Solana, the fourth-largest blockchain in terms of total value locked (TVL), is becoming a leading network in institutional adoption.
Increasingly more financial institutions will be integrating with the Solana blockchain to “future-proof” their offerings, according to Robinson Burkey, co-founder and chief commercial officer of Wormhole Foundation.
The integration will enable Solana users to conduct inexpensive transactions using PYUSD on the network, aiming to broaden the stablecoin’s utility for everyday purchases.
In September 2023, global payments giant Visa launched USD Coin on the Solana blockchain, the second network to support the stablecoin after Ethereum.
Solana is among the most scalable blockchain networks that can handle large amounts of transactions.
Solana has a theoretical throughout of up to 65,000 transactions per second (TPS) with an average transaction cost of $0.0025, outpacing Ethereum’s 15 TPS and significantly higher gas fees that start above $1 but can reach up to $50 during network congestion.
Solana’s infrastructure can easily integrate the existing flows of traditional payment institutions, which will bring more institutional adoption, according to Ran Goldi, the vice president of payments at Fireblocks.
According to DefiLlama data, Solana is currently the fourth-largest blockchain network with over $4.7 billion in TVL, which accounts for 4.49% of the total TVL across all blockchains.
