The Solana network interacts with changes in meme coin dominance and makes significant strides in regulation. Here are the latest updates:
Pump.fun generates revenue exceeding $800 million (August 20, 2025) – the leading meme coin launch platform regains its lead after its competitor LetsBonk's decline.
IPO via Bullish using SOL stablecoins (August 20, 2025) – raised $1.15 billion in the first public offering in the U.S. using stablecoins issued by Solana.
Wyoming launches a stablecoin built on SOL (August 20, 2025) – state-backed FRNT expands Solana's presence in the institutional sector.
In-depth look
1. Pump.fun generates revenue exceeding $800 million (August 20, 2025)
Overview:
Pump.fun, the leading meme coin launch platform on the Solana network, has surpassed total revenues of $800 million, driven by a 1% exchange fee and the new decentralized trading platform PumpSwap. Despite competition from LetsBonk, which temporarily surpassed it in July, Pump.fun regained its position after LetsBonk's daily revenues dropped from $1 million to $30,000 in August.
What this means:
This reflects significant volatility in the meme coin system on Solana, where user loyalties shift rapidly. While the buybacks of Pump.fun tokens (which raised $600 million in July) support its stability, the Base platform has surpassed Solana in the number of daily meme coin launches (57,970 vs. 32,760 on August 19), indicating rising competition in layer two.
2. IPO via Bullish using SOL stablecoins (August 20, 2025)
Overview:
The cryptocurrency exchange Bullish raised $1.15 billion through an IPO listed on the New York Stock Exchange, using stablecoins issued by Solana such as USDC and EURC. The shares opened at $90 (up 143% from the offering price), but later fell by 49% to $59, reflecting market skepticism towards public offerings by cryptocurrency companies.
What this means:
The use of stablecoins from Solana approved by the Securities and Exchange Commission (SEC) in public offerings marks a pivotal moment in the integration of blockchain technology with traditional finance. However, post-offering volatility reflects ongoing doubts about the valuation models of cryptocurrency companies. Solana Foundation President, Lily Liu, described this event as the integration of 'public markets with blockchain architecture' – a narrative boost despite the stock price decline.
3. Wyoming launches a stablecoin built on SOL (August 20, 2025)
Overview:
Wyoming became the first U.S. state to issue a stablecoin built on blockchain (FRNT) using the Solana network, backed by 102% of the U.S. dollar and short-term Treasury bonds. FRNT will be available on seven networks, including Solana, through Kraken platforms and Visa partners.
What this means:
Wyoming's reliance on Solana to issue regulated stablecoins enhances the network's position as an infrastructure for compliant digital assets. With FRNT targeting over 3,000 regional banks, Solana may see an increase in institutional transaction volumes, although its adoption timelines remain unclear.
Summary
Solana's system balances the meme coin frenzy, regulatory progress, and institutional experiments – a complex mix that combines momentum from retail users with compliance-driven growth. With Base challenging Solana's dominance in meme coins and the launch of a stablecoin in Wyoming paving the regulatory way, will the price of SOL (currently $180.94, down 8.65% over the week) be able to detach from broader market weaknesses? Keep an eye on ETF approval dates and auditor revenue trends after staking was excluded by the SEC in August.
