Solana gets the FDIC-insured bank stablecoin default issuance chain position; THE STREET isn’t a cooperation memorandum at this step—it’s treating it as the settlement layer. The weight of the word “default” matters on the compliance and liquidation path. Why now: bank-backed stablecoins have long lacked a chain that can handle high-frequency settlement; Ethereum is expensive, L2s are fragmented. Solana’s sub-second confirmations and low fees align perfectly. What to watch: minting volume, daily average transfer counts, and whether a second FDIC bank follows up. In the first two weeks, minting stalled in the tens of millions level, indicating channels haven’t opened; to reach the billion level, Solana’s position in RWA and payments will change. Among secondary targets, the CRCL logic is the strongest; for SPOT and XPL you need to look at integration depth—there’s currently no confirmable on-chain data. Note: this stablecoin is constrained by banking regulations, so it won’t flow in large amounts into DeFi as collateral; using TVL to judge will likely be misleading. Action: monitor the SOL position; trigger an add-on if minting exceeds 500 million within 30 days or if a second bank follows up. Risk control (being wrong): if minting is below 100 million within two months and there’s no follow-up, liquidate the position. Source: THE STREET announcement (2026-09-17)