A recent noteworthy development: a veteran Wall Street bank completed a $50 million commercial paper transaction on Solana — from issuance to distribution and settlement, all on-chain. The buyers are traditional institutional players like Coinbase and Franklin D. Roosevelt, using Circle's USDC as the payment tool, with maturity payouts also conducted via stablecoin channels.

The signaling significance of this event outweighs the amount itself: traditional financial systems are beginning to treat public blockchains like Solana as genuine settlement infrastructure. Previously, similar tests were conducted on Ethereum or private consortium chains. This time, they specifically chose a high-performance public blockchain, clearly highlighting a comparison of how different technical architectures perform in real financial scenarios.

Looking ahead, chains like Avalanche and Solana, which can operate efficiently, may gradually be involved in bond pilot projects. The pathway of on-chain securitized assets is transitioning from experimental stages to small-scale commercial use. If such cases proliferate in Q1, the valuation logic of SOL could shift from mere meme speculation to a more solid foundation based on "institutional real-world adoption." Currently, below $130, this might be an opportunistic window for institutional capital to quietly accumulate.