The Solana Breakpoint 2025 took place in Abu Dhabi, UAE, from December 11 to 13, where over 6,000 developers and project teams from more than 100 countries gathered to focus on the latest progress and future development of the Solana ecosystem.

Industry leaders such as Real Vision Co-Founder and CEO Raoul Pal, Solana Co-Founder Anatoly Yakovenko, Solana Foundation Chair Lily Liu, Galaxy Founder and CEO Mike Novogratz, among others, attended and gave speeches.

BlockBeats will provide real-time updates and coverage of the event. The following is the latest content:

December 12

Solana Ecosystem MEV-Based Liquidity Staking Rewards Protocol Toby to Launch Token

On December 12, the Solana ecosystem MEV-based liquidity staking rewards protocol Toby announced at the Breakpoint event the launch of the TOBY token, aimed at bringing base yield to Solana through OpenMEV.

It is reported that the OpenMEV initiative will serve the $100 billion real yield demand in the ecosystem and will be integrated into several prominent protocols like Jupiter, Sanctum, Kamino, and Drift.

Jupiter Stablecoin JupUSD Expected to Launch Next Week

On December 12, Jupiter announced at the Solana Breakpoint event that its stablecoin JupUSD is expected to launch next week.

BlockBeats previously reported that on October 8, Ethena partnered with Jupiter to introduce the native Solana stablecoin JupUSD. The token was scheduled to launch in the fourth quarter. Jupiter plans to gradually convert around $750 million of USDC in its liquidity provider pool to JupUSD.

December 11

Raoul Pal: The current bull market cycle should peak in 2026; cryptocurrency is actually a macro asset

On December 11, Raoul Pal, former Goldman Sachs executive, author of the book "Global Macro Investor," and co-founder and CEO of Real Vision, stated at the Solana Breakpoint Conference:

“The declining labor force participation rate implies a shrinking labor force population. And population structure is a key driver of debt. As population growth continues to decline, this means the debt-to-GDP ratio will continue to rise, and that's the issue.

We have to confront the global debt issue, and currency debasement has always been a way to address (or rather postpone) this issue. We have started to see signs that the Fed has to reconsider its balance sheet and think about how to 'monetize' all this debt. It is expected that in the next 12 months, we will need to print around $80 trillion through liquidity injections.

I know many people may think the crypto cycle has already ended, feeling that the 'good days' are over. But in fact, what drives all this is cyclicality, not the Bitcoin halving cycle, but driven by the debt maturity cycle.

So, I believe this is not a 4-year cycle but a 5-year cycle now. In a 5-year cycle, we have already passed the trough of the cycle, and the next step is the uptrend phase. The cycle should peak at the end of 2026, not 2025. This is a breakthrough realization for us as global macro investors: understanding that cryptocurrency is actually a macro asset.

Furthermore, the altcoin/Bitcoin cross rate is driven by the business cycle, and the business cycle appears to be bottoming out, not peaking."

Solana Co-Founder: Stablecoins are the Clear Path Forward, Solana Aims to Capture as Much Market Share as Possible in the Competition

On December 11, Solana co-founder Anatoly Yakovenko stated at the Solana Breakpoint Conference that the core of achieving growth is to continue building products people need. He emphasized that stablecoins are the clear path forward, expecting 1 to 10 trillion dollars of stablecoins to go on-chain in the future, driving the gradual tokenization and on-chainization of around $500 trillion in global assets.

Toly mentioned that the strong property rights protection and free-market capitalist logic brought by public blockchains and cryptography are not in conflict with Wall Street logic but complementary by software to eliminate faults and risks to scale Wall Street’s financial size faster. He emphasized that stablecoins are about expansion rather than replacing the dollar, and L1, especially PoS networks, have a clear value capture mechanism. Solana's goal is to secure as much market share as possible in this competition.

Lily Liu: SOL Spot ETF Sees Nearly $1 Billion Net Inflows Against the Market Trend in 6 Weeks, DAT Company to Serve as Bridge Between Solana and Public Markets

On December 11, Lily Liu, Chair of the Solana Foundation, stated at the Solana Breakpoint 2025 Conference:

“Solana is the first blockchain platform to establish a policy research institute. Today, formulating a digital asset strategy is imperative for every institution. As these institutions enter the blockchain space, many have chosen Solana. Western Union processes over $600 billion in remittances annually and has chosen Solana. Pfizer, processing $2 trillion in merchant payments annually, has also chosen Solana. Other institutions have followed suit.

Of course, ETFs have been a major theme this year. We have finally seen the launch of a physically backed Solana staking ETF—they stormed into the Solana ecosystem about six weeks ago, and within a short six weeks, the assets under management have approached $1 billion. Despite the overall market performance, we have seen three consecutive weeks of net inflows. In the U.S. market alone, six physically backed Solana staking ETFs have been listed.

There is another important theme this year, albeit somewhat controversial—that is DAT (Digital Asset Treasury). Many view DAT as a short-term liquidity tool, but we hold the opposite view. Because Solana is one of the few platforms that allows enterprises to build both at the infrastructure layer and at the asset layer. We believe DAT will be a long-term ecosystem company; they will serve as a bridge, connecting Solana to the public markets, building infrastructure, asset management systems, and integrating all these functions together.”

Coinbase Executive: Solana-Based DEX Trading Feature Now Live on the App

On December 11, Andrew Allen, Coinbase's Solana Product Lead, stated at the Solana Breakpoint Conference that Coinbase has launched the Solana-based DEX trading feature within its app. Users can directly trade any Solana blockchain token in a familiar interface and can use USDC, USD cash, bank accounts, or debit cards for payments, with the entire slippage and routing automatically handled in the background.

Andrew mentioned that Coinbase is expanding its native support for Solana comprehensively, and in the future, users will be able to see Solana assets directly in the app, ensuring that they can reach millions of Coinbase users without the need for a token listing process, even with sufficient liquidity.

Bitwise Co-founder: Applications in the Solana Ecosystem Truly Utilize the Network's Final 1% Performance

On December 11, the Bitwise co-founder and CIO stated at the Solana Breakpoint conference that compared to networks like Ethereum, applications on Solana truly utilize the final 1% of performance, providing users with next-level liquidity and scalability.

On many blockchains, running a node is a simple "download software, double-click to start" process, and then it's a matter of who stakes more or less without much difference to the network or what applications users can build. However, on Solana, the application landscape changes every day, with the protocol layer, performance, and capacity iterating rapidly, where node performance directly determines the ceiling.

It is precisely because of this that we are particularly concerned: as this product (referring to staking ETF/trust) locks in more and more SOL and increases its weight, the ecosystem, developers, users, and the entire community must feel that its scale expansion will not destabilize the market structure or ecosystem, but instead make the network more stable, reliable, and able to withstand the next wave of innovation.

Paxos CEO: Applied to the US SEC for a Clearing Agency License to On-chain Native Issuance of Stocks and Bonds

On December 11, Paxos co-founder and CEO Chad Cascarilla stated at the Solana Breakpoint conference that Paxos has applied to become a clearing agency with the U.S. SEC. In the future, it will be able to directly custody and issue on-chain native stocks and bonds, allowing users to hold real underlying assets rather than derivatives. He emphasized that this will be a crucial foundation for the large-scale on-chainization of traditional financial assets.

Cascarilla stated that Paxos's goal is to drive traditional assets into the on-chain environment and continue to expand in the stablecoin and asset tokenization space, including the growth of USDG and gold tokenization products. He believes that public blockchains will become a globally unified asset trading venue, significantly increasing market accessibility and liquidity.

Galaxy DeFi Head: Solana is the Only Blockchain Capable of Supporting Tokenized Securities

On December 11, Galaxy DeFi's head, Marcantonio, stated at the Solana Breakpoint conference: "Galaxy Digital is publicly traded on Nasdaq as a stock. But we choose to tokenize our own stock on Solana because, in our view, Solana is the only blockchain that has the required speed, efficiency, and can support tokenized securities."

We aim for Solana to be so dominant that when you compare the price of Solana to an asset on the Nasdaq, you would choose to purchase on Solana. That is our end goal.

Anza Chief Economist Max Resnick: SOL Trading Volume on Solana Network is Three Times That of Binance, Competition Extremely Fierce

On December 11, Max Resnick, Chief Economist of Anza, a Solana research and development company, stated at the Solana Breakpoint conference, "We reached 100,000 TPS in May. Not on a testnet, not in a whitepaper, but on the mainnet. Market structure is also evolving in real-time: proprietary market makers are tightening spreads, and now the SOL-USD trading volume is already three times that of Binance, with competition heating up intensely, order books getting tighter and deeper every day."

Circle CEO: Circle Gateway to Launch on Solana

On December 11, Jeremy Allaire, Co-founder and CEO of Circle, stated at the Solana Breakpoint conference that Circle is set to launch Circle Gateway on Solana, enabling cross-chain instant access to a unified USDC balance feature.

Sunrise CEO: Successful Launch of MON, Trading Volume in the Past 24 Hours Surpasses Hyperliquid and Various CEXs

On December 11, Saeed, CEO of Sunrise, a Solana ecosystem liquidity gateway, stated at the Solana Breakpoint conference that the first asset launched by Sunrise on Solana was the MON token. We took a non-native token that was not originally issued on Solana and introduced it directly into the Solana ecosystem on the first day, first minute of listing. It not only competes with all other exchanges on the chain but also faces various centralized exchanges (CEX) rivals.

As a result, within 24 hours of listing, its trading volume surpassed that of well-known platforms like Hyperliquid, KuCoin, Kraken, Coinbase, Bybit, Bitget, Gate, among others—some of which have user bases exceeding a million. What's even more impressive is that it has tighter spreads compared to these established CEXs and higher trading volume, all supported by Solana's native ecosystem user base.

Furthermore, Saeed believes that if assets can be issued on Solana and these assets can be as competitive as centralized counterparts, then this is not just a matter of listing a cryptocurrency but could be stocks, commodities, or any financial product.

Helius CEO: Advises Investors to Purchase BSOL to Help Developers Build Faster Applications

On December 11, Helius CEO mert stated at the Solana Breakpoint Conference that investors could purchase Bitwise's issuance, a stock token BSOL managed by us (namely, Bitwise's issuance of the SOL spot ETF). But because you bought it, we take the proceeds to make the network run faster—so with one of your transactions, you directly help developers build apps faster.

Circle CEO: Solana's Appeal Growing Stronger, More Platforms Adopting Solana's USDC as Primary Infrastructure

On December 11, Circle CEO Jeremy Allaire said at the Solana Breakpoint Conference that Solana's transaction volume far exceeds all other chains. Solana's infrastructure is becoming more mature, and its appeal is increasing. More and more consumer and merchant-facing platforms are using USDC on Solana as their preferred infrastructure.

DoubleZero Co-founder: 15 Core Contributors Providing Fiber Optics for Solana to Build High-Performance Alternative Internet

On December 11, DoubleZero Co-founder Austin Federa stated at the Solana Breakpoint Conference that DoubleZero has numerous independent contributors—now grown to 15—who are contributing fiber optic capacity to the DoubleZero Network. These are real physical fiber optics that are being brought in to create a completely independent transmission path for Solana.

This "crowdsourced fiber" approach is unprecedented: all existing high-performance chain networks are operated by a single company holding a master private key; DoubleZero lacks such a "single point" and is instead laid and controlled by 15 contributors each on their fiber optic lines.

Yat Siu: Animoca Brands Has Invested in Over 628 Portfolio Companies, with About 200 Being Game Projects

On December 11, Yat Siu, Co-Founder and Director of Animoca Brands, stated at the Solana Breakpoint Conference that Animoca Brands' proprietary asset investment portfolio includes over 628 portfolio companies, with approximately 200 being gaming projects. He believes Bitcoin is similar to digital gold, while altcoins are akin to the stock market, serving as the growth engine of the crypto space. Given that altcoins carry practical use cases, their total market value will eventually far surpass that of Bitcoin.

OSL Group to Launch Stablecoin USDGO on Solana

On December 11, OSL Group's Chief Commercial Officer, Zhang Yinghua, announced at the Solana Breakpoint 2025 Summit that OSL Group will issue the USDGO stablecoin on the Solana network. OSL Group will serve as the branding and distribution partner for USDGO, with Anchorage Digital Bank as the issuer.

It is reported that USDGO is pegged 1:1 to the US dollar, compliant with US federal regulations, and is set to be officially launched in the first quarter of 2026. Solana will be the first public chain to deploy USDGO, with plans to expand to more chains in the future. More than just another stablecoin, USDGO is envisioned as a compliant stablecoin payment infrastructure truly meant for enterprise and institutional use.

Bhutan Announces World's First Sovereign-Backed Gold Token TER on Solana

On December 11, Bhutanese government officials announced another milestone collaboration with Solana at the Solana Breakpoint 2025 Summit, propelling Bhutan towards being a "crypto-friendly nation":

On December 17, 2025 - Bhutan's National Day - the world's first sovereign-backed gold token will go live on Solana. The token, named "TER," meaning "treasure" in Dzongkha, Bhutan's national language.

TER will be in the form of an SPL token anchored 1:1 to Bhutanese national reserve gold, offering real-time auditability and sub-second settlement, marking its debut in the on-chain world.

Solayer Mainnet Alpha Version Officially Launched, Supporting Real-Time Financial Applications

On December 11, Solayer unveiled the InfiniSVM Mainnet Alpha version. InfiniSVM is a hardware-accelerated blockchain capable of achieving sustained throughput of 300,000 transactions per second with sub-second finality. This network enables developers to deploy existing Solana applications while enjoying outstanding performance, unlocking applications in high-frequency trading, real-world assets, and institutional finance.

Users can connect SOL via sBridge and immediately interact with deployed applications. Developers can access documentation and deployment tools to start building on InfiniSVM.

This release coincides with the Solana Breakpoint event in Abu Dhabi, marking Solayer's integration into the Solana ecosystem and commitment to supporting it while continually expanding its functionality in demanding application categories.

Galaxy Founder: Solana Still Seen as a Blockchain Network "Built for the Capital Markets"

On December 11, Galaxy founder and CEO Mike Novogratz stated at the Solana Breakpoint conference:

"As regulations gradually clarify, the industry has entered a phase of 'must truly build products that users will use.' The value of crypto assets is being collectively driven by the community and real growth, and the narrative must be supported by real usage and innovation. Solana's high-speed performance is seen as a blockchain 'built for the capital markets,' and Galaxy's partnership with Jump is also based on its capabilities in high-frequency infrastructure."