The Solana blockchain continues to expand its ecosystem with a series of updates that significantly impact payments, institutional access, staking, and token onboarding. Key developments include Western Union’s stablecoin launch on Solana, new SOL ETFs, a BONK ETP, and the Sunrise platform for instant liquidity. Western Union’s USDPT Stablecoin
On October 28th, Western Union announced plans to launch its US dollar-backed stablecoin, USDPT, on the Solana blockchain in early 2026. Anchorage Digital Bank, the first federally chartered crypto bank in the U.S., will issue this stablecoin. Western Union aims to improve cross-border remittances by reducing fees and settlement times while providing greater transparency.
Stablecoins like USDPT are cryptocurrencies pegged 1:1 to fiat currencies. They combine the predictability of traditional money with blockchain’s speed for transactions. Anchorage Digital Bank will manage the token reserves, including cash and short-term U.S. Treasury bonds, in compliance with federal standards under the GENIUS Act of 2025.
Solana was chosen due to its low transaction costs and high throughput. It can handle thousands of transactions per second with fees often below one cent, making it suitable for remittances and high-volume transfers. Through Solana, USDPT can settle nearly instantly while remaining fully auditable and compliant.
Alongside USDPT, Western Union is launching a Digital Asset Network to bridge digital wallets with its 400,000 physical outlets.
Users will be able to send and receive tokens via supported wallets while still accessing cash through retail agents. This infrastructure expands blockchain access to underbanked populations while maintaining traditional financial touchpoints.
**Launch of New SOL ETFs**
Solana’s ecosystem is seeing increased institutional adoption through regulated investment vehicles. Fidelity and Canary Capital recently launched Solana spot ETFs (FSOL and SOLC) providing U.S. investors with regulated exposure to SOL, including staking-based yields.
**Canary Capital SOLC: Uses Marinade Select validators to provide regulated exposure and distribute staking rewards. Offers cash and physical redemption with a 0.50% management fee.**
**Fidelity FSOL: Tracks the Fidelity Solana Reference Rate and stakes up to 100% of SOL via Anchorage, Bitgo, and Coinbase custodians. Offers a 0.25% management fee with staking rewards shared under a 15–15–15 structure.**
Institutional interest is reflected in recent inflows of $621.32 million into Solana staking ETFs between November 3rd and November 24th, even as Bitcoin and Ethereum ETFs experienced significant outflows. Total SOL staked has increased from 350 million to 407 million this year. Retail delegators now number 194,157, adding over 238,000 SOL during a market downturn, while whale delegators consolidated rather than exited.
**Launch of BONK ETP**
Bitcoin Capital AG is launching a BONK exchange-traded product (ETP) on the SIX Swiss Exchange on November 27th. The ETP gives regulated, direct exposure to BONK, a memecoin within Solana’s ecosystem.
**Key details:**
- Issuer: Bitcoin Capital AG
- Ticker: BONK
- Management Fee: 1.5%
- Backing: 100% physically backed with BONK
- Custody: Institutional-grade regulated storage
- Leverage: None
The ETP allows investors to access BONK without managing wallets, private keys, or decentralized exchanges. Daily reporting includes net asset value, token holdings, and cash positions, ensuring transparency. SIX Swiss Exchange provides market-making support and liquidity, making BONK accessible within traditional financial channels.
**Sunrise for Solana Token Onboarding**
Wormhole Labs introduced Sunrise, a platform that standardizes token onboarding on Solana, allowing new assets to be tradable with deep liquidity from day one. Sunrise addresses challenges where new tokens previously suffered fragmented markets and delayed liquidity.
Native Token Transfers (NTT): Tokens enter Solana natively, avoiding wrapped versions.
Unified Routing: Simplifies bridging and reduces errors from multiple intermediary tools.
Day-One Markets: Liquidity providers can deploy capital before launch.
Aggregator Integration: AMMs and trading platforms display new listings immediately.
Monad (MON) became the first major token launched through Sunrise, demonstrating its ability to bring external assets into Solana quickly and efficiently. The platform supports cross-chain tokens, tokenized commodities, and institutional assets while integrating seamlessly with Solana’s DeFi ecosystem.
Canary Files for MOG ETF
Canary Capital has also filed to launch an ETF tracking Mog Coin (MOG), a memecoin created in 2023. The ETF briefly lifted MOG’s market value from $140 million to $169.5 million. The asset will be held in institutional custody and tracks its market performance without leverage. About 39,000 wallets currently hold MOG, with the top 100 controlling 53% of supply.
While MOG lacks functional blockchain utility beyond cultural significance, it provides exposure for investors seeking collectibles or community-driven digital assets.
Conclusion
Solana’s recent updates show a maturing ecosystem focused on payments, institutional access, token onboarding, and staking. Western Union’s USDPT leverages Solana for low-cost, fast remittances. Fidelity and Canary Capital ETFs increase regulated exposure and staking options. BONK ETP and Sunrise simplify access to memecoins and external tokens. These developments reinforce Solana’s capability to handle high-volume payments, staking-based investment, and seamless token integration within its network.
**Resources:**
- Sunrise on X: Announcements (November 2025)
- Sunrise Website: General Information
- Bonk X platform: Announcements (November)
- Bitcoin capital portal: About BONK ETP
- Solana on X: Announcements (November)
- SoSoValue platform: Solana spot ETF data
- Press release – Western Union Announces USDPT Stablecoin on Solana and Digital Asset Network
- Regulatory filing by Canary Capital: MOG ETF filing