Solana is becoming settlement rail for Visa and JPMorgan but one metric still scares insiders

Solana is increasingly being adopted by institutions for settlement purposes, as evidenced by Wyoming’s state-backed stablecoin launch on the network, Morgan Stanley’s filing for a Solana trust product, and Visa’s expansion of USDC settlement to Solana. These developments indicate a shift in institutional perspective, moving from questioning *whether* to engage with Solana to determining *how much* exposure to take. While the price of SOL and ETF inflows are relevant, the more significant trend is Solana’s use as infrastructure for tokenized dollars and stablecoins.

Despite this progress, concerns about centralization—including client monoculture, stake concentration, and validator requirements—persist. The launch of Firedancer, a second validator client, addresses the client monoculture issue, but other centralization concerns remain. Institutions are evaluating these risks as manageable rather than disqualifying, focusing on operational playbooks and monitoring tools.

Looking ahead, key metrics to watch include the success of Solana ETPs, the growth of Solana’s stablecoin market cap, and the absence of major network incidents. The article outlines three scenarios for the next 12 months, ranging from a bullish outlook with significant asset inflows to a bearish scenario triggered by a major failure. Ultimately, the question has shifted from legitimacy to scale, with institutions actively engaging with Solana through various avenues.

(Source：News4social)