The Sol Street Journal - Issue #3

Nov 12, 2025

Welcome back to The Sol Street Journal. Another two weeks flew by, and - no surprise - we’ve got a lot to unpack.

Before we dive in: on October 30, we hosted our first Live on X - the Soltober Roundup. In case you missed it, here’s the recording.

Between market flips and macro noise, one truth still holds: shipping is the only alpha (Toly said it best).

Now, let’s see what’s new across the everything chain.

Beyond Ethereum: global brokerage infrastructure APIs leader Alpaca has integrated with Global Dollar Network, unlocking direct USDG stablecoin access on Solana.
Crypto and stock investing app Bitso brings USDT to Solana: instant entry into Solana’s DeFi ecosystem for LATAM users.
ETF data: Solana spot ETFs were the only ones recording inflows this week: +$137M total, led by Bitwise’s $BSOL at $127M. Meanwhile, Bitcoin and Ethereum ETFs saw net outflows as market sentiment cooled.
SoFi just made history as the first regulated U.S. bank to enable direct Solana purchases from checking accounts.

Solana keeps leading stablecoin inflows - topping all chains in net volume with over $150M in a single day.
Tokenized RWAs on Solana break a new record, climbing past $800M TVL.
CME Group sets a future trading milestone: 17,400 SOL contracts traded on October 28, the biggest single-day volume of 2025.

October saw over $90M in revenue flow through Solana dApps - with Pumpfun and Axiom leading the charge.
Real-asset liquidity layer Byreal now executes native swaps via DFlowProtocol on Solana for optimized routing and settlement.
Houdini Swap adds support for Solana.
Prop AMM HumidiFi now drives nearly 35% of Solana’s DEX volume, surpassing $13 billion in weekly volume.

Welcome, MetaMask Card: users can now pay directly with $USDC and $USDT on Solana.
Privacy-first wallet Hush with built-in ZEC bridging is launching on Solana.
Solana joins the Blockchain Payments Consortium, working toward a $10T+ unified on-chain payment layer through standardized cross-chain stablecoin transactions.

Harmonic debuts on Solana: a next-gen block-building engine driving innovative market structures and on-chain competition with CEXs.
Helius introduces gTFA (getTransactionsForAddress): a 10x faster RPC method for archival data.
Alchemy unveils a rebuilt Solana infrastructure stack, designed for institutional-scale performance.

Handpicked collection of reports, interviews, long reads, and research - all worth your bandwidth:

Podcast - Validated: Unpacking the True Costs of Crypto Scale — A Conversation with Austin Federa and Kevin Bowers
Video Interview - SolanaFloor: Why institutions are turning to Solana with RockawayX CEO, Viktor Fischer
Podcast - Bankless: x402: The Key to Internet Money, Micropayments & The AI Agent Economy with Sam Ragsdale
Video Interview - FinTechTV: Exploring the Future of Payments and Stablecoins with Amira Valliani from Solana Foundation at Money20/20
Report - Fortune: Described as “the best ETF launch of 2025,” Solana’s spot ETFs led the next phase of crypto integration into traditional markets, with investors moving quickly to gain exposure.

That’s a wrap for Issue #3. For continuity and deeper insights, catch up on Issue #1 and #2.

Thanks for reading, we’ll see you again Wednesday, November 26: same street, new stories.

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