Solana Surges as 90 US Banks Adopt Blockchain for Real-Time Settlements

Fiserv, a US payments processor, has enabled dozens of US banks and credit unions in North Dakota to settle transactions using the Solana blockchain. Since October 1, these institutions have been moving money between each other over Solana, with settlement times averaging around 400 milliseconds. This is a significant development, as it shows that traditional banks are increasingly using the Solana network for their day-to-day business, not just for testing.

The stablecoin used for these transactions is the Roughrider Coin, which is pegged to the US dollar. This coin is issued by VersaBank, and settlement runs on the Solana blockchain, provided by Fiserv. The Roughrider Coin is accessible through the corporate online banking system used by the banks.

In related news, a record $4.35 billion in tokenized equities were traded on Solana in September, 3.4 times the August figure and 24% more than the previous record month. The SOL price has remained relatively stable, trading between $115 and $122 since September 21. While the connection between the Solana network and the SOL price is indirect, the increased usage of the network by traditional banks could contribute to growing demand and support the SOL price.