Open USD launched on Solana on September 30 with Coinbase, Mastercard, Shopify, Stripe, and Visa committing over $1 billion to liquidity. Solomon Labs launched USDv a week earlier with Raydium backing. The SEC issued a five-year tokenized securities exemption. Alpenglow reached devnet. App revenue reached $146 million.
Open USD went live on Solana on September 30, issued by Bridge. Five founding partners hold equal initial stakes: Coinbase, Mastercard, Shopify, Stripe, and Visa. The partners committed more than $1 billion to establishing liquidity. Reserves sit at BlackRock, Lead Bank, and BNY Mellon.
A second dollar launched a week earlier. Solomon Labs released USDv on September 23 with a 3.1% annualized reward rate paid from reserves. Raydium committed $1 million from its treasury as primary liquidity venue, and Monke Foundry committed $350,000. More than $5 million entered circulation within the first hour.
The SEC issued a five-year order during the month establishing a framework it calls a Tokenized Securities Venue. The order permits tokenized stocks to trade on permissionless blockchains without the venue registering as a stock exchange.
Allfunds Blockchain and the Solana Foundation opened the Project Harmonia application window on September 16. Alpenglow reached devnet on September 28. The Foundation appointed Rachel Conlan as Chief Strategy Officer and Jamal Raees as General Manager of Payments on September 24.
Solana generated $146 million in app revenue for the month, 32% of all onchain app revenue and first among 11 chains. Its share of the category declined from 38% in August. This recap covers Solana September 2026, organized by theme.
Open USD and USDv Launch Within One Week
Bridge Issues OUSD Natively Using Token-2022
Open USD went live on Solana on September 30, issued by Bridge. Coinbase, Mastercard, Shopify, Stripe, and Visa each hold equal initial stakes as founding partners. The five committed over $1 billion collectively to establish OUSD liquidity. Businesses can mint and burn OUSD 1:1 for dollars at no cost.
Reserves sit at BlackRock, Lead Bank, and BNY Mellon, with monthly attestations published. Mint and burn rails run through BVNK, Stripe, and Visa’s Stablecoin Platform. More than 200 companies are integrating, including UBS, SBI Holdings, and Jeeves. The Solana mint address is ousd2mJsPEckLHcSCDxyKD7NDGARZcfLbDZkKiatYHB.
OUSD issues natively on Solana using the Token-2022 standard, with no wrapped version. According to the Foundation’s announcement, that structure eliminates counterparty risk associated with wrapped assets and simplifies how treasury teams evaluate the asset on a balance sheet. Jamal Raees, who joined the Foundation as General Manager of Payments on September 24, was quoted in the announcement. “A stablecoin is only as useful as the counterparties it can settle with,” he said. “Every major stablecoin launch is happening on Solana.”
Solomon Labs Launches USDv With Raydium and Monke Foundry Backing
Solomon Labs launched USDv, a fully reserved digital dollar, on September 23. The token listed on Sunrise at 17:06 UTC, with Raydium trading beginning 17 minutes later. More than $5 million entered circulation within the first hour across approximately 82 wallets.
USDv holders earn rewards directly from reserves without staking or wrapping. A single authorization transaction redirects rewards to a chosen address while principal remains in the holder’s control. The token launched with a 3.1% annualized reward rate. Liquidity providers in USDv pools earn both swap fees and native reward income. Reserves currently hold USDG and USDC, with plans to add short-dated U.S. Treasuries as the primary reserve component. Minting and redemption are permissioned.
Raydium committed $1 million from its treasury and was designated the primary liquidity venue. Monke Foundry committed $350,000. Other early backers include Colosseum, Theia Investments, and the Solana Incubator. Solomon Labs raised $102 million through a MetaDAO public sale in November 2025. Its SOLO governance token represents ownership over Solomon’s core assets, treasury, and intellectual property.
USDv differs structurally from existing yield-bearing dollar products. USDY is structured as a security, USDe uses crypto collateral, and BUIDL represents fund shares. USDv prioritizes liquidity and spendability with rewards layered on top.
Stablecoin Supply Reaches a Record
Solana’s stablecoin supply set a record during September. Ecosystem recaps citing DeFiLlama put the month-end figure at $17.5 billion. Independent reporting placed the September 25 reading at $17.3 billion, roughly $600 million above the prior August high.
The Foundation’s September 24 release stated that Solana processed over $5 trillion in stablecoin volume during 2026. A Foundation op-ed published September 2 cited $4.7 trillion moved across Solana in the trailing year.
SEC Issues Five-Year Tokenized Securities Venue Exemption
The Order Waives Exchange Registration and Regulation NMS
The SEC issued a five-year order establishing a framework called a Tokenized Securities Venue. The order permits tokenized stocks to trade on public, permissionless blockchains without the venue registering as a traditional stock exchange. It waives the Exchange Act’s definition of an exchange along with Regulation NMS requirements including trade-through rules, penny ticks, and quote collection. Liquidity providers are exempt from dealer registration.
The framework covers real shares rather than synthetic tokens. Those shares carry the same dividends, voting rights, and liquidation claims as listed equity. The order permits 24/7 trading, fractional shares, stablecoin pairings, and self-custodial wallet ownership. Trading can occur on AMM pools.
Per the Foundation’s analysis, Solana hosted more than half of all tokenized equity volume in 2026. The Foundation also noted that Solana handles token-level permissioning through transfer hooks, and that Forward Industries’ tokenized stock has traded on Orca since November 2025. The design was first presented to the SEC’s Crypto Task Force in April 2025.
CLARITY Act Fails Senate Procedural Vote
Multiple September reports describe the CLARITY Act failing in the Senate on a 49-50 procedural vote. Bitwise’s CIO referenced the failure on September 30 while citing the SEC’s tokenized stock decision as a separate regulatory development.
Community reporting also indicates the SEC granted accelerated approval to Nasdaq Texas on September 3 for expanded generic listing standards. Those filings reportedly name Bitcoin, Ethereum, Solana, and XRP as presently qualifying eligible commodities, shortening ETF review timelines from 240 days to 75. Both the vote count and the Nasdaq filing come from community sources rather than primary records.
Tokenized Equity Volume Rises 212% Month-Over-Month
Volume Reaches $4.58B With 850,000 Holders
Tokenized equity trading volume on Solana rose 212% month-over-month to $4.58 billion. Unique onchain holders of tokenized stocks reached 850,000. Total RWA holders passed 400,000. Raydium crossed $5 billion in cumulative tokenized stock volume.
Roughly 63% of tokenized equity volume occurred after traditional market hours. Solana held 28.2% market share in tokenized commodity trading with $91.1 million in weekly volume.
Supply figures vary by source. Ecosystem recaps cite an all-time high near $684 million. The Foundation’s September 24 release cited $620 million. The difference likely reflects a mid-month versus month-end reading. Total RWA value on Solana ran between $4.5 billion and $4.6 billion.
Tokenized stock trading volume crossed ~$4.4B in September. Just getting started https://t.co/lAK4OHLFyX
— Solana (@solana) October 4, 2026
Dogecoin, Schwab REIT ETF, and Copper Miners Fund List
Tokenized listings shipped through Sunrise with Backpack Securities as issuer throughout the month. Dogecoin went live on September 7, available across Backpack, Fomo, dflow, Titan Exchange, Phantom, Jupiter, Solflare, Kamino, Raydium, and Mayan. The Schwab U.S. REIT ETF was tokenized on September 14 for 24/7 onchain trading. The Global X Copper Miners ETF listed September 21.
Additional September listings included URA, SQQQ, AMC, GPRO, ARB, AMD, NKE, IONQ, and ARM. Africa’s largest IPO also listed on Solana. Backpack added cash dividends for eligible tokenized stocks and ETFs plus a rates dashboard. Pyth Network added Nasdaq real-time equity quotes and trades.
Note that these listings are distinct from Charles Schwab offering native SOL trading. Schwab announced SOL, AVAX, and LINK for its Crypto Direct platform in August 2026 with rollout described as coming in subsequent months. No September confirmation of that rollout surfaced.
BREAKING: $COPX is live on Solana via @sunrise, issued by @Backpack Securities https://t.co/vNwovoHXS1
— Solana (@solana) September 21, 2026
Alpenglow Reaches Devnet and Three Feature Gates Ship
Alpenglow Live on Devnet, Mainnet Pending
Solana Devs confirmed Alpenglow live on devnet on September 28, with mainnet activation described as coming soon. A whiteboard session with Jacob Creech and Roger Wattenhofer published the same day. Alpenglow replaces TowerBFT consensus and targets roughly 150 millisecond finality. The current mainnet baseline is approximately 12.8 seconds.
Community testing reports cited median finality near 54 milliseconds, inside the 100 to 150 millisecond target range. Those figures come from community accounts rather than Anza or the Foundation. Firedancer and Frankendancer clients did not yet support the full test as of mid-September.
Alpenglow is now live on devnet, with mainnet coming soon. ⛰️ This whiteboard session with @jacobvcreech and @TheWattenhofer is the ultimate primer on everything you need to know about Alpenglow. Link to the full video below 👇 https://t.co/5omjvn4fcv
— Solana Developers (@solana_devs) September 28, 2026
Slot Time Cut to 250ms; Transaction V1 Activation Delayed
Three feature gates appear as active on mainnet in the September 18 changelog: Transaction V1, slot time reduction to 250 milliseconds, and rent reduction to 5,080 lamports per byte.
The slot time target dropped to 250 milliseconds from the 400 millisecond baseline, following a 300 millisecond reading in August. Solana Devs described the change as “twice as fast, just as reliable.” Further reduction to 200 milliseconds is targeted before Alpenglow activates.
Transaction V1 raises the maximum serialized transaction size from 1,232 bytes to 4,096 bytes. The original activation target was September 9. The September 10 changelog stated that “the network has decided to delay activation to Epoch 1035 to give more time for users to prepare.” The September 18 changelog lists it as an active mainnet feature gate. Jupiter integrated Transaction V1 across jup.ag, Jupiter Wallet, and Jupiter Manage, affecting routing on roughly 18% of pairs.
The Foundation published a guide on reclaiming excess SOL after the rent reduction on September 3. Separately, community reports indicate a mainnet-oriented Firedancer release cut memory usage from roughly 307GB to 182GB. That figure is community-sourced.
⚡️ Solana is The Fastest Blockchain Real-time last hour: 2,791 tx/s and 10.1M transactions — well ahead of ICP, BNB, Base, TRON, Aptos and the rest. This week Solana activated its first slot-time cut since genesis: 400ms → 350ms (SIMD-0525). That’s the first of four 50ms steps toward 200ms slots — shorter confirmations, tighter leader windows, same throughput envelope. We’re in a new era of 350ms. Next stop: 300ms. 🚀
— Solana Daily (@solana_daily) August 27, 2026
Payment Channels Launch With Alibaba Cloud Live at Day One
Channels Support One Million Payments Per Second
Solana shipped payment channels on September 3, supporting up to one million agent payments per second with batched settlement. Alibaba Cloud was live at launch with inference API endpoints. The Foundation stated that inference has been the most requested use case across agentic payment protocols, and that agents authorize once then consume endpoints at scale through the channel.
The Foundation documented how channels map to three standards already running on Solana. With x402 upto, an agent authorizes a ceiling for a single metered call, the handler runs, and the operator settles the actual amount while refunding the difference. With x402 batch-settlement, multiple deliveries settle together. With an MPP session, a channel streams metered deliveries, each authorized by a running cumulative voucher, settling once when the session idle-closes.
1,000,000 payments per second. Live on Solana today with Payment Channels. Agentic payments have a friction problem. Every call an agent makes needs a signature and a settlement. It works well enough for a single payment, but it’s broken for an agent making hundreds of metered calls in a loop. Live on Solana today with @alibaba_cloud API endpoints, which are payable through Payment Channels on https://t.co/4E7RdySdtJ.
— Solana Foundation (@SolanaFndn) September 3, 2026
Project Harmonia Opens Applications for Allfunds Distribution
Allfunds Administers €1.9 Trillion Across 3,300 Institutions
Allfunds Blockchain and the Solana Foundation opened the Project Harmonia application window on September 16. Allfunds connects more than 3,300 asset managers and financial institutions and administered approximately €1.9 trillion in assets as of June 30, 2026.
The structure operates bidirectionally. A tokenized fund available through Allfunds becomes accessible on Solana, and a fund live on Solana becomes distributable through Allfunds. Track A accepts funds already live and operational on Solana at submission. Track B accepts funds in development or awaiting regulatory approval, with rolling admission over six to twelve months. Submissions close October 24. The first admitted funds target going live through Allfunds in Q1 2027.
Project Harmonia is open for applications. Allfunds connects 3,300+ asset managers and financial institutions, with €1.9T in assets under administration. Tokenized funds on Solana can now apply to reach them, and funds on Allfunds become accessible on Solana. https://t.co/ljsBzKFnEN
— Solana (@solana) September 17, 2026
Spiko Reports Near $2B in Assets
Spiko Finance operates institutional cash management on Solana with close to $2 billion in assets, 5,000 users, and hundreds of daily subscriptions and redemptions. CEO Paul-Adrien Hyppolite discussed finality requirements, multiple daily cutoffs, onchain fund shares, and building SAFO with Amundi on the Foundation’s podcast.
Other September RWA activity included Centrifuge’s $HYB for U.S. high-yield bonds with New York Life Investment Management, Midas solmF-ONE for Fasanara Capital asset-backed credit, and the Neuberger Securitize High Income Tokenized Fund accepted as collateral on Loopscale. Fireblocks’ Daniel Allon discussed institutional DeFi infrastructure requirements on the Foundation’s podcast.
Close to $2B in assets. 5,000 users. Hundreds of daily subscriptions and redemptions. @Spiko_finance is scaling institutional cash management on Solana. CEO Paul-Adrien Hyppolite explains why fast finality, multiple daily cutoffs and onchain fund shares matter. 00:21: The Spiko story 01:20: Treasury products and SAFO with Amundi 03:37: How CFOs and financial platforms use Spiko 05:52: Close to $2B in assets and 5,000 users 08:19: Onchain transparency, settlement and collateral 10:07: Building SAFO with Amundi 13:18: Why Spiko chose Solana 16:04: Plans for 10x growth
— Solana Foundation (@SolanaFndn) September 4, 2026
Foundation Appoints Chief Strategy Officer and Payments GM
Conlan and Raees Join September 24
The Solana Foundation appointed Rachel
Conlan as Chief Strategy Officer and Jamal Raees as General Manager of Payments on September 24.
Conlan joins from Binance, where she spent three years as Global Chief Marketing Officer. She previously held senior roles at OKX, CAA Sports, and Havas. Her mandate covers institutional partnerships, ecosystem expansion, and market entry strategy. “What brought me to Solana was the ambition of the builders and how much it is already being put to use,” she said in the release. “The opportunity now is to bring that to a much wider audience.”
Raees joins from Polygon Labs, with prior roles at Bridge and Wyre. His mandate covers engaging payment companies and enterprises to expand Solana as a payments platform. “Payments are one of the clearest areas where blockchain infrastructure is moving from promise to production,” he said. Raees previously worked at Bridge, which issues Open USD, and was the Foundation voice quoted in the OUSD launch announcement six days after his appointment.
The release cited three figures as context: over $5 trillion in stablecoin volume on Solana during 2026, $4.5 billion in real-world assets, and $620 million in tokenized equity.
We’re thrilled to welcome two new leaders to the Solana Foundation. Rachel Conlan (@RachelConlan) joins as Chief Strategy Officer to lead strategy across institutional partnerships, ecosystem growth and go-to-market. Jamal Raees (@proofofjamal) joins as General Manager of Payments to expand the adoption and reach of Solana as global payments infrastructure. These appointments strengthen institutional growth and payments leadership as more financial activity moves onto Solana.
— Solana Foundation (@SolanaFndn) September 24, 2026
ETF Inflows Set a Weekly Record
Seven Funds Post Positive Flows; AUM Reaches $1.93B
U.S. spot Solana ETFs recorded weekly net inflows near $188 million during the week of September 21 through 25. All seven funds posted positive flows that week. Total Solana ETF AUM reached approximately $1.93 billion, above XRP ETFs at $1.68 billion. Solana staking ETFs held more than twice the assets of the XRP equivalent.
Independent reporting corroborates the approximate $188 million weekly figure. The precise AUM totals and the XRP comparison come from community trackers rather than Farside or SoSoValue directly. Daily flows ran lighter late in the month, with September 29 showing roughly $5.44 million in net inflows.
DeFi Development Corp increased its Solana treasury to approximately 2.54 million SOL after adding 47,706 SOL, representing roughly 10% growth over six weeks. Forward Industries continued operating as a Solana treasury company listed on Nasdaq.
📈ETF DATA: U.S. spot @Solana ETFs recorded $5.44M in net inflows yesterday, led by $BSOL, bringing the total net inflows to $1.63 billion. Track here: https://t.co/8nZJxjM9rd https://t.co/srOWgOfd0Q
— SolanaFloor (@SolanaFloor) September 30, 2026
September by the Numbers
Revenue and Activity Metrics
Solana generated $146 million in app revenue during September, representing 32% of all onchain app revenue and ranking first among 11 chains. Daily app revenue peaked at $7.935 million on September 12, a 2026 high. REV reached $30.1 million, up 13.3% month-over-month.
Spot DEX volume reached $78.3 billion, up 20%, with cumulative DEX volume passing $3 trillion mid-month. DeFi TVL grew to $6.57 billion, up 13.3%. Daily active addresses rose to 2.61 million, up 15.1%. Stablecoin supply set a record in the $17.3 to $17.5 billion range.
Two metrics declined. Solana’s share of onchain app revenue fell from 38% in August to 32% in September, while absolute revenue rose and Solana retained the top rank. Non-vote transactions totaled 4.73 billion, down from August’s 5.2 billion record. That figure works out to roughly 1,826 TPS sustained and remains 2.5 times the transaction count of every other major chain combined.
Median transaction fee and aggregate memecoin volume did not surface in September reporting. Chain-level fees were reported at roughly $0.69 million per day, with app-level fees higher.
HUGE: @solana apps generated $150M+ in revenue over the past 30 days. https://t.co/XUbTja9N8L
— Tokens on Solana (@tokens) October 5, 2026
Products, Migrations, and Developer Programs
Fermi Trade, Jupiter Universal Deposit, and Kamino Fixed Rates
Fermi Trade went live on September 30 as an onchain perpetuals DEX with an onchain orderbook, matching engine, and verifiable FIFO ordering.
Jupiter shipped Universal Deposit, which handles cross-chain routing, bridging, and swapping into Solana USDC. It launched across Jupiter Mobile, the Wallet Extension, and browser at jup.ag/deposit. Jupiter Gacha went native on mobile with new Phygitals packs. New Perps markets launched with JUP stakers receiving first access. Kamino Fixed Rates went live with HastraFi and Figure, including 8% fixed on the OnRe market. Decrypt and Myriad Markets introduced The Information Exchange on September 30.
Additional launches included Metaplex Vantage, Epicentral V1 native options, Morfi Markets devnet opinion markets, Altitude payout rails in the UK, Mexico, Brazil, and Colombia, and TetraDigital CADD.
Meet Fermi Trade – the most performant perpetuals exchange on Solana. With Fermi, we sought to solve the core issues that make onchain trading inferior to CEXes – to deliver a truly NASDAQ class trading experience. Try it out: https://t.co/flmTaMXuqV https://t.co/C9ITu4KLoM
— Fermi Trade (@FermiTrade) September 30, 2026
ZetaChain Migration, Column Bank Integration, and Phantom Updates
ZetaChain announced on September 21 that ZETA and AnumaAI would move to Solana. Column, the FDIC-insured bank behind Brex and Slash, integrated 24/7 USDC and USDT conversion into its banking core on Solana. GetStake reported 2 million users, 450,000 investments, and more than AED 1.5 billion transacted on its tokenized real estate platform.
Phantom shipped Hyperliquid trading in-app on September 7, consolidating long, short, and spot access into one menu. The wallet’s month-end recap listed a Zcash all-time high, an EU on-ramp launch, an Arc partnership, and a Market Bubble partnership.
The proposal to bring $ZETA to Solana has passed. With it, ZETA becomes the token behind the application layer for AI on Solana, starting with @AnumaAI and its 300,000 users. What passed, and what comes next. https://t.co/0E5h8ceR2Z
— ZetaChain 🟩 (@ZetaChain) September 21, 2026
Solana Scholars, Summer School, and Hackathons
Solana Devs launched Solana Scholars on September 30, offering funded three-month research internships for PhD students working with Solana engineers on consensus, networking, cryptography, and economics. Solana Summer School 2026 concluded with 1,164 applicants from 69 countries across five weeks of live classes and four weeks of capstone building.
The CLOCK IN hackathon ran September 8 through October 8 with $135,000 in prizes alongside RadiantsDAO. ORE added $30,000 for top Seeker integrations. The Colosseum Crypto World’s Fair ran September 14 through October 12. The Foundation published a report on stablecoin remittances on September 8 covering four implementation paths for money transfer operators, corridor overviews, and case studies.
Introducing Solana Scholars: funded, 3-month research internships for PhD students. Scholars in the program will work directly with Solana engineers on consensus, networking, cryptography, and economics. Application and information about the program can be found here: https://t.co/kbiRaMnEa0
— Solana Developers (@solana_devs) September 30, 2026
October Calendar
Project Harmonia submissions close October 24, with first admitted funds targeted to go live through Allfunds in Q1 2027. The CLOCK IN hackathon runs through October 8 and the Colosseum Crypto World’s Fair through October 12. Alpenglow mainnet activation remains pending following the September 28 devnet deployment. A slot time reduction to 200 milliseconds is targeted before Alpenglow activates. Breakpoint 2026 takes place in London from November 15 through 17, with Raoul Pal announced as a speaker.
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