Total net assets in U.S.-listed spot Solana (SOL) exchange-traded funds exceeded $1 billion in early 2026, but Solana’s price performance has fallen short of investor expectations. Solana has dropped more than 50 percent over the past year and is trading at about the same level as around 2 years ago. Despite visible institutional inflows, the limited rebound is adding to disappointment among retail investors.

BeInCrypto, a blockchain media outlet, reported on Jan. 8 that meaningful progress is continuing on the network’s institutional demand side despite weak prices. The Wyoming Stable Token Commission recently launched its own stablecoin, FRNT, on the Solana blockchain. It is the first case of a U.S. public institution issuing a stablecoin based on reserves managed by Franklin Templeton, and is seen as a symbolic step showing Solana’s potential for adoption within the system.

Earlier, Solana-based decentralised exchange Jupiter (JUP) launched its own stablecoin, JupUSD, in cooperation with Ethena Labs. About 90 percent of JupUSD reserves consist of USDtb backed by BlackRock’s tokenised money market fund, BUIDL, with the remaining 10 percent held in USDC. The structure, in which traditional financial assets move on-chain, is becoming more concrete and is drawing interest from institutional investors.

Amid this trend, the supply of stablecoins on the Solana network rose by more than $900 million in just 24 hours. Total supply also surpassed $15 billion to hit a record high. That means new liquidity is flowing rapidly into the Solana ecosystem. The gap remains large, however, compared with Ethereum’s stablecoin supply of about $181 billion and Tron’s $81 billion.

Growth is also continuing in real-world assets (RWA). RWA.xyz said the total value of Solana-based real assets, excluding stablecoins, exceeded $931 million, setting a new high. Rising demand for tokenised assets from BlackRock and VanEck and tokenised products linked to Tesla and Nvidia shares is cited as a key driver. In the overall RWA market, however, Ethereum and the BNB Chain still maintain an edge.

Experts point to weak retail investor participation as the reason Solana’s rebound has been limited despite improvements in on-chain indicators. In the past, major bull runs in Solana appeared alongside strong retail trading activity, but for the past 2 years retail participation has been absent for an extended period at price levels above $100. If market conditions improve and retail investors return, attention is on whether Solana can enter a new uptrend in tandem with institutional money.