavailable to U.S. investors in the September coverage, despite referencing securities traded in American markets.
The same coverage reported approximately $44 million in Robinhood tokenized assets in a comparison that put Ondo at $857 million and xStocks at $487 million. Those figures described the assets in that comparison, rather than trading volume.
Securitize’s Oct. 8 release described possible future trading on NYSE and OKXICE venues, while its disclosures said neither venue had launched and access remained subject to approval and review. The company reserved the right to withdraw listings where needed or required.
Hong Kong has selected blockchain firm Solana (Nasdaq: HSDT) to establish or expand operations in the region.
Solana is the only blockchain infrastructure company selected by the Office for Attracting Strategic Enterprises (OASES) in 2026, joining enterprises such as Pfizer, GSK, Roche, Dassault Systèmes, DiDi and MiniMax.
Solana states that it will establish its Asia-Pacific headquarters in Hong Kong.
Hong Kong is a Special Administrative Region (SAR) of China, retaining a degree of autonomy.
OASES says the latest selection highlights the momentum of Hong Kong’s innovation and technology (I&T) ecosystem. Half of the 18 new firms are from the Chinese Mainland, while the other half are from elsewhere in the world. In total, the number of OASES enterprises has reached 142.
OASES Director-General Peter Yan said the projects span sectors such as fintech, clinical research, precious metals services, and advanced manufacturing, including robotics.
Solana is a high-performance blockchain ecosystem that claims transactions in milliseconds and up to 50,000 to 65,000 transactions per second (TPS). Solana is designed to support enterprise-level transactions, including financial services.
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Reg A - Form 1-A Filings Beta
Beta. Initial Form 1-A only. Target raise is the stated Amount to be Raised, totaled. Compared with the same dates one year earlier.
YTD: Jan 1, 2026 - Oct 23, 2026 vs Jan 1, 2025 - Oct 23, 2025
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Number of Filings131Prior 125 +4.8%
Target Raise, Total$3.40BPrior $3.54B -3.9%
This YTDYear priorChange
Filings
131
125
+4.8%
Target raise
$3.40B
$3.54B
-3.9%
Source: DisclosureQuest. Initial Form 1-A only.
Created by Crowded Media Group
This display counts initial Form 1-A filings only. It does not represent subsequent filings, including Form 1-A/A amendments or Form 1-A POS post-qualification updates filed by the issuer. Amounts are the stated Amount to be Raised on the initial filing, not capital raised and not amounts revised in later filings.
Bitcoin fell from approximately $84,700 early Thursday to $80,900, marking its steepest decline in 2 weeks. The asset tagged $81,000 again earlier today before stabilizing between $81,000 and $82,000. Bitcoin currently trades around $81,500, down about 3.7% since midnight Thursday.
After experiencing $3,000 swings throughout the week, Bitcoin has spent much of Friday trading within a range of less than $1,000. The narrower range offers some stability after recent volatility, though price remains under pressure.
Solana followed a similar trajectory, falling from $109 to $103 before recovering to around $104.
Bitcoin ETFs Record Their Largest Outflows Since June
U.S. spot Bitcoin ETFs recorded $635.6 million in net outflows on Thursday, reversing Wednesday's $528.4 million in inflows. The withdrawal marked the largest daily outflow since June 25, when the funds lost $696.29 million.
Despite Thursday's reversal, Bitcoin ETFs remain positive for the week, with cumulative net inflows of $442.7 million. The funds attracted $526.7 million on Monday, $23.2 million on Tuesday, and $528.4 million on Wednesday before Thursday's withdrawals erased much of those gains.
Bitcoin has also struggled to reclaim the average acquisition cost of U.S. spot Bitcoin ETFs, which stands at $82,313. Its current price remains below that level, leaving ETF investors collectively underwater on their average holdings.
Historical data offers a concerning signal. Across the 22 previous days when Bitcoin ETFs recorded outflows exceeding $300 million, Bitcoin tended to trade significantly lower in the days that followed.
Solana ETFs Face Their Worst Month on Record
Solana's ETF market presents an even more concerning picture. U.S. spot Solana ETFs have recorded $72.24 million in net outflows so far in October, making it their worst month on record.
The funds have experienced consecutive weekly outflows of $24.81 million and $25.52 million over the past 2 weeks. They have also lost $17.31 million so far this week, with Friday's trading session yet to conclude.
Before October, June 2026 was the only other month to record net outflows, with withdrawals totaling just $786,580. October's figures therefore represent a substantial deterioration in investor flows. The sustained withdrawals raise questions about institutional demand for Solana exposure as the broader crypto market weakens.
Liquidations Exceed $254 Million as Sentiment Cools
According to CoinGlass, 99,714 traders were liquidated over the past 24 hours, with total liquidations reaching $254.19 million. The largest liquidation order occurred on Hyperliquid for SOXL-USD, valued at $3.77 million.
The liquidation heatmap showed $162.22 million in long liquidations against $91.97 million in short liquidations over 24 hours. Long positions accounted for 63.8% of liquidations, while short positions represented 36.2%.
Meanwhile, CoinMarketCap's Fear & Greed Index stands at 48, indicating neutral sentiment. The index has fallen 38.4% over the past month, declining from 78 to 48, while Bitcoin lost approximately 5% over the same period.
Sentiment has remained neutral for 16 consecutive days, its longest such stretch since May. The index has stayed between 48 and 58 since October 8, compared with this year's high of 82 on August 27.
Can Bitcoin Recover Before Year-End?
Bitcoin remains approximately one-third below its all-time high above $126,000, reached about a year ago. A recovery since August had raised hopes that the asset could revisit $100,000 before year-end, but recent market turbulence and concerns about artificial intelligence spending have tempered expectations.
With Bitcoin trading below ETF investors' average cost basis, record outflows from ETFs, and sentiment weakening, the market faces several hurdles to a sustained recovery.
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Bitcoin (CRYPTO: BTC) held roughly 57% of the digital asset market as of Oct. 10, its highest share since November 2022, according to Glassnode and Fasanara Digital.
Why Capital Stayed Concentrated in BitcoinGlassnode and Fasanara Digital wrote in the report that smaller tokens fell roughly 52% from their October 2025 peak, about 18 points worse than large-cap assets.
That breaks from past cycles, where Bitcoin gains typically spread into smaller coins over time. Ethereum’s market share slipped to 11% over the same stretch, now roughly matching stablecoins.
Bitcoin’s realized capitalization, a cost-basis measure of capital held in the network, posted its first positive month in nine during August, after falling $44.5 billion from its November 2025 peak.
The report’s liquidation model helps explain why: estimated short exposure in the $65,000 to $70,000 range collapsed from $7 billion to just $344 million within two days during August’s rally, suggesting forced buying kicked off the move before genuine demand took over.
Why Corporate Treasuries Are Shifting Toward EthereumCorporate Ethereum (CRYPTO: ETH) holdings grew 43% since December 2025, compared to 21% for Bitcoin and just 7% for Solana (CRYPTO: SOL), with Ethereum treasuries now holding roughly 6.6% of total supply.
The report attributed Ethereum’s edge partly to staking income, while Solana treasury accumulation has largely stalled.
Bitcoin corporate holdings remain far more concentrated than Ethereum’s. Strategy (NASDAQ:MSTR) held 848,000 BTC, about two-thirds of all disclosed corporate Bitcoin holdings, and accounted for nearly all of the 180,000 BTC that named companies added this year.
Spot Bitcoin ETFs held 1.3 million BTC, just 6% below their October 2025 peak, with BlackRock’s (NYSE:BLK) IBIT making up 62% of that total.
Why Traditional Assets Are Moving Onto Crypto RailsPerpetual futures tied to stocks, indices and commodities jumped from $23.5 billion in monthly volume in November 2025 to $778 billion in August 2026, a roughly 33-fold increase.
Their share of total perpetual trading rose from 0.5% to 23.5%, with Binance capturing about 55% of that volume in August despite entering the category after rivals.
On Hyperliquid, perpetuals tied to traditional assets now trade at roughly four-fifths the volume of the platform’s own Bitcoin contracts, up from under 1% in late 2024.
What Would Confirm the RecoveryThe report outlined four signals needed to confirm a sustained rebound: ETF inflows continuing into a third straight month, positive Binance spot buying pressure holding steady, futures open interest rebuilding in BTC terms, and Glassnode’s market indicators shifting into warmer territory.
As of early October, 56% of the firm’s 45 tracked indicators sat neutral, with fewer than one-fifth reading warm or hot.
Image: Shutterstock
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Block of Fame, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Solana’s staking network has shown significant geographic concentration, with 72.8% of delegated SOL assigned to validators operating in Europe, according to new research from Bitwise.
Summary
Bitwise found that European validators account for 72.8% of Solana’s staked SOL, highlighting geographic concentration.
North America holds 16.2% of delegated SOL, followed by Asia at 10.6% and South America at 0.4%.
At 250-millisecond slots, European validators recorded 95.8% one-slot vote arrivals, compared with Asia’s 70.7%.
Solana’s faster slot times have exposed regional performance differences, although overall network skip rates remain low.
The concentration raises geographic decentralization questions, but validator location alone does not establish MiCA regulatory exposure.
According to the Bitwise Q4 2026 Staking Report, published on October 20, much of the network’s stake sits within a corridor connecting Amsterdam, Frankfurt and London. The findings come as Solana developers reduce block production intervals, creating new performance challenges for validators operating outside major network hubs.
European validators account for 72.8% of Solana stake
The report found that North American validators accounted for 16.2% of delegated SOL, followed by Asia at 10.6% and South America at 0.4%. European operators held more than four times the combined stake assigned to validators across the other three regions.
Bitwise mapped the distribution using data from Allium, Solana RPC and Marinade. Its geographic figures describe where validators operate, not where investors live or which jurisdictions ultimately control the underlying tokens.
Solana validators process transactions, participate in consensus and receive rewards for operating the network. Token holders can delegate their SOL to these operators without transferring ownership, meaning a validator’s location does not establish the nationality of its delegators.
The report identified Amsterdam, Frankfurt and London as major operating centers, alongside other European locations. However, the regional figures do not disclose how much stake belongs to each city, hosting provider or individual validator operator.
Recent Solana decentralization research examined a different concentration measure, finding that 19 validators held enough combined stake to cross a 33% threshold. That analysis used older geographic observations, making it unsuitable for directly comparing Europe’s current stake distribution.
Faster Solana slots expose regional voting differences
Bitwise examined geographic concentration alongside Solana’s decision to shorten its target slot time from 400 milliseconds to 250 milliseconds. The rollout began with a reduction to 350 milliseconds on August 21, followed by 300 milliseconds and the September 18 activation of 250-millisecond slots.
Moreover, the 250-millisecond slot upgrade shortened the time available for validators to process blocks and submit votes. Under the new setting, each validator’s four-slot leader window lasts approximately one second, compared with 1.6 seconds under the original configuration.
At 400 milliseconds, more than 98% of votes from European, North American and Asian validators arrived within a single slot. Once the target reached 250 milliseconds, Europe recorded 95.8% and North America 92.8%, while Asia fell to 70.7% and South America to 70.3%.
The figures show a difference of 25.1 percentage points between Europe and Asia at the fastest measured setting. Bitwise warned that operators farther from major network hubs could face more difficulty receiving blocks and submitting votes as developers work toward a 200-millisecond target.
However, the report found that nearly all votes still arrived within two slots, limiting the effect on staking rewards. Network skip rates remained low, declining from a median of 0.08% under 400-millisecond slots to 0.04% under the 250-millisecond configuration.
Does Europe’s Solana stake concentration create MiCA exposure?
The geographic findings raise questions about how European regulation could affect staking businesses operating on Solana. Europe’s 72.8% share, however, should not be interpreted as the percentage of the network directly subject to the European Union’s Markets in Crypto-Assets Regulation.
The reported European locations include London, which falls outside the EU’s MiCA jurisdiction. Validator infrastructure location alone does not determine whether an operator provides a regulated crypto-asset service or holds customer assets under an applicable licensing arrangement.
Under European Securities and Markets Authority guidance, firms providing staking services together with custody must comply with relevant MiCA requirements. The guidance does not establish that every validator operating equipment in Europe automatically requires authorization.
Neither Bitwise nor the Solana Foundation has provided a comment addressing the regulatory implications of this specific concentration figure in the material reviewed. The report does not calculate an EU-only stake percentage or identify which operators provide custodial staking services.
Geographic concentration adds to Solana infrastructure questions
The findings follow an August networking incident in which 102 Solana validators stopped voting following a routing problem involving infrastructure provider TeraSwitch. Solana continued processing transactions, and the affected validators recovered within approximately 40 minutes.
During that incident, Marinade estimated that 28.83% of delegated SOL temporarily became delinquent. The routing problem spread through infrastructure serving multiple locations, including Amsterdam, London, Frankfurt, Singapore and Tokyo.
Separate quarterly data from Blockworks showed Solana network revenue reaching $75.7 million in Q3, while tracked staker revenue totaled approximately $495 million. Of that amount, $484.4 million came from newly issued SOL and $10.6 million from Jito tips, excluding other validator income sources.
Solana network revenue, source: Blockworks
Bitwise reported that Solana ended Q3 with approximately 69% of its token supply staked and a gross staking yield of 5.99%, down from 6.38%. Its validator count declined from 696 to 659 during the quarter, with the report attributing the reduction to operating cost pressures.
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After achieving a massive 85x faster transaction finality via the Alpenglow upgrade, Solana [SOL] is now pitching its quantum upgrade plan.
On the 22nd of October, Solana and Anza, the software company building some of its core infrastructure, proposed an adaptation of Alpenglow to secure the chain against quantum computer threats. But no dedicated timeline or deadline has been issued yet.
The proposal seeks to upgrade Alpenglow signatures, which are currently quantum-vulnerable. At the consensus layer, Solana validators use the heavy and slow BLS (Boneh-Lynn-Shacham) signatures.
For token swaps and transfers between wallets and apps such as Phantom, the faster ED25519 signatures are used. Both signature schemes rely on elliptic curve cryptography, which quantum computers can break.
Quantumglow seeks to replace BLS with hash-based signatures for validators and ED25519 with Falcon signing. Dilithium and Falcon are among the most widely used quantum-proof signatures.
For Solana, Quantumglow would still allow the chain to get its post-quantum security while retaining its 0.15-second transaction finality. However, Anza and Solana have not committed to any timeline or deadline for the upgrade.
Still, this is an incredible update that Alpenglow can be adapted to accommodate post-quantum signatures without losing speed. Amid advanced AI models and quantum breakthroughs, blockchains now face double security threats.
Google has set an internal post-quantum deadline of 2029. Some blockchains like Tron and Starknet are at advanced stages to meet the deadline. Others, such as Quantus, Tezos, and Algorand, are quantum-ready, but Bitcoin and Ethereum are yet to agree on the PQ signatures to use.
For his part, Vibhu Norby, Solana Chief Product Officer, said,
Solana is ready for quantum & whatever comes next with AI. Anza’s cryptography team is world class
Similarly, Jacob Creech also hailed the Quantumglow plan, adding that it’s “simple and has no loss in speed.”
Solana quantum push: What’s at risk?
As mentioned earlier, signatures or approvals at the validator/consensus level and app or wallet transfers are secured by classical cryptography. Similarly, the risks extend to crypto custody and bridge systems.
This makes the entire blockchain tech stack that relies on classical signatures at risk from advanced AI models or quantum computers. Currently, $2.7 trillion, or 99.7% of the crypto market, is still vulnerable.
In fact, even Solana is still vulnerable and has an ‘F’ rating because it currently does not use post-quantum signatures across its entire stack, including transactions, P2P transfers, and the consensus layer.
Source: Migration Fail
Final Summary
Solana announced Quantumglow to make the chain quantum-proof, but no timeline was shared.
The L1 currently has an ‘F’ rating in quantum readiness but still leads Ethereum in planned migration.
US banking giant JPMorgan has announced its latest move into the cryptocurrency market, beginning a collaboration with Solana.
Accordingly, J.P. Morgan Asset Management has made two tokenized money market funds, MONY and JLTXX, available to investors on the Solana blockchain. The new application aims to facilitate fund transactions for institutional investors through digital asset networks.
JPMorgan Announced!
J.P. Morgan Asset Management announced that its My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity–Token Money Market Fund (JLTXX) products are now available to eligible US investors through the Solana network.
Previously available on the Ethereum network, these funds are now accessible via a second blockchain network with this expansion. Investors can access both funds through Morgan Money, the company’s cash management and transaction platform. Through Morgan Money, eligible investors can participate in the funds, redeem their shares, and hold their corresponding token balances in their own blockchain addresses.
The statement explained that MONY is a 506(c) private placement fund offering qualified investors the opportunity to earn US dollar returns; and JLTXX is a US-registered government money market fund aiming to invest in support of stablecoin issuers under the GENIUS Act.
Paul Przybylski, Global Head of Digital and Tokenized Assets Products at JP Morgan Asset Management, said, “Our clients operate across multiple networks, and their liquidity should reflect that. Bringing JLTXX and MONY to Solana gives stablecoin issuers and institutional investors access to the same funds across the on-chain networks they operate on. This launch strengthens our position as a leader in the tokenized liquidity space and underscores our commitment to scaling tokenized cash management through multi-chain channels.”
*This is not investment advice.
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Customers in the Netherlands, Poland, Portugal and Austria can now buy crypto on Paybis through a banking app or a payment reference, with no card details needed. The four methods are the first wave of 13 local payment methods Paybis is adding.
Riga, Latvia October 23, 2026 — Paybis, a global crypto exchange and payment infrastructure provider, today added four local payment methods for buying crypto in Europe. Customers can now pay with iDEAL in the Netherlands, BLIK in Poland, Multibanco in Portugal and EPS in Austria. Cards and bank transfers remain available, but they are no longer the only options.
Four new local payment methods live today: iDEAL, BLIK, Multibanco and EPS.
No card details needed: customers confirm payment in their banking app or pay a Multibanco reference.
More than 90 cryptocurrencies are available, including Bitcoin, Ethereum, Solana and USDC.
First wave of 13 local payment methods; Paybis will support more than 30 ways to pay once all are live.
Local payment methods at national scale
The four methods operate at scale in their home markets. BLIK had 21.6 million active users in Poland at the end of June 2026, according to its operator, Polish Payment Standard. iDEAL processed more than 1.5 billion transactions in 2025 and handled 71% of online purchases in the Netherlands, according to the Dutch Payments Association. The Multibanco network has around 13,000 machines across Portugal, according to SIBS. EPS is offered by more than 11,000 online shops in Austria.
Four methods, four markets
iDEAL Netherlands
Bank selection and confirmation in a banking app
Limit per payment: EUR 50,000
BLIK Poland
Six-digit code from a banking app
Limit per payment: PLN 50,000
Multibanco Portugal
Payment reference, paid at an ATM or in a banking app
Limit per payment: EUR 5,000
EPS Austria
Bank selection and confirmation in online banking
Limit per payment: EUR 10,000
Simple crypto, paid locally
Each method works the way it does for any other online payment in its market. The customer chooses the method at checkout and confirms the payment through their bank, or pays the Multibanco reference. No card details are needed. The crypto goes to the customer’s Paybis Wallet or to any external wallet address. Customers can choose from more than 90 cryptocurrencies, including Bitcoin, Ethereum, Solana and USDC.
“Europe does not pay one way. A customer in Amsterdam reaches for iDEAL, a customer in Warsaw reaches for BLIK, and neither should need a card to buy crypto,” said Innokenty Isers, CEO and Founder of Paybis. “Now customers in the Netherlands, Poland, Portugal and Austria can pay the way they already pay for everything else online. Our philosophy is making crypto easy, and adding local payment methods market by market is how we do that.”
What comes next
iDEAL, BLIK, Multibanco and EPS are the first of 13 local payment methods Paybis is adding. Bancontact, KBC/CBC Bank and Belfius Pay in Belgium and Bancomat Pay in Italy follow in the next wave. Swish, Przelewy24, Vipps and MobilePay come after that. Once all are live, Paybis will support more than 30 ways to pay.
About Paybis
Paybis makes crypto simple for individuals and enterprises. Established in 2014, the company combines a trusted crypto exchange and wallet for buying, selling, swapping and holding over 90 cryptocurrencies, with award-winning crypto-fiat infrastructure. That infrastructure lets businesses transfer capital globally without traditional payment friction.
In 2026, Paybis was recognized as Best Crypto Payment Provider, a testament to its expansive global reach, rapid onboarding protocols, and the deep expertise of the 200 dedicated professionals who drive its operations.
Processing more than $6 billion annually, Paybis is one of the most efficient platforms for acquiring and transacting in digital assets. This commitment to operational excellence is why Paybis maintains one of the highest ratings for crypto companies on Trustpilot, and why 7 million users and hundreds of the world’s fastest-growing enterprises consistently rely on its services.
Ethereum’s [ETH] main upgrade agenda in 2026 has hit a hiccup. The much-awaited Glamsterdam upgrade, initially scheduled to go live on the Hoodi testnet on the 26th of October, has been cancelled.
According to security firm Chain Security, the Hoodi testnet was paused after they identified security flaws that have already impacted 13 projects and counting.
We already found 13 real-world examples and are in responsible disclosure with the affected projects. Please check your contracts as soon as possible, as the EF is determining how many contracts are impacted in which way.
The flaw would make it impossible to retry cancelled transactions. It would also make it easier for attackers to compromise a smart contract with little gas (fee paid to use a network).
Glamsterdam upgrade seeks to scale Ethereum even further by increasing the block gas limit from 60 million to 200 million and allowing parallel transaction handling. Ideally, the upgrade would make Ethereum high-performance like newer chains such as Solana and Sui.
The upgrade had a smooth completion in the Sepolia Testnet in early October. This is the first low-risk setup for developers and validator operators to evaluate compatibility. The Hoodi Testnet, which has been paused, acts as the final staged environment before pushing the upgrade to Ethereum mainnet (live network).
So the security flaw was a great catch before it reached the mainnet. That said, Solana achieved 85x faster transaction finality, further increasing its gap with Ethereum.
Ethereum vs. Solana: The gap keeps widening
After Solana’s Alpenglow, it is now 57x faster than Ethereum and has 275x more capacity. It’s the capacity bandwidth that Ethereum is trying to resolve by increasing the block gas limit from 60 million to 200 million.
Source: X/Justin Bons
On transaction finality, it takes Ethereum over 12 minutes to finalize irreversible transactions. For Solana, it now takes 150-200 microseconds, translating to 3,800x faster than Ethereum.
Collectively, this has allowed Solana to attract 75x more usage, and that’s the gap Ethereum wants to close. In fact, Solana also announced Alpenglow adaptations to usher in its post-quantum plan called Quantumglow.
Despite the Glamsterdam testnet hiccup, Ethereum is reportedly planning for 4x faster finality. That would mean bringing finality from over 12 minutes to about 3 minutes. It will still be slower compared to Solana’s 0.15 seconds.
The proposal, also known as Decoupled Consensus, seeks to offer a cleaner pathway to post-quantum signatures and is expected in early 2028.
Overall, Ethereum is still lagging Solana and needs to fast-track its upgrades as the gap keeps widening.
Final Summary
Ethereum has cancelled the Hoodi testnet activation for Glamderstam upgrade due to security flaws.
Ethereum lags behind Solana across finality, capacity, and more as the race for high-performance blockchain intensifies.
Crypto asset management company Bitwise stated in its latest research that Solana stands out.
Accordingly, 72.8% of all SOL staked on the Solana network is concentrated among validators located in Europe.
Europe Leads in Solana Stake Distribution!
According to Bitwise’s Staking Report, the majority of SOL staked on the Solana network is concentrated in Europe. Europe ranks first with a 72.8% share, followed by North America with 16.2%, Asia with 10.6%, and South America with 0.4%.
The concentration in Europe is particularly evident in the region between Amsterdam, Frankfurt, and London. This distribution presents a remarkable picture in terms of geographical centralization and connection delays in the Solana network infrastructure.
According to the Bitwise report, the reduction in slot times has exacerbated regional disparities. This is because Solana gradually reduced slot times from 400 milliseconds to 250 milliseconds between August and September 2026 in an effort to increase network processing speed and reduce finalization times.
According to Bitwise, this change has contributed to faster transaction finalization while also reducing the time validators have to receive blocks, verify them, and submit votes.
The concentration of staking in Solana within Europe raises questions about the impact of MiCA regulations on staking services. However, the mere presence of a validator in Europe does not automatically necessitate licensing. According to ESMA, companies offering staking and custody services must comply with the relevant MiCA regulations, but neither Bitwise nor the Solana Foundation have provided an assessment of the direct regulatory implications of this concentration in Europe.
*This is not investment advice.
Follow our Telegram and X account now for exclusive news, analytics and on-chain data!
J.P. Morgan Asset Management has brought its tokenized money market funds, My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity–Token Money Market Fund (JLTXX), to Solana, expanding access to both products across blockchain networks.
Announced on October 22, the deployment allows qualified U.S. investors to access the funds through Morgan Money, J.P. Morgan Asset Management's trading and analytics platform for liquidity management. Investors can subscribe to and redeem the funds through the platform and receive token balances in their Solana wallets.
The move expands J.P. Morgan’s existing Ethereum offerings to Solana. MONY launched on Ethereum in December 2025, followed by JLTXX in May 2026, with both funds already available through Morgan Money.
What MONY and JLTXX Offer Investors
Although both funds tokenize money market investments, they serve different purposes. MONY is a 506(c) private placement fund that gives qualified investors exposure to U.S. dollar yields. The fund launched in December 2025, making J.P. Morgan the largest bank to launch a tokenized money market fund on a public blockchain at the time.
JLTXX, meanwhile, is a U.S.-registered government money market fund designed to support stablecoin issuers' reserve investments under the GENIUS Act. Its investment strategy focuses on short-dated U.S. Treasury securities and overnight repurchase agreements fully collateralized by Treasuries and/or cash.
The fund's factsheet lists a $1 million minimum investment. Access to both products remains subject to their respective eligibility requirements.
J.P. Morgan's Role in Solana's Institutional Push
The expansion follows another development involving the bank and Solana's financial infrastructure. Earlier in October, the Solana Foundation launched Solana DvP, an open-source delivery-versus-payment program designed to standardize onchain settlement of assets and payments for financial institutions. J.P. Morgan contributed input on securities settlement practices and institutional requirements during development. That input helped shape requirements involving escrow isolation, settlement deadlines, and token extensions used by regulated issuers.
J.P. Morgan's expansion of its funds to Solana adds established institutional investment products to Solana's growing onchain financial ecosystem. By supporting multiple blockchains through Morgan Money, J.P. Morgan can accommodate clients operating across different onchain environments without requiring them to abandon the firm's existing liquidity-management platform.
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With the launch of Gateway support for EURC on Solana, Circle has deployed a new pre-mint address to enable Gateway to programmatically mint EURC on Solana. The new address is: A6sLLUWebvoUUnQoCiB45ktetd34iamfD8kwTsBSReAb
The full list of pre-mint addresses is contained within our GitHub repo. For exchanges, websites, and developers that monitor EURC flows on Solana, you can continue to use our public API as normal — no changes are required.
NOTE: DO NOT ATTEMPT TO SEND EURC TO A PRE-MINT ADDRESS AS IT WILL RESULT IN A LOSS OF FUNDS. PRE-MINT ADDRESSES ARE ONLY INTENDED FOR USE BY CIRCLE.
EURC on Solana: Pre-minting detailsOn some non-EVM blockchains like Solana, Circle pre-mints tokens like EURC to create and hold a balance before it goes into circulation. This is made possible by the aforementioned pre-mint address. It holds EURC that is not considered part of the circulating supply until Circle officially authorizes its mint and public release.
How it works:Pre-mint addresses have an existing balance of EURC, or another token, which is not included in the total amount in circulation.With Gateway now supporting EURC on Solana, a user can mint EURC on Solana.The EURC is then sent from the pre-mint address to the user's wallet address, increasing EURC in circulation.This follows the pre-mint of USDC on Solana, allowing Gateway users to seamlessly mint Circle’s dollar- and euro-denominated stablecoins on Solana.
For any questions or help getting started with Gateway on Solana, view the developer docs and join the conversation in our Discord.
Gateway is software infrastructure provided by Circle Technology Services, LLC ("CTS"). Gateway is non-custodial; CTS does not hold, control, manage, or transfer user assets or act as a transfer agent, registrar, broker-dealer, investment adviser, or clearing agency. Gateway is not a financial, payment, or advisory service and has not been reviewed or approved by NYDFS or any other regulatory authority. Fee estimates are previews only; actual fees may differ. Deposit times vary by chain and network conditions; deposits may be delayed or fail. Source-chain burns are irreversible. USDC only. Eligibility and geographic restrictions apply. Developers are responsible for their own compliance obligations. CTS may modify or discontinue this feature at any time. Developer Terms https://console.circle.com/legal/developer-terms apply.
USDC and EURC are issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations.
The investment management arm of Wall Street banking giant JPMorgan Chase has formally launched its money market funds on the Solana blockchain.
Two of them (My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity–Token Money Market Fund (JLTXX)) are now accessible to qualified U.S. investors, per an October 22 press release. Investors can access the funds via JPMorgan's Morgan Money.
JPMorgan's launch on Solana follows its initial tokenized fund launch on the Ethereum network, marking further progress on the bank's blockchain-based financial products.
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Morgan Money is JPMorgan's liquidity management solution. Eligible investors can use it to subscribe for or redeem shares of the funds and receive tokens at their blockchain addresses.
It enables institutional investors to manage tokenized investments through one platform, without the need to use various platforms for different blockchains.
JPMorgan continues tokenization effortsMONY and JLTXX cater to different groups of institutional investors.
Launched on Ethereum in December 2025, MONY is a private placement fund that offers eligible investors U.S. dollar yields.
JLTXX is a U.S.-registered government money market fund meant to facilitate stablecoin issuers' reserve management needs under the GENIUS Act.
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Ethereum received its first tokenized JLTXX launch in May 2026, when JPMorgan invested $100 million of its own money into it.
With the two products, JPMorgan is now expanding the availability of its tokenized financial services on various blockchains, including Solana.
Solana grows institutional presenceJPMorgan's tokenized funds launch on Solana is the latest development for the blockchain as it attracts traditional institutions to tokenize real-world assets.
Tokenized money market funds are blockchain-based tokens that represent conventional investment fund ownership. The goal is more efficient asset transfers and record-keeping.
They differ from cryptocurrencies like SOL, as these tokens represent an interest in investment products, not native blockchain currencies.
JPMorgan Asset Management had $4.8 trillion in assets under management as of September 30, 2026, which reflects the financial scale of the institution behind the latest Solana integration.
The company has not shared its capital allocation numbers for either fund on Solana.
Solana has drawn increased attention from market participants as tokenized stock trading activity recorded on its network continues to expand. Data from xStocks, a platform facilitating on-chain trading of tokenized equities, shows that VIDAx generated twice the trading volume on Solana compared to traditional stock exchanges during the past month. This surge in activity points to broader adoption of blockchain infrastructure for financial products.
VIDAx Trading Activity Surges on SolanaVIDAx, operated by xStocks, serves as a platform allowing investors to access tokenized financial assets on the Solana blockchain. The company reported that over the last 30 days, trading volume for VIDAx on Solana was double that of its volume on traditional exchanges, emphasizing the platform’s global accessibility and expanding reach for tokenized equities.
VIDAx statistics indicated that global access and improved trading volume are driving increased activity in tokenized equities on Solana.
The figures spotlight Solana’s potential to serve as an alternative infrastructure for equity trading. While VIDAx’s performance stands out, these numbers are specific to the platform and do not reflect the activity of the entire tokenized asset sector on Solana or the broader blockchain ecosystem.
Tokenization allows traditional assets, such as stocks, to be represented as blockchain-based digital tokens. These tokens can provide investors with new ways to access and trade equities through decentralized systems, potentially increasing transparency and lowering entry barriers.
Mini dictionary: VIDAx – a trading platform developed by xStocks that enables investors to trade tokenized versions of real-world stocks on blockchain networks such as Solana.
The comparably higher trading volume reflects Solana’s growing footprint in the tokenization space. However, holistic measurements—such as overall user activity, market capitalization, and transaction frequency—are needed to evaluate the full extent of adoption and impact on the SOL token itself.
PlatformTrading Volume (last 30 days)VIDAx on Solana2x traditional exchangesTraditional Stock Exchanges (via VIDAx)1xSOL Price Faces Key Technical ThresholdsFollowing the rise in tokenized stock trading on Solana, attention has shifted to the native token’s price movement. After a significant correction, SOL is trading close to $104. Crypto analyst BitGuru has identified $101 as a critical support, stating that defense of this level will be crucial to avoiding further declines.
If buy-side momentum holds above $101, technical forecasts suggest a potential rebound towards the $112 and $120 price levels. Should SOL breach the $112 threshold, this could signal stronger bullish momentum, while a move above $120 may require further sustained buying interest.
The outcome around the $101 support level is viewed as pivotal; holding this zone could spark a recovery to $112 or $120, but a breakdown may open the way to $96.
A failure to maintain support at $101 could see SOL drop toward $96, signaling persistent selling pressure. The analyst emphasized that these scenarios are conditional and subject to market dynamics, with no guarantees of performance.
Tokenization and Solana’s Ecosystem GrowthThe growing use of tokenization on Solana is expected to attract users seeking new forms of financial access. Support for applications ranging from equity trading to decentralized finance continues to diversify Solana’s ecosystem.
Despite the rise in activity, analysts caution that trading volume alone does not confirm market adoption or assure a sustained increase in SOL’s value. Additional insights into market capitalization, transaction trends, and user engagement are required for more definitive conclusions. Traditional technical indicators such as RSI and MACD were not considered in the latest analysis, and further confirmation will be necessary to gauge the sustainability of any price rally.
VIDAx’s strong performance underscores both the momentum in tokenized stock trading on Solana and the evolving challenges and opportunities within digital asset markets.
On October 22, 2026, J.P. Morgan Asset Management made its $MONY and $JLTXX tokenized money market funds available on Solana to qualified U.S. investors. Clients subscribe and redeem through Morgan Money and receive token balances at their blockchain addresses.
The expansion brings existing funds to another public network. My OnChain Net Yield Fund, or $MONY, is a private placement fund. JPMorgan OnChain Liquidity-Token Money Market Fund, or $JLTXX, is a registered government money market fund with an investment mandate designed to support stablecoin issuers under the GENIUS Act. The funds share a distribution platform and now support the same new chain, but retain their different legal structures.
“Our clients operate across more than one network, and their liquidity should too,” said Paul Przybylski, J.P. Morgan Asset Management’s global head of product, digital and tokenized assets, in the release. “Bringing JLTXX and MONY to Solana gives stablecoin issuers and institutional investors access to the same funds, across the on-chain networks where they operate.”
Addresses and access The announcement identifies the Solana token addresses as EToDtBM2knZ8N1BHyUq2Riq5ngWTcoD3k6qpsgf7CKYY for $MONY and J4cTuCH6frt4AnEmKfMS2k8hsUf7K94PV62sjUJno8Cz for $JLTXX. The issuer published both identifiers. Defiprime attempted to read them through its chain-reading tool, which returned an unsupported-chain error for Solana. Defiprime could not independently verify mint supply, authority settings or balances for this article.
Access remains restricted to qualified U.S. investors. The release says $MONY is intended for investors eligible for private placement funds, generally including qualified purchasers and accredited investors under the relevant U.S. securities laws. Investors still have to complete onboarding, even with the token addresses public. Morgan Money is the stated route for subscriptions and redemptions into both funds.
The existing $JLTXX FAQ sets out the operating sequence. Investors complete anti-money-laundering and know-your-customer onboarding, then place subscription or redemption orders through Morgan Money. Those orders go to the transfer agent. The document also allows investors to interact directly with the fund token to transfer balances to other investors or submit redemption orders.
According to that FAQ, investors can pay by dollar wire or in $USDC through ZeroHash. An investor paying in $USDC must also onboard as a ZeroHash client. Investors need their own blockchain address to use the tokens. The FAQ still describes the Ethereum product. The Solana release confirms availability through Morgan Money but does not separately restate these payment arrangements for the new network.
The same FAQ lists fees of 16 basis points and an initial investment minimum of $1 Mn. These are the terms published in the existing product document; the release does not quote Solana-specific pricing. The October announcement gives no replacement fee schedule or network-specific minimum.
What the fund token represents A $JLTXX token represents one share in the underlying fund. The fund seeks current income while maintaining liquidity and stability of principal, with a target share value of $1.00. Token ownership sits alongside an off-chain shareholder register. According to the FAQ, SS&C is the transfer agent and maintains the official fund shareholder registration records.
The portfolio mandate limits investments to U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasury securities. The FAQ says the fund will buy only Treasuries with remaining maturities of 93 days or less, or securities issued with maturities of 93 days or less. These limits apply to the assets behind the fund shares on either network.
The document also says the fund expects to maintain a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. Investments are dollar-denominated. J.P. Morgan describes $JLTXX as a government money market fund under SEC Rule 2a-7, with an investment approach intended to satisfy the GENIUS Act’s requirements for eligible stablecoin reserve assets. This is the issuer’s stated investment mandate. The Solana launch announcement includes no separate regulatory approval.
$MONY’s original launch announcement dates its Ethereum debut to December 15, 2025. That document describes a Treasury and fully Treasury-collateralized repo portfolio, daily dividend reinvestment, and subscription and redemption using cash or stablecoins through Morgan Money. It identifies the product as a 506(c) private placement fund. The new release extends chain access to the existing product, with no new underlying investment strategy announced.
The two funds also use different distribution entities. JPMorgan Distribution Services distributes $JLTXX, while J.P. Morgan Institutional Investments is the U.S. placement agent for $MONY. Both are FINRA members. The release directs prospective $JLTXX investors to the prospectus for the fund’s objectives, risks, charges and expenses before investing.
The existing product FAQ identifies Kinexys Digital Assets as the tokenization technology behind $JLTXX. It describes the service as a multichain asset tokenization solution and calls $JLTXX the manager’s second tokenized money market fund.
Fund risk and network risk The Solana announcement warns that investors can lose money in either fund. Both seek to preserve a $1.00 share value, but neither guarantees it. Fund investments are not bank accounts and carry no Federal Deposit Insurance Corporation or other government-agency guarantee. The sponsor has no obligation to reimburse losses or provide support during market stress.
Blockchain use adds operational risks to those of the portfolio. The release names transaction delays and errors, security breaches, regulatory changes, fluctuating fees and network splits that produce alternative blockchains. It also tells investors to safeguard their private keys.
The public release supplies the Solana addresses and access route but no Solana-specific fund balances, mint authority details or cross-network transfer procedure. The linked $JLTXX FAQ still names Ethereum; neither document spells out how an existing Ethereum holder would move a position to Solana.
On October 21, 2026, Solana completed one of the most significant protocol transitions in its history when Anza’s Alpenglow consensus system took over on mainnet-beta.
The switch occurred around 14:00 UTC at slot 459,653,000, retiring the TowerBFT mechanism that had governed the network since its March 2020 launch.
Transaction finality, the point at which a transfer or state change becomes irreversible under the protocol, dropped from approximately 12.8 seconds to a target of 150 milliseconds.
Anza, the core engineering team behind the Agave validator client, designed Alpenglow as a ground-up replacement rather than an incremental patch.
The new system centers on Votor, a voting protocol that moves validator votes entirely off-chain.
Validators exchange BLS-signed messages directly; these aggregate into compact certificates instead of appearing as on-chain transactions.
Two confirmation paths run in parallel.
When at least 80 percent of stake responds, a block can finalize in a single voting round.
When participation reaches only 60 percent, a second round completes finality.
The first path to meet its threshold wins, producing deterministic finality in roughly 100–150 milliseconds under normal conditions.
Proof of History no longer participates in the consensus timing logic; each node relies on local timers and independent detection of unresponsive leaders.
The change also frees substantial blockspace.
Under TowerBFT, vote transactions dominated on-chain traffic.
With those votes removed, capacity previously consumed by consensus messages becomes available for user activity.
Resilience improves as well: the protocol tolerates up to 20 percent adversarial stake plus an additional 20 percent offline stake simultaneously, a higher combined threshold than TowerBFT’s roughly 33 percent adversarial limit.
Anza reported that the upgrade underwent extensive public testing, including red-team exercises, penetration testing, repeated migration rehearsals, and a security competition before the mainnet handoff.
The design itself first appeared in a May 2025 white paper; the interval from publication to production activation was under 18 months.
Anza CEO Brennan Watt described the activation as the largest and most ambitious blockchain upgrade since Ethereum’s Merge, noting the difficulty of safely replacing a live consensus engine without a network restart.
The migration itself was engineered as a brief, reversible window: after an epoch boundary, user transactions paused for a controlled number of slots so that any blocks produced during the handoff could be rolled back if needed.
Once a qualifying TowerBFT block received sufficient stake, validators signed an Alpenglow genesis certificate, transferred control to Votor, and resumed normal processing.
Early reports indicated the handoff completed in hundreds of milliseconds.
For exchanges, payment processors, and institutions, the practical effect is that deposits and settlements can now receive cryptographic finality on a timescale closer to web infrastructure than to traditional settlement windows.
Developers gain a network whose confirmation behavior more closely matches the responsiveness expected by web2 applications, reducing the need for optimistic assumptions or multi-step confirmation logic.
Future work outlined by Anza includes Rotor, a redesigned block-propagation layer intended to improve data distribution efficiency beyond the existing Turbine protocol, along with optimizations for faster leader handovers.
Independent post-activation measurements of achieved finality were still pending at the time of the initial announcements, and Anza has emphasized that realized performance will vary with network conditions.
Nonetheless, the activation marks the first time a major proof-of-stake network has swapped consensus engines on a live mainnet while preserving the existing ledger and state.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
J.P. Morgan Asset Management announced that its tokenized money market funds, the My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity–Token Money Market Fund (JLTXX), are now open to eligible U.S. investors on the Solana blockchain. Investors can subscribe to and redeem the funds via the liquidity management platform Morgan Money, and receive their token balances on-chain. MONY is a 506(c) private fund designed to deliver U.S. dollar yields for eligible investors, while JLTXX is a U.S.-registered government money market fund that aims to support stablecoin issuers compliant with the GENIUS Act.
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J.P. Morgan Asset Management has taken its tokenized cash product multi-chain. On October 22, the firm announced that its My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity–Token Money Market Fund (JLTXX) are now available on the Solana blockchain to qualified U.S. investors. It is the second chain for funds that first went live on Ethereum in December 2025.
The announcement changes neither what the two vehicles invest in nor who can buy them. What it changes is the map: the largest bank in the tokenized-fund business now runs its on-chain cash rails across two public networks instead of one, and it chose the network that has spent October rebuilding its own infrastructure to court exactly this kind of money.
Two funds on two different regulatory tracks MONY and JLTXX share an issuer and, now, a blockchain, but they are not the same instrument, and the difference is the heart of the story.
MONY is a 506(c) private placement fund. It can be offered only to qualified purchasers and accredited investors, and it gives them exposure to U.S. dollar yields through a token. JLTXX is a U.S.-registered government money market fund, and the press release defines its job in one precise clause: it is “designed to invest in a manner to support stablecoin issuers under the GENIUS Act.”
That clause carries real weight. The GENIUS Act is the U.S. stablecoin framework regulators have been finalizing through October, and one of its persistent questions is where the reserves behind dollar tokens actually sit — and in what form. A registered government money market fund built to serve stablecoin issuers is J.P. Morgan’s answer to that question: a regulated, on-chain place to park the cash behind a token, rather than a bank deposit or a treasury account held off-chain.
The bank has been assembling this side of its business in stages. J.P. Morgan expanded its JPM Coin deposit token to Ethereum mainnet earlier this year, and the Solana launch is the same institutional pipeline extended to a second network. The pattern is consistent: start with a private, bank-controlled rail, then push outward to public infrastructure one network at a time.
How an investor actually gets in There is no retail on-ramp here. Access runs through Morgan Money, the firm’s liquidity-management platform, and the flow is deliberately simple: a qualified investor subscribes or redeems and receives token balances at their blockchain address. J.P. Morgan outlines the tokenization of money market funds in its own overview for institutional clients.
The release even publishes the exact Solana token addresses — MONY at EToDtBM2knZ8N1BHyUq2Riq5ngWTcoD3k6qpsgf7CKYY and JLTXX at J4cTuCH6frt4AnEmKfMS2k8hsUf7K94PV62sjUJno8Cz. Publishing those addresses is more than documentation. It means any third party can verify the token supply and watch the flows directly, which is the entire point of running a fund on a public ledger instead of a private database.
There is also a reminder of the risk baked into the same announcement. The release states plainly that the funds seek to preserve value at $1.00 per share but cannot guarantee it, and that an investment is “not a bank account and is not insured or guaranteed by the FDIC or any other government agency.”
Why Solana, and what the network gets The timing is not accidental. Solana has spent October repositioning itself for precisely this kind of institutional money. It cut finality from roughly 12.8 seconds toward a 150-millisecond target with the Alpenglow consensus upgrade, and it has been building settlement tooling for tokenized assets through programs like its DvP atomic settlement initiative. A money market fund lives on fast, cheap, final settlement, and Solana now argues it delivers that better than most of its peers.
“Our clients operate across more than one network, and their liquidity should too,” said Paul Przybylski, Global Head of Product, Digital & Tokenized Assets at J.P. Morgan Asset Management. “Bringing JLTXX and MONY to Solana gives stablecoin issuers and institutional investors access to the same funds, across the on-chain networks where they operate. This launch builds on our position as one of the leaders in tokenized liquidity and underscores our commitment to scaling tokenized cash management through multi-chain channels.”
For Solana, the payoff is reputational as much as technical. The network has spent years winning retail and DeFi volume; landing a global systemically important bank’s money market funds is a different kind of endorsement, one aimed at treasurers and fund administrators rather than traders.
The scale that makes this early, not late The most useful number in the release is the one that does not move: J.P. Morgan Asset Management manages $4.8 trillion, as of September 30, 2026, within a parent company that holds $5.1 trillion in assets and $372 billion in stockholders’ equity. Set that against the size of the market it is joining. Independent trackers put the entire tokenized-fund market near $35 billion and tokenized U.S. Treasuries near $15 billion in mid-October 2026.
Run the arithmetic and the point lands hard. The whole tokenized treasury market — roughly $15 billion — is about 0.3% of what this single asset manager holds in AUM. All tokenized funds together, near $35 billion, are about 0.7%. That gap is not evidence the strategy is failing. It is the reason the strategy exists: the on-chain slice is small because the biggest allocators have only just started moving cash onto it.
The firm’s own words support that reading. The release states that at the time of its December 2025 launch, J.P. Morgan “was the largest global systemically important bank to launch a tokenized money market fund on a public blockchain,” and that the Solana move “broadens access for clients and supports the continued growth of J.P. Morgan Asset Management’s tokenized cash management platform.”
The skeptical reading There is a competing interpretation, and it deserves to be taken seriously. A second chain is cheap to announce and hard to measure: the release gives no figure for assets already on Solana, no expected inflow, and no timeline for further networks. A critic could fairly read this as a capacity signal — infrastructure laid down in advance of demand — rather than proof that stablecoin issuers are actually parking reserves in JLTXX today.
That reading is unfalsifiable from the announcement alone, which is exactly the limitation. The only way to test it is on-chain: whether the published token addresses show real, growing balances over the coming weeks, and whether JLTXX shows up in the reserve compositions of actual stablecoin issuers under the GENIUS Act.
What to watch next The next observable signal is whether other systemically important banks follow. J.P. Morgan claimed the largest-G-SIB title for a tokenized money market fund in December 2025, and a year later it is the first of that group to run the product across two public chains. If a second or third global bank names Solana as a home for tokenized funds, the move becomes a trend rather than one firm’s experiment.
Watch, too, for how JLTXX is actually used. Its stated purpose is to support stablecoin reserves, and adoption will appear in on-chain balances at the published address before it appears in any press release. That is the quieter test of whether the product is being used, not just announced.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
A Nasdaq-listed company that used to be called Helius Medical Technologies now carries a strategic seal of approval from the Hong Kong government.
Solana Company (NASDAQ: HSDT) has been recognized as a strategic enterprise by Hong Kong’s Office for Attracting Strategic Enterprises, better known as OASES. Alongside that designation, the firm has opened an office in the city to act as its Asia-Pacific headquarters.
The detail that stands out: Solana Company was the only blockchain infrastructure firm in the 2026 OASES batch.
What Solana Company is building in Hong Kong
The new Hong Kong office will serve as the executive hub for the company’s operations across the Asia-Pacific region.
The centerpiece of that plan is something the company calls the Pacific Backbone. It is an initiative to develop low-latency infrastructure linking four major financial centers: Hong Kong, Seoul, Tokyo, and Singapore.
The Pacific Backbone is aimed at staking and validation services. On a proof-of-stake blockchain like Solana, validators are the operators who process transactions and keep the network honest. Staking is how token holders put their coins to work backing those validators, typically in exchange for rewards.
The company is also expanding its validator operations. That includes partnerships with the Jito Foundation, a name familiar to anyone who follows Solana’s staking ecosystem.
On the balance sheet side, Solana Company holds more than 2.2 million SOL tokens.
Joseph Chee, the company’s Chairman and CEO, pointed to Hong Kong’s rapid progress on digital assets as a key reason for the move. He also stressed the city’s standing as a global financial center.
The firm says its broader goal is to build institutional engagement within compliant frameworks.
From Helius Medical to a SOL treasury
The company shifted its focus to a Solana-centric strategy in 2025. The rebrand to Solana Company came in September 2025. It followed a funding round that exceeded $500 million.
What this means for Solana Company and the region
As the only blockchain infrastructure firm in the 2026 OASES batch, Solana Company has a head start on positioning itself as a go-to partner for compliant Solana staking in Hong Kong.
The milestones worth tracking are concrete. Watch for progress updates on the Pacific Backbone, new validator partnerships beyond the Jito Foundation, and any announced institutional clients in Hong Kong.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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a16z General Partner Chris Dixon has officially published an announcement renaming a16z crypto to a16z Frontier, expanding its investment scope from crypto startups to a broader set of frontier technology startups—those building new technologies, opening up new markets, and taking years to mature. Dixon emphasized this is a scope expansion, not a pivot; the team will continue investing in crypto and related businesses while advocating for reasonable crypto regulation. Dixon noted that as blockchain gains wider adoption, Wall Street and fintech firms have regularly launched on-chain products, making the "crypto company" label less significant. Companies should be defined by their core business activities, not the technology they employ. His remarks also touch on the ongoing AI wave: beyond using AI to speed up and enhance existing work, focus is on native new use cases emerging from AI, full-stack startups integrating hardware, software and services, and new networks connecting humans and intelligent agents. Dixon believes blockchain will still play a critical role in this space, serving as a fast, low-cost, global, programmable financial infrastructure for the internet. Stablecoins are becoming a standard tool for fintech firms and institutions, and can also support machine-to-machine transactions and the cold start of new networks. He will lead the fund alongside firm founders Marc Andreessen and Ben Horowitz, as well as general partners Eddy Lazzarin and Guy Wuollet. The operating team will continue supporting current and future portfolio companies in areas including regulation, market entry, talent, marketing and technology R&D.
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GMGN co-founder Haze announced in a post that the project’s self-developed cross-chain bridge is currently undergoing small-scale volume testing, and will uphold its long-standing reputation for fast, secure, and stable transactions. Haze added that users will soon be able to buy any token across multiple blockchains using USDC through the GMGN app.
SOL failed again at the top of its range and slipped back below its short-term average. Alpenglow replaced Solana’s original consensus system and cut the target time for irreversible transactions to a fraction of a second. Stablecoin activity on Solana this year has already passed last year’s total by a wide margin. Hong Kong named Solana Company a strategic enterprise, and the firm plans to run validators in the city. The Solana price is holding near $104.50 on Thursday, down about 3.6% in 24 hours, after buyers failed again to break the $108.50 to $108.70 ceiling on the 4-hour chart. The drop came a day after Anza switched on the Alpenglow consensus upgrade and on the same day Hong Kong named Nasdaq-listed Solana Company a strategic enterprise, two developments that have done little so far for a token still trading under its main trend averages.
Buyers keep losing the $108 fight SOL/USDT 4-hour chart. Source: TradingView / Alexander Stefanov SOL has spent most of the past ten days between $100.84 and $108.52. On October 21, buyers pushed it to roughly $109.30 and briefly pierced the upper line, but the move stalled against the 200-period EMA at $108.66, and three straight red candles took the token back toward $104.60.
The 50-period EMA has stayed below the 200 EMA since a death cross around October 14 near $110.50. Price has now slipped back under the 50 EMA at $105.98, a level it reclaimed only a day earlier on the week’s strongest buying volume, which suggests the rally ran out of buyers the moment it met sellers waiting overhead. The RSI fell from around 65 at the October 21 peak to about 46.6, below its signal line at 53.4 and back under 50, so sellers now set the short-term pace while the reading remains far from levels that usually mark exhausted selling.
For the Solana price to recover, bulls first need a 4-hour close above $106 to put the $108.50 to $108.70 zone back in play, and a break through it would be the first close over the 200 EMA since early October, opening the way toward the $112 to $113.50 area of the October 12 top. Losing the $103.90 pullback low points to $102.50 and then to the $100.84 floor, which has absorbed three tests since October 15 and weakens with each visit.
SOL price ladder, 4-hour chart
October 12 top$112 to $113.50
200 EMA ceiling$108.52 to $108.66
50 EMA$105.98
SOL now$104.50
Pullback low$103.90
Range floor, tested 3x$100.84
12.8 seconds down to 150 milliseconds Anza, the engineering firm that builds Solana’s main validator client, announced on X that Alpenglow went live at slot 459,653,000 at around 14:00 UTC on October 21, and said in a follow-up post that 654 validators took part in the switch. The upgrade retires TowerBFT, Solana’s consensus system since its 2020 launch, and Anza’s Alpenglow page sets the new finality target at 150 ms, against roughly 12.8 seconds before. Anza CEO Brennan Watt called it the most ambitious blockchain upgrade since Ethereum’s Merge.
Alpenglow is live on mainnet-beta ⛰️ 🎉
Solana’s new consensus protocol: finality reduced from 12.8 seconds to 150 milliseconds, built by Anza.
Why this is important 🧵 pic.twitter.com/uItGPrANdi
— Anza (@anza_xyz) October 21, 2026
Finality marks the point after which a transaction can no longer be reversed, and under TowerBFT, reaching it took time because validators posted votes as ordinary onchain transactions, and a block became final only after confirmations piled up across many slots. The new Votor component sends votes directly between validators as signed messages that merge into one compact certificate, finalizing a block in a single round when 80% of stake responds, or in two rounds at 60%. Wallets, fees and smart contracts stay as they were, while Rotor, the second half of the design that changes how blocks travel across the network, still has no date.
TowerBFT, until October 21
12.8 s
Alpenglow target
~150 ms
$5 trillion moved, $17.5 billion parked Solana’s official account said on October 22 that the network has processed $5 trillion in stablecoin volume in 2026, compared with about $3 trillion for all of 2025. Stablecoin supply on the chain hit a record $17.51 billion in September, the same month it logged 557 million stablecoin transfers, and the Solana Foundation tracks these figures on its public data dashboard.
The distance between $5 trillion in volume and a supply base under $18 billion explains how a chain holding about 5% of all stablecoins handled roughly a third of adjusted global transfer volume in its busiest months. Transfers cost a fraction of a cent, so the same dollars cycle many times a day between exchanges, market makers and payment apps, which also lets bots and arbitrage inflate the headline far beyond real payments. Western Union, which issues its USDPT stablecoin on Solana, launched a Visa card using it in 37 markets in August, and for businesses like it a 150 ms finality window cuts the time they carry the risk of a reversed transfer.
$5T
2026 volume so far
$17.51B
Record supply, September
557M
Transfers, September
Hong Kong bets on a SOL treasury firm Hong Kong’s Office for Attracting Strategic Enterprises (OASES) added Solana Company (NASDAQ: HSDT) to its seventh batch of strategic enterprises at a signing ceremony on October 22. The 18 firms, Johnson & Johnson among them, pledged more than HK$10 billion ($1.28 billion) and 1,600 jobs, and Solana Company says it is the only blockchain infrastructure firm OASES brought in this year.
The company has opened its Asia-Pacific headquarters in the city and plans validators there under its Pacific Backbone network, which already runs a cluster in Tokyo. The announcement discloses no grant or government contract, and OASES director-general Peter Yan said on October 18 that partners are not picked by size or pledged investment.
Because the company also runs a SOL treasury, its balance sheet moves with the token: it held about 2.3 million SOL on September 24, worth roughly $240 million at today’s price, and on September 30 it raised $15 million in a registered direct offering of 4.37 million shares at $3.433 with matching warrants, a structure that funds expansion while diluting existing holders.
Firedancer wants bigger blocks next With Alpenglow live, developers from Jump Crypto’s Firedancer team have already proposed removing Solana’s cap of 60 million compute units per block now that Alpenglow is live, letting blocks grow as large as the fastest validators can process while slower machines abstain through a skip vote, a change that would lift capacity and, at the same time, raise the hardware bar for smaller operators already squeezed by costs.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
TL;DR: Anza says Alpenglow activated on Solana mainnet-beta on October 21. The consensus change targets roughly 150-millisecond finality; further networking and post-quantum improvements remain planned work.
Solana has replaced the consensus protocol it used from launch, bringing a long-discussed change in transaction finality onto the live network.
Core engineering firm Anza announced the Alpenglow activation at slot 459,653,000, around 14:00 UTC on Wednesday. According to the company, validators retired TowerBFT during the transition without moving activity to a separate chain.
Finality Is The Point Of The Upgrade
Anza describes the design as reducing the path to finality from approximately 12.8 seconds to around 150 milliseconds. That is the developer’s stated performance target, not a network-wide latency measurement independently reproduced for this article.
Finality concerns when a transaction can be treated as irreversible under the network’s consensus rules. It is different from the moment a wallet displays a transaction or an application gives a user an initial confirmation.
That difference is particularly relevant to payments and trading. An interface can appear responsive before the recipient is willing to treat the transfer as settled. Shortening that second interval can reduce the period in which an exchange, merchant or application waits before acting on a payment.
It does not make every application instant. Wallet signing, internet connections, transaction inclusion and the application’s own checks still contribute to the time a user experiences. Nor does a lower finality target, by itself, establish higher transaction throughput.
More Changes Remain On The Roadmap
Anza lists Rotor, geographically aware leader rotation and the post-quantum research design Quantumglow as further developments, with no committed release dates in the announcement.
Their inclusion should not blur the scope of Wednesday’s event. Alpenglow’s activation is the completed milestone being reported; the additional work describes where the engineering team wants to take the system next.
For applications built on Solana, the practical question now is how the new consensus behaves under real traffic and varying network conditions. Operational evidence will determine how closely users’ settlement experience matches the design’s headline speed.
Solana has promoted Quantumglow, a proposed post-quantum adaptation of Alpenglow designed to protect consensus while preserving the network’s fast finality.
Summary
Quantumglow proposes changes to validator signatures and block authentication without announcing a deployment date. Anza published the underlying research in July, before Solana’s latest video explainer. Alpenglow’s mainnet activation is separate from the proposed post-quantum changes to its cryptography. Bitcoin’s BIP-360 targets exposed public keys, with additional signatures needed for more complete protection. Solana Developers described the proposal in an Oct. 22 video post, presenting it as a way to secure agreement between validators against quantum attacks. Solana’s main account shared the explainer and said the network “has been early in quantum readiness and remains ahead in its preparation.”
What would Solana’s consensus look like in a post-quantum world?
Meet Quantumglow: a proposed adaptation of Alpenglow that aims to protect consensus while preserving fast finality.@jacobvcreech and @qkniep explain how it works. Full video below👇 pic.twitter.com/G005a4KcSI
— Solana Developers (@solana_devs) October 22, 2026 Neither announcement supplied an activation date or identified a Quantumglow-specific Solana Improvement Document, known as a SIMD. The developer post described an adaptation under proposal, without announcing a deployed security upgrade.
The research predates the latest explainer. Anza published its Quantumglow overview on July 30, naming Quentin Kniep, Kobi Sliwinski and Roger Wattenhofer as its authors and directing readers to Section 5 of the updated Alpenglow whitepaper.
Quantumglow changes how validators authenticate agreement Anza’s July overview identifies two obstacles to replacing Alpenglow’s existing cryptography. Post-quantum signatures take more space, while the compact signature aggregation used to prove validator agreement has no comparable ready replacement under the researchers’ requirements.
The authors propose Ax, short for Alpenglow XMSS, a hash-based signature scheme tailored to the protocol. Validators would exchange and cache one-time public-key material ahead of use, reducing the information that must accompany later signatures.
For block authentication, Anza describes a signed commitment covering the block payload, supported by authenticated communication channels. Its design removes the need to attach a large post-quantum signature to every piece of block data.
The accompanying distributed-quorum-signature research explains the second change. Kniep, Jakub Sliwinski and Wattenhofer describe moving certificates from messages sent across the network to events recorded locally after a node gathers enough evidence.
Their paper, submitted July 20, uses ordinary signatures and an approval-broadcast mechanism. It separates evidence supporting safety from evidence supporting liveness, the protocol’s ability to keep making progress.
The researchers say each message remains a constant size regardless of node count, although total communication grows quadratically. Their performance claim concerns the proposed design and its stated assumptions, without establishing a measured mainnet result.
Solana’s Alpenglow rollout has a separate activation record Solana Foundation’s upgrade page identifies Alpenglow as live on mainnet following activation in epoch 1064 on Oct. 21. The Foundation lists approximately 150 milliseconds as its finality target, compared with 12.8 seconds for TowerBFT.
The Foundation records Alpenglow consensus beginning at slot 459,653,000, after a genesis block certified by votes from 446 of 654 validators. Its documentation separates the deployed Votor voting system from Rotor, a data-distribution component reserved for a later release.
Before that handoff, crypto.news previously reported the planned consensus migration and its operator requirements. The Oct. 19 coverage documented the need for compatible validator software and sufficient vote-account funding.
SIMD-0326 specifies the Votor portions of Alpenglow and references version 1.1 of its whitepaper. The proposal explicitly leaves Rotor for a separate SIMD, showing that the original consensus specification does not cover every component discussed in subsequent research.
Solana Foundation says Alpenglow leaves transaction execution, programs, and transaction fee mechanics unchanged. Its migration guidance states that ordinary users do not need to change how they sign, send, or approve transactions.
The removal of on-chain votes creates separate changes for analytics services. As detailed in Oct. 20 coverage of vote-transaction removal, the Foundation instructs explorers to reset metrics that counted validator votes alongside user transactions.
Wallet protection requires work beyond consensus Anza’s April 27 security assessment identifies distinct quantum vulnerabilities in accounts, block propagation, consensus, and user-defined programs. Max Resnick and Sam Kim warn that an attacker capable of breaking Ed25519 could forge account signatures, while forged consensus votes could support conflicting confirmations.
Their checklist calls for work on account migration, transaction signature verification, networking and program-level cryptographic tools. The assessment makes no commitment to a single post-quantum signature scheme.
Early Falcon implementations formed another part of that preparation. April 28 coverage documented Anza and Firedancer testing the signature technology, with the teams describing it as an option for possible future activation.
Anza’s assessment describes a prototype migration proof that binds an existing account to a new post-quantum public key. The authors distinguish such account migration from optional vault programs, which cannot independently secure consensus, networking, or every application using vulnerable signatures.
Bitcoin’s BIP-360 addresses exposed keys Bitcoin’s BIP-360 specification proposes Pay-to-Merkle-Root outputs through a soft fork, removing the key-path spending option used by Taproot. Its authors describe protection against attacks on public keys exposed for long periods.
The draft explicitly separates that protection from attacks conducted while a spending transaction waits for confirmation. Its authors say protection against those shorter exposures may require post-quantum signatures through a separate proposal.
BIP-360’s motivation describes quantum key recovery as deriving a private key from a public key by breaking the discrete logarithm assumption. The authors say the timing and eventual viability of a cryptographically relevant quantum computer remain unclear. Their proposal does not set a date when such an attack becomes practical or establish that present hardware can perform it.
The repository lists BIP-360 as a draft authored by Hunter Beast, Ethan Heilman, and Isabel Foxen Duke. Its abstract states that the proposed output type retains script-tree functionality while removing the quantum-vulnerable key-path spend.
Reflect Money wants every app on Solana to have its own stablecoin. Its new tool, Create, is designed to make that a one-click affair.
The Solana-based protocol launched Create on October 22, 2026. It lets users and applications deploy custom yield-bearing stablecoins in a single transaction. The pitch is simple. Stablecoins that sit around doing nothing are a wasted opportunity, and Reflect thinks it can put them to work.
How Create works Instead of building collateral systems, liquidity plumbing and redemption logic from scratch, an issuer picks from a menu and ships.
That menu is a set of reviewed collateral options. According to the research findings, these include USDC+, senior tranches and tokenized assets. Each one backs the new token and generates the yield that holders earn.
Tokens launched through Create are built to plug straight into Solana decentralized exchanges, including Jupiter and Titan. So a freshly minted coin can trade on day one instead of languishing in a wallet nobody checks.
Minting and redeeming happen atomically, with no queues. Put plainly, you either get your tokens or your money back in the same instant, without waiting in line behind everyone else trying to exit.
Issuers can keep a percentage of the yield their stablecoin generates. That turns a stablecoin from a cost center into a potential revenue line for whoever launches it.
The numbers behind Reflect Reflect is not starting from zero. By the time Create went live, the protocol had issued 7 assets, with an average annual percentage yield of around 21%.
Total trading volume across the platform stood at $5.52 million at launch.
Reflect is aiming at the approximately $280 billion in idle stablecoin holdings that currently earn nothing.
The company describes its approach as “software-as-a-stablecoin.” The idea is to package on-chain decentralized finance strategies into liquid yield products that feel more like a savings account than a strategy deck.
Reflect also draws a clear line about what it is not. It is not a stablecoin issuer or custodian. Its protocols handle risk-adjusted allocations and asset wrapping transparently on-chain, positioning the company as a neutral operator rather than a traditional issuer.
From hackathon winner to infrastructure play Reflect Money was founded in May 2024. Its founding goal was to fix the inefficiency of stablecoin holdings by programmatically routing capital into DeFi opportunities while keeping that capital liquid and in users’ control.
The project won Grand Champion at the 2024 Solana Radar hackathon. In September 2025, it raised $3.75 million in a seed round.
Before Create, Reflect’s lineup centered on two products. Earn includes USDC+ and USDT+, while Protect offers yield tranches. The infrastructure also includes an insurance pool for risk management and a software development kit that lets developers integrate Reflect into their own products.
Create builds directly on that foundation. USDC+, one of the Earn products, now doubles as a collateral option for other people’s stablecoins.
What this means Yield on stablecoins comes from somewhere, and the around 21% average APY on Reflect’s assets reflects the DeFi strategies and collateral underneath. Those yields depend on market conditions and the performance of the assets backing each token.
Reflect says its collateral options are reviewed, and the insurance pool adds a layer of protection.
The things worth tracking from here are straightforward. Watch how many issuers actually use Create, whether the asset count climbs meaningfully beyond 7, and whether platform volume grows past $5.52 million.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
J.P. Morgan Asset Management has brought two tokenized money market funds, MONY and JLTXX, to Solana for qualified U.S. investors through its Morgan Money platform.
Summary
MONY and JLTXX give qualified U.S. investors access to tokenized fund shares on Solana.
MONY’s existing FAQ lists a $1 million initial investment minimum and offchain shareholder records.
JLTXX’s May prospectus requires approved wallet addresses for purchases, redemptions and token transfers.
BlackRock and Franklin Templeton brought their tokenized funds to Solana in 2025.
J.P. Morgan Asset Management said investors can subscribe and redeem through Morgan Money, with token balances sent to their blockchain addresses.
“Our clients operate across more than one network, and their liquidity should too,” said Paul Przybylski, the firm’s global head of product, digital and tokenized assets.
JPMorgan’s MONY fund carries a $1 million entry minimum
JPMorgan’s MONY FAQ lists an initial investment minimum of $1 million and fees of 16 basis points. The document describes a private placement fund domiciled in the British Virgin Islands, with investor onboarding subject to anti-money laundering and know-your-customer checks.
The FAQ says MONY holds U.S. Treasury securities and Treasury-backed repurchase agreements. Its investment guidelines seek a stable $1 net asset value, with Treasury purchases limited to securities with no more than 93 days remaining or issued with maturities of 93 days or less.
Although MONY intends to follow investment guidelines for government money market funds, JPMorgan’s FAQ says the private vehicle is not subject to Rule 2a-7. The document identifies SS&C as the transfer agent and says the official shareholder records remain offchain.
Earlier coverage documented JPMorgan’s $100 million seed investment when MONY launched on Ethereum in December 2025. As crypto.news previously reported, the fund formed part of the bank’s move into public blockchain infrastructure through its Kinexys business.
JPMorgan’s FAQ says investors need their own blockchain address to hold MONY tokens. It permits direct token interactions for transfers and transaction requests, while describing peer-to-peer transfers as restricted to clients. The document predates the Solana expansion and does not establish every operational detail of the new deployment.
The December report described institutional cash management as the product’s intended use. Its $100 million figure referred to initial internal capital, not the amount now held on Solana or MONY’s current total assets.
JLTXX’s filing sets out approved-wallet controls
JPMorgan’s JLTXX filing in May described a registered government money market fund built for stablecoin reserve management. The prospectus dated May 13 listed Ethereum as its only available public network at that time and anticipated support for other blockchains.
The same document required approved addresses before investors could buy, redeem or transfer token balances. Its blockchain framework uses an allow list, restricting transactions to participants approved by the fund.
JLTXX’s prospectus says the transfer agent’s investor register determines legal share ownership. Token balances are intended to correspond to shares, but the document warns that the two records may temporarily differ when blockchain instructions arrive outside business days.
The filing lists a $1 million opening minimum, with no minimum for subsequent purchases, and permits investment minimum waivers. Annual operating expenses after waivers and reimbursements are listed at 0.16%, with those arrangements scheduled through June 30, 2028.
A separate section describes optional services for converting USDC into dollars before purchases and converting redemption proceeds back into USDC. The May coverage noted that Circle is not affiliated with the fund, its adviser or Kinexys.
JPMorgan’s Oct. 22 release describes JLTXX as designed to support stablecoin issuers under the GENIUS Act. It does not disclose current assets for either fund or announce a decentralized lending integration.
BlackRock brought BUIDL to Solana in March 2025
BlackRock’s BUIDL expansion to Solana occurred in March 2025 through Securitize, giving the fund a seventh supported network at the time. The other six were Ethereum, Aptos, Arbitrum, Optimism, Avalanche, Polygon.
Securitize’s launch announcement described a new Solana share class for the BlackRock USD Institutional Digital Liquidity Fund. The company said BUIDL invests in cash, U.S. Treasury bills and repurchase agreements.
The March coverage identified Copper, Anchorage Digital and Fireblocks among BUIDL’s custody providers. It placed the fund’s value at $1.7 billion at that point, a historical figure covering the product rather than its Solana deployment alone.
Franklin’s BENJI uses blockchain-integrated ownership records
Franklin Templeton added Solana support in February 2025 for its Franklin OnChain U.S. Government Money Fund. The earlier deployment report listed Stellar as its original network, followed by expansions across Aptos, Ethereum, Avalanche, Arbitrum, Base and Polygon.
Franklin’s current Benji platform describes one BENJI token as representing one share of the fund, which trades under the FOBXX ticker. Its transfer agent maintains the official ownership record through a proprietary system integrated with public blockchains.
The company’s fund page says at least 99.5% of assets go into government securities, cash and fully collateralized repurchase agreements. It lists daily dividend frequency and an April 6, 2021, inception date.
Effective May 18, 2026, Franklin’s fund page lists Western Asset Management as a new sub-adviser responsible for day-to-day portfolio management. The same notice says the fund normally calculates net asset value hourly from 8 a.m. Eastern until its business-day close and intends to declare and reinvest income dividends daily.
Franklin’s platform timeline records the launch of peer-to-peer transfers for retail investors through its redesigned mobile app in May 2025.
Reflect has launched Create on Solana, offering users a way to issue a branded yield-bearing stablecoin in one transaction and choose how interest is divided among holders.
Summary
Create lets users launch branded tokens and choose how interest is shared.
Reflect names Offside Labs and Adevar Labs as auditors of its program infrastructure.
Collateral eligibility excludes assets with fixed transfer restrictions or investor eligibility requirements.
Reflect leaves token classification and market access decisions to each application and its counsel.
Reflect said its new tool lets users select collateral from a reviewed set, attach their own branding and build a token through a single transaction. Solana promoted the release through its main account, describing the process as taking less than a minute.
“Create is live,” the company wrote in its launch post.
The launch announcement does not name a legal issuer for each token or identify who signs off on every collateral review. Reflect’s documentation describes its approach to both questions, while stopping short of providing a regulatory determination for individual launches.
Create wraps collateral and shares its yield
Reflect’s Create documentation describes each token as a wrapper around yield-bearing assets held onchain. A deposit becomes backing collateral, against which the program mints the branded token.
Creators can select one approved asset or combine several in a basket. Eligible collateral must be permissionless and freely transferable, the documentation says, excluding assets with fixed transfer restrictions or investor eligibility requirements.
The technical launch flow creates the mint, attaches metadata, transfers mint authority to the program, and registers the integration. Reflect instructs developers to upload images and metadata before that transaction.
Interest comes from the underlying collateral. The creator chooses the share retained and the share passed to holders, with rates changing as the underlying return changes.
In its illustration, Reflect uses collateral earning 5%, with the creator keeping one-fifth of the interest. Holders receive 4%, while the creator receives $100,000 annually on $10 million outstanding. The company labels the figures an illustration, not a projection.
Reflect’s introduction identifies neobanks, fintechs, payroll providers, payment tools, marketplaces and treasury products among its intended users. Its product lineup includes Earn, which provides yield exposure through “plus” assets, and Protect, which divides exposure into senior and junior positions.
Reflect names code auditors and describes collateral checks
Reflect’s risk documentation identifies three reviews before an asset or strategy becomes eligible. Asset classification scores liquidity, issuer reliability, and availability across trading venues; economic security reviews use simulation and backtesting; code reviews examine the programs.
Offside Labs and Adevar Labs are named as code auditors covering Reflect Core, yield routing and the whitelabel program. The page does not name the third-party economic reviewers or an individual responsible for approving the collateral set.
Blockworks Advisory separately published a June 8 explanation of a risk framework for Reflect’s Solana lending markets. Its disclosure says Reflect commissioned and funded the work, although Blockworks used its own methodology.
The risk page warns that redemption depends on withdrawal capacity at the venues holding reserves. During market stress, withdrawals can become slower or more expensive, even where small transactions normally settle immediately.
Reflect says it operates no insurance pool. Its Protect structure instead allows junior capital to absorb losses before senior positions, with protection limited by the capital available beneath them.
Legal classification remains specific to each token
Reflect’s compliance documentation argues that users do not hold reserves themselves because backing assets sit in contracts and holders redeem against those assets. The company presents this as an architectural distinction, not a compliance certification.
Its guidance declines to determine whether a created token is a security. Classification depends on its structure, marketing, intended buyers, and jurisdiction, the page says.
The same documentation says contracts enforce no geographic restrictions, leaving applications to decide which markets they serve. Reflect identifies cash conversion, banking, card issuance and custody outside its system as activities that may require licenses.
In terms last updated in September 2025, Palindrome Engineering Inc., a Delaware corporation, identifies itself as the service operator. Those terms warn that local laws may treat Reflect assets as securities, derivatives, electronic money or other regulated instruments.
U.S. regulators have separately finalized payment stablecoin rules. The Office of the Comptroller of the Currency announced its GENIUS Act framework on Oct. 21, setting Jan. 18, 2027, as the effective date.
The final rule retains the restriction on issuer payments of yield solely for holding, using, or retaining a payment stablecoin. Its treatment of multiple brands allows case-by-case review during licensing or registration, including whether holders remain adequately protected.
Branded stablecoin platforms already have live customers
PayPal, M0 and MoonPay launched PYUSDx publicly on Sep. 9, with Saturn, Concrete and Cap using the platform. As previously reported by crypto.news, the partners said the projects had processed more than $100 million.
M0’s announcement distinguishes PYUSD-backed custom tokens from the underlying PayPal stablecoin. The related coverage identifies MoonPay Digital Assets as issuer of PYUSDx tokens and Paxos as issuer of PYUSD.
Stripe introduced Bridge’s Open Issuance in September 2025, offering businesses customized stablecoins with reserve management and compliance infrastructure. Phantom was its first major partner, using the platform for CASH.
The OCC said its new rule does not complete every part of the GENIUS Act implementation. Bank Secrecy Act, anti-money laundering, and sanctions requirements will be addressed through separate rulemaking coordinated with the Treasury Department.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
