Tiger Research Says Solana Is Emerging as Core Infrastructure for Internet Capital Markets, With JPMorgan and Visa Among Users

Tiger Research said Solana is emerging as core infrastructure for the next generation of Internet Capital Markets, or ICM.

In a report released June 19 titled “Internet Capital Markets 2026: Structural Changes in the US and the Direction of Asian Institutions,” the firm said an era is taking hold in which asset issuance, trading and settlement all occur on a single public blockchain. The report argued that today’s capital markets still operate on structures designed before the internet, resulting in settlement delays and costly data reconciliation.

According to the report, the capital cost of settlement delays amounts to about $32 billion a year in the US Treasury market alone. Across the broader bond and fixed-income market, that figure exceeds $45 billion annually. By contrast, in blockchain-based Internet Capital Markets, smart contracts can enable trade execution and settlement to occur simultaneously within seconds.

Tiger Research identified Solana as the network where that shift is taking the clearest shape. It said major global financial institutions including JPMorgan, State Street, Citi, Franklin Templeton, Visa, PayPal and Western Union have conducted Solana-based asset issuance, payment settlement, tokenized product launches and pilot projects.

The report also cited technical performance as a strength. Solana processed 33 billion transactions last year, with average fees of $0.0013 per transaction and transaction finality of about 0.4 seconds, it said. The network also continued operating without interruption during a sharp market selloff and an AWS outage.

Tiger Research said “programmable compliance” is a key driver of institutional adoption. The report said Solana’s Token-2022 standard allows compliance functions including asset freezes, allowlist management and confidential balance controls to be built directly into tokens. It added that Solana-based decentralized exchange Orca launched a permissioned marketplace for tokenized assets in May that was open only to investors who passed KYC checks.

The report also said the Solana Policy Institute, or SPI, has been actively involved in regulatory design. It cited the group’s submission of “Project Open” to the US Securities and Exchange Commission’s crypto task force, a framework for issuing and trading equities on a public blockchain.

“The validation is over, but the standard has not yet been fixed,” Yoon Seung-sik, head of research at Tiger Research, said. “That gap is a window of opportunity for late movers. No one knows how long that window will remain open, so they need to move quickly.”