Crypto exchange Bullish has teamed up with the Solana Foundation, aiming to make Solana-native stablecoins the backbone of its trading and clearing operations.
Under the collaboration, the two will work on institutional-grade financial infrastructure with stablecoins built on Solana to serve as the primary rails for custody, payments, and settlements across Bullish’s ecosystem, the companies announced Wednesday.
The Bullish Exchange, which clears over $2.3 billion in average daily volume, is owned by the Bullish Group, which is also the parent of CoinDesk.
The move underscores a shared push to build faster, cheaper infrastructure that merges traditional and decentralized finance.
“We’re excited to collaborate with the Solana Foundation,” said Tom Farley, the CEO of Bullish, in a press release shared with CoinDesk. “Solana has proven itself as rails for next-generation financial infrastructure—fast, efficient, and ready for institutional scale.”
The collaboration comes as stablecoins are having a moment in crypto markets, emerging as key tools for payments and trading amid growing demand for low-cost, reliable digital dollars. Currently, the total market cap of stablecoins stands at $255.5 billion, with Solana stablecoin market cap at $10.9 billion, making it one of the top three stablecoin blockchains based on market cap, according to DeFiLlama data.
Solana’s speed and low fees have helped it attract a wave of new developers who are building projects that benefit from quick finality and scalability, like stablecoins, DeFi networks, or tokenization of real-world assets.
“Solana was built for moments like this—where performance, scale, and real-world adoption converge,” said Lily Liu, the President of the Solana Foundation, in the press release.
Read more: Major TradFi Institutions to Pursue Tokenization Efforts on Solana