90 US Banks Go Live on Solana Network in Record Time

More than 90 banks and credit unions in North Dakota have begun using the Solana network to settle transactions in real-time, settling transfers in around 400 milliseconds. This development is significant, as it marks the first time traditional banks have used Solana for their day-to-day business, not just for trials. The banks are using the Roughrider Coin, a stablecoin pegged to the dollar, issued by VersaBank, with tokenization technology provided by Fireblocks. This stablecoin is settling on the Solana network, allowing for fast and efficient transfers between institutions.

The use of Solana by traditional banks is a major boost to the network's reputation as a payment infrastructure. While the SOL price has not seen a direct boost from this development, it does demonstrate the growing demand for Solana's services. The SOL price has been stuck in a range of $115 to $122 since September 21, with the upper level of $122.10 being the first hurdle on the upside.

The use of Solana by traditional banks is part of a larger trend of increasing adoption and growth. In September, tokenized equities worth $4.35 billion were traded on Solana, a record figure that represents 3.4 times the August figure and 24 percent more than the previous record month. The US spot ETFs on Solana also have assets under management of around $1.91 billion.