The Daily: Visa adding support for four stablecoins, Bitwise spot Solana ETF sees $69.5 million inflows on debut, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Bitcoin slipped back toward $111,000 this morning ahead of the Federal Reserve's imminent rate decision, with traders watching Chair Jerome Powell's comments for clues on future policy after another expected cut.

In today's newsletter: Visa is adding support for four stablecoins, Bitwise's spot Solana ETF draws $69.5 million worth of net inflows on its debut, World Liberty Financial plans to distribute 8.4 million WLFI for early USD1 adopters, and more.

Let's get started!

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Visa adding support for four stablecoins on four unique blockchains

Visa is expanding its crypto footprint by adding support for four stablecoins across four different blockchains, covering two fiat currencies, according to CEO Ryan McInerney.

• During an earnings call on Tuesday, McInerney said Visa will be able to accept and convert the stablecoins to over 25 traditional fiat currencies.
• McInerney also noted that quarterly stablecoin-linked Visa card spend had quadrupled compared to a year ago, and it had facilitated over $140 billion in crypto and stablecoin flows since 2020, including more than $100 billion in user purchases.
• Visa now counts over 130 stablecoin-linked card programs operating in more than 40 countries.
• The firm also recently began enabling partner banks to mint and burn their own stablecoins through its network.
• Meanwhile, William Blair analysts view stablecoins as a key structural growth driver for Visa, particularly in cross-border B2B payments, and expect them to support a "slingshot recovery" for its stock.

Bitwise spot Solana ETF sees $69.5 million net inflows on debut

Bitwise's new BSOL product pulled in $69.5 million worth of net inflows on its Tuesday debut — marking the first U.S. spot Solana ETF with 100% direct exposure to SOL.

• BSOL also generated $57.9 million in trading volume on day one — the most of any ETF launch this year, Bloomberg Senior ETF Analyst Eric Balchunas noted on X.
• In contrast, Canary Capital's new U.S. spot HBAR and Litecoin ETFs saw zero net flows overall for the day, despite modest trading activity.
• "Based on solid flows to existing leveraged ETFs, we expect SOL ETFs to attract the strongest demand, while more obscure altcoins are expected to face limited interest," K33 Head of Research Vetle Lunde said.

Grayscale launches Solana ETF as crypto firms push ahead despite government shutdown

Following in the footsteps of Bitwise's BSOL, Grayscale also launched a U.S. Solana ETF (GSOL) on NYSE Arca on Wednesday, converting its 2021 Solana Trust into a fully tradable ETF, including staking.

• The SEC's pre-shutdown approval of new listing standards and post-shutdown guidance on S-1 filings allowed these launches to proceed without direct staff review.
• "Today's GSOL launch underscores our conviction that the modern portfolio includes digital asset exposure for growth and diversification alongside equities, bonds, and alternatives," Grayscale SVP of ETFs Inkoo Kang said in a statement.
• "Through staking in these products, investors aren't just gaining exposure – they also have the opportunity to help secure the network," Solana Policy Institute President Kristin Smith added.

World Liberty Financial to distribute 8.4 million WLFI for early USD1 adopters

World Liberty Financial will distribute 8.4 million WLFI governance tokens to early users who earned points through its USD1 stablecoin rewards program.

• The distribution spans six exchanges — Gate.io, KuCoin, LBank, HTX, Flipster, and MEXC — with specific timing and eligibility details set by each platform.
• The USD1 Points Program is also set to expand to new venues, DeFi integrations, and trading pairs to drive further adoption of the stablecoin, World Liberty Financial said.
• The Trump family-backed DeFi project recently announced it is "actively working on" real-world asset tokenization and plans to launch a debit card linked to USD1 by early 2026.

Ethereum ICO participant moves $6 million in ETH after 8-year dormancy

An OG Ethereum ICO participant moved 1,500 ETH, worth about $6 million, to crypto exchange Kraken on Wednesday after nearly eight years of inactivity, onchain data shows.

• The investor originally received 20,000 ETH for roughly $6,200 following Ethereum's 2014 initial coin offering, which sold tokens at around $0.31 each on average.
• Several long-dormant Ethereum ICO wallets have reawakened in recent months, transferring tens of millions of dollars in ETH as prices headed to new all-time highs.

In the next 24 hours

• Eurozone GDP data are out at 6 a.m. ET on Thursday. U.S. GDP figures follow at 8:30 a.m. The ECB's latest interest rate decision is expected at 9:15 a.m.
• U.S. FOMC member Michelle Bowman is scheduled to speak at 9:55 a.m. ECB President Christine Lagarde will speak at 11:15 a.m.
• Celo and Zora are set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

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