A new report from Tiger Research argues that Solana is emerging as the primary blockchain layer for what it calls "internet capital markets" – a system where asset issuance, trading, and settlement all happen on a single public chain.
The June 19 report, titled "Internet Capital Market 2026: Structural Shifts in the US and Strategic Direction for Asian Institutions," highlights the massive inefficiencies of today's markets. Settlement delays alone generate roughly $32 billion in annual capital costs in the US Treasury market, the firm estimates. Across the broader bond and fixed-income space, that figure exceeds $45 billion. These costs stem from a settlement infrastructure designed long before the internet.
Solana changes that. By using smart contracts, trade execution and settlement can happen simultaneously in seconds. The network processed 33 billion transactions last year at an average fee of $0.0013 per transaction, with finality reaching about 0.4 seconds. Tiger Research also noted that Solana kept running through sharp market drawdowns and an AWS outage – a resilience play that matters for institutional-grade use.
Major financial players have already taken notice. JPMorgan, State Street, Citi, Franklin Templeton, Visa, PayPal, and Western Union have all pursued Solana-based projects – from asset issuance and payment settlement to tokenized product pilots, the report says.
A key institutional draw is "programmable compliance." Solana's Token-2022 standard lets compliance features like asset freezes, allowlist management, and confidential balances be built directly into tokens. In May, the Solana-based DEX Orca launched a permissioned marketplace for tokenized assets, open only to investors who passed KYC checks.
Regulatory engagement is also accelerating. The Solana Policy Institute submitted "Project Open" – a framework for issuing and trading equities on a public blockchain – to the SEC's crypto task force.
"The validation is over, but the standards have not yet been fixed," said Yoon Seung-sik, head of research at Tiger Research. "That gap is precisely the window of opportunity that latecomers can use. It is unclear how long that window will remain open, so they need to move quickly."
For traders watching SOL, the question is whether the institutional pipeline turns into real capital flows. The next catalysts to watch: formal SEC guidance on blockchain-based securities settlement, and the launch of new tokenized products from the banks already testing on Solana.
Tiger Research: Solana Becomes Core Infrastructure for Internet Capital Markets
JPMorgan, Visa, and other major global institutions are adopting Solana as core infrastructure for faster, cheaper capital market operations. Solana's blockchain enables near-instant trade settlement with very low fees and programmable compliance features.