Each month, we’re bringing you a breakdown of startups’ journeys building on Solana, as well as noteworthy blockchain and ecosystem updates.
Was this forwarded to you? Subscribe here.
The Latest Solana Sessions Podcast
In this episode of Solana Sessions, we sat down with Ben Reynolds, SVP and head of big business banking at SoFi, to discuss the digital neobank's decision to bring its SoFiUSD stablecoin to Solana. Reynolds explained why having a Federal master account changes the structure of stablecoin reserves, and how SoFi's choice to expand to Solana came down to cost, settlement speed, and throughput.
Reynolds also argued that the next phase of stablecoin adoption will be led by banks rather than crypto-native firms, with regulatory clarity from the GENIUS Act giving chartered institutions a path to build that didn't exist two years ago.
"You have large banks with large user bases and large, built-in network effects. And for any stablecoin to be successful, you sort of need those users and you need those network effects," he said.
We also covered why stablecoin liquidity in emerging markets is thinner than most people assume; what catalysts could push payments onchain at scale; and SoFi's vision of becoming a stablecoin liquidity hub for big businesses.
This episode is part of the Solana Sessions podcast series by Token Relations and the Talking Tokens podcast, where we dive into the startups and founders building on Solana. Check out the podcast on Spotify, Apple Podcasts and YouTube.
Banking on Solana
Digital financial services firm SoFi is taking a rather unconventional approach to issuing its stablecoin. Rather than partnering with an existing issuer or relying on a third-party reserve manager, the bank says it will hold its stablecoin reserves directly with the Federal Reserve, and is now extending the product to Solana as part of its onchain payments push.
Ben Reynolds, SVP and head of big business banking at SoFi, claims the decision to choose Solana to house its SoFi USD stablecoin was driven by performance rather than user acquisition. “[We chose Solana] partially because of the cost, and partially because of the settlement speed and ultimately the throughput," he said at Solana Accelerate Miami 2026.
SoFi USD was originally launched on Ethereum in December 2025, and follows two other crypto-related initiatives by the firm: offering retail trading for bitcoin, Ether and Solana token, and a big business banking arm focused on stablecoin liquidity.
Most stablecoin issuers back their tokens with a mix of Treasury bills, repo agreements, and cash held across commercial banks. This can introduce multiple risks associated with duration, credit and reliance on third-party custodians.
SoFi claims holding its reserves with the Fed serves to eliminate those risks. "All of the reserves for SoFi USD will be held in that Fed master account, which means that they're 100% liquid," Reynolds said. "You have no credit risk, no liquidity risk, and no duration risk."
SoFi argues this reserve structure will matter as banks begin issuing their own stablecoins. Reynolds believes the next phase of adoption will likely be led by banks, as growing regulatory clarity around the GENIUS Act paves a way for more institutions to comfortably integrate blockchain technology and offer digital assets.
"We fundamentally believe that payments are going to happen on blockchains," he said.
For SoFi, Reynolds says, the near-term measure of success is becoming the venue where businesses convert between fiat and stablecoins around the clock, across multiple issuers. "Our big vision would be to become a stablecoin liquidity hub," Reynolds said.
The Biggest Updates on Solana
Look into the biggest announcements, developments and more happening within the Solana ecosystem.
The Hive released a non-custodial, yield-aggregator platform that generates customized plans based on users’ desired risk, timeline and funding
Kraken Custody integrated Solana Program Library tokens to offer trading and staking capabilities
Amundi and Spiko are launching Undertakings for the Collective Investment in Transferable Securities, a mutual fund that complies with European Commission regulations for investments sold across borders, on Solana
Solana’s RWA value hit an all-time high of $2.68B, off the back of BlackRock’s BUIDL fund reaching $720M on May 17
Arcane launched a privacy layer on Solana that lets developers remove the visible link between wallets
StrataMedia released two podcasts with executives from Solana-based projects:
Kevin Beardsley, the new head of institutional growth at Jito Foundation, spoke on Talking Tokens about why crypto-native companies are increasingly taking territory from traditional banks
Xiao-Xiao J. Zhu, President of Jupiter Exchange, spoke on The Market Runup about where crypto and TradFi operate as parallel systems that collaborate and compete
That’s all for now. Catch you again next month!
Hit reply and let us know how we did! What was your favorite part of the newsletter? Our founder reads every response.
To get this newsletter delivered to your inbox, subscribe here:
This product was built by StrataMedia.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.