Ethereum vs Solana: SEC Roundtable Pits Two Blockchains Against Each Other
The SEC's roundtable on September 17 will shape rule language for 24-hour stock trading on blockchain infrastructure. Ethereum and Solana are competing to settle US stocks around the clock, with Solana leading in tokenized stocks but Ethereum having deeper institutional adoption.
Solana has $465 million in tokenized stocks on-chain, with Galaxy Digital also tokenizing its shares on the network. It led all blockchains in tokenized-equity volume and ranked first for real-world-asset inflows in August, attracting $229 million. Transaction fees remain below a cent, giving the network the speed and cost profile markets need to operate around the clock.
Regulatory positioning adds another piece to Solana's case. On September 5, the SEC identified SOL as a core ETF asset, placing it in the same regulatory category as Bitcoin and Ethereum. However, Solana's TVL has fallen to $5.5 billion, roughly half its previous level.
Ethereum already has deep ties to institutions shaping the roundtable, with Robinhood's blockchain being an Ethereum layer 2 and BlackRock's BUIDL tokenized money-market fund launched on Ethereum. This gives Ethereum an established path for institutions moving regulated assets on-chain.