Solana is emerging as a favored platform as financial institutions move from Ethereum due to speed and cost advantages. Solana Foundation Korea’s representative described the network as stable, fast, and inexpensive, highlighting Solana’s growing role in supporting tokenized assets beyond stablecoins such as USDC and money market funds (MMFs). USDC on Solana was once responsible for roughly 60% of USDC trades, and JP Morgan has begun issuing ultra-short-term commercial paper on the Solana network with instant settlement.
Visa’s stablecoin payments volume is also among the highest on Solana. Tokenized offerings like BENJI, a Franklin Templeton MMF, and ACRED from Apollo are issued on Solana, with ACRED offering attractive yields when paired with DeFi, reportedly around 8% in total when fees are excluded. The adoption by traditional financial players is attributed to Solana’s speed and low costs, with on-chain transactions confirming an average inclusion time of about 0.4 seconds and an average of 1,295 TPS. Gas fees on Solana are variable but generally lower than Ethereum’s, estimated around $0.0013 versus $0.24 for Ethereum.
The representative noted that traditional financial firms and large funds have shifted away from Ethereum due to cost concerns. Korea is seen as a promising market within the global financial blockchain ecosystem, with expectations that a successful won-backed stablecoin could unlock scalable benefits beyond OECD peers. Solana aims to facilitate both the distribution and circulation of won-stablecoins, stressing that liquidity is the core advantage. The representative suggested that forming a consortium to explore diverse distribution methods is essential for a successful rollout, and that Solana’s involvement could help shape a Korean stablecoin ecosystem and foster developer training and employment.
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