Solana

Anchorpoint plans to issue its Hong Kong dollar stablecoin HKDAP natively on Solana. Anchorpoint Financial Limited, a Hong Kong-licensed stablecoin issuer and a joint venture of Standard Chartered Bank (Hong Kong), HKT and Animoca Brands, said on 30 October that it had entered a strategic collaboration with the Solana Foundation to expand access to HKDAP, the firm's first collaboration with a public blockchain foundation (Anchorpoint). The issuer is one of the first two entities granted a stablecoin issuer licence by the Hong Kong Monetary Authority under the Stablecoins Ordinance, effective 10 April 2026 (Anchorpoint, HKMA).

What the collaboration covers

The work centres on native minting and redemption of HKDAP on Solana, so eligible participants can issue and redeem the Hong Kong dollar token directly on the network, with the use cases aimed at retail payments and tokenised real-world asset trading (Anchorpoint). Anchorpoint and the Solana Foundation plan to open HKDAP and HKDAP-enabled products to corporate partners and consumer applications on the chain, and the foundation will join Anchorpoint's Tokenised Money Adoption Programme alongside PwC (crypto.news).

HKDAP has been distributed since August 2026 only to eligible institutions and professional investors (crypto.news), so far on Ethereum only. About 103.1 million HKDAP were in circulation on 2 November, according to the token's contract on Ethereum (Etherscan). The announcement cited roughly $4.9 billion of tokenised real-world assets and more than 835,000 holders of them on Solana (Anchorpoint).

Polygon's payments stack

Polygon Labs brought its Open Money Stack of stablecoin payments tools to Solana on 29 October, giving businesses one integration for bank funding, embedded wallets, cross-chain transfers and payouts, with the cross-border payments firm Kira among the first users (CoinDesk, Decrypt).

What to watch

• A launch date for native HKDAP issuance on Solana, which has not been announced (crypto.news).
• Whether retail access to HKDAP, which Anchorpoint says is planned, follows the institutional phase (crypto.news).

Solana is in the news for two developments on consecutive days. On 21 October the network switched to Alpenglow, its largest consensus upgrade since launch (Anza, Solana Compass), and on 22 October J.P. Morgan Asset Management put two tokenised money market funds on the chain for qualified US investors (J.P. Morgan Asset Management).

Alpenglow went live

Anza announced on 21 October that Alpenglow, its new consensus protocol, is live on Solana mainnet-beta, bringing finality down to about 150 milliseconds from 12.8 seconds. At slot 459,653,000 on 21 October at around 14:00 UTC, validators retired TowerBFT, the protocol the network had run since March 2020, and the migration completed on the live network. Anza describes it as "Solana's largest consensus upgrade since the network launched in 2020". Independent coverage confirmed the switch: Solana Compass put activation at slot 459,653,000 at about 13:54 UTC, and Coinpaper reported the same slot and the drop from roughly 12.8 seconds to 150 milliseconds.

Anza CEO Brennan Watt called it "the largest, most ambitious blockchain upgrade since 'The Merge'" and said the team took it from a white paper to running on mainnet in under 18 months (Solana Compass). The design came from Anza's research team, led by ETH Zurich professor Roger Wattenhofer with Quentin Kniep and Kobi Sliwinski, and was published in May 2025. Before mainnet it went through red teaming, penetration testing, repeated migration rehearsals, a security competition, testnet and devnet, and Anza implemented it in Agave, the validator software it maintains. Finality is the point an exchange, a bank or a merchant waits for before treating an asset as moved, and Alpenglow condenses the previous two-step path into one, Anza said (Anza).

One visible side effect is in the data. Validator votes, which Solana Compass put at about 62% of network activity under TowerBFT, no longer appear in blocks (Solana Compass), so dashboards that counted them will show a sharp fall in transactions per second that reflects a change in accounting rather than in usage (investingLive).

J.P. Morgan's funds on Solana

J.P. Morgan Asset Management announced on 22 October that its tokenised money market funds, My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity Token Money Market Fund (JLTXX), are now available on Solana to qualified US investors through Morgan Money, the firm's institutional platform. MONY is a private placement under Rule 506(c) that pays US dollar yields to qualified investors, and JLTXX is a registered US government money market fund designed to support stablecoin issuers under the GENIUS Act. Paul Przybylski, global head of product for digital and tokenised assets at J.P. Morgan Asset Management, said: "Our clients operate across more than one network, and their liquidity should too" (J.P. Morgan Asset Management).

crypto.news reported that MONY carries an initial investment minimum of $1 million and fees of 16 basis points, is domiciled in the British Virgin Islands and holds US Treasury securities and Treasury-backed repurchase agreements, and that JLTXX's prospectus from May listed Ethereum as its only available public network at the time. The same report noted that BlackRock's BUIDL reached Solana through Securitize in March 2025 and that Franklin Templeton added Solana support in February 2025.

Tokenised equities were already on the chain. Securitize's Securitize Stocks platform went live on Solana on 8 October with tokens backed 1:1 by shares of companies such as Apple, Nvidia and Tesla (CryptoBriefing), and it lists 12 US stocks as security entitlement tokens whose underlying shares are not lent out (CryptoBriefing).

What to watch

Anza lists three follow-ons as planned for later releases with no committed date: Rotor, which changes how block data spreads across the network, geographically aware leader rotations to reduce handoff latency between leaders, and Quantumglow, a research design that swaps Alpenglow's elliptic-curve cryptography for hash-based signatures for post-quantum security while keeping the same finality speed (Anza, Solana Compass). J.P. Morgan's release did not disclose current assets for either fund, so the first figure for how much of either sits on Solana is the other number to watch.