Bullish, the institutionally-focused digital asset exchange with over $1.4 trillion in cumulative trading volume, has announced a migration of its core infrastructure to Solana, the high-performance blockchain network known for its low-latency transaction processing and stablecoin ecosystem. The exchange will begin powering custody, trading, settlement, and payment operations using Solana-native stablecoins, marking one of the most significant institutional shifts toward blockchain-native infrastructure to date. The announcement was made jointly by Bullish and the Solana Foundation on Wednesday, with Solana calling the move a sign that “TradFi and DeFi continue to converge.” Solana as the settlement layer for Bullish Bullish’s decision to integrate with Solana reflects a broader strategy to position itself at the intersection of centralized and decentralized finance. The company, which ranks among the top five exchanges for Bitcoin and Ether spot volumes, said it will now prioritize Solana-native stablecoins for all transaction types across its trading stack. “We’re excited to collaborate with the Solana Foundation,” said Tom Farley, CEO of Bullish, in a statement. “We believe that Solana has proven itself as rails for next-generation financial infrastructure, fast, efficient, and ready for institutional scale.” The migration is more than symbolic. Bullish will leverage Solana to handle exchange operations and future innovations in digital asset product design. CoinDesk Data, part of the Bullish Group, will expand coverage of Solana-based tokens and stablecoins in tandem, supporting data infrastructure for the growing intersection of centralized exchanges (CeFi) and decentralized platforms (DeFi). Regulatory footprint meets open networks Unlike many crypto-native exchanges, Bullish has positioned itself squarely within the regulatory perimeter. The firm holds licenses in Hong Kong, Germany, and Gibraltar—making it one of the few global digital asset venues with regulatory clarity across both Asia and Europe. The company is also known for operating a deterministic liquidity protocol using an automated market maker (AMM) model optimized for institutional flow. With this infrastructure move, Bullish becomes the most prominent regulated trading venue to migrate its operations to Solana, further validating the blockchain’s push into financial infrastructure. “Solana was built for moments like this, where performance, scale, and real-world adoption converge,” said Lily Liu, President of the Solana Foundation. In Q1 2025, Bullish reported over $2.5 billion in average daily volume, a figure that positions it as a top-tier venue for institutional asset flow. The adoption of Solana-based settlement is expected to bring latency reduction, faster clearance times, and lower fees for clients transacting in stablecoins or tokenized assets. Institutional momentum builds around Solana The partnership follows a string of enterprise integrations with Solana in recent months. Earlier this year, U.S. fintech firm Fiserv announced pilot programs to test Solana for real-time cross-border payments. In Europe, R3, a blockchain software consortium backed by major banks, selected Solana to support a regulated asset settlement layer for tokenized securities. Bullish’s integration builds on this momentum, accelerating what many analysts now describe as a structural shift in the architecture of financial markets. “This marks a shift in institutional finance towards faster, cheaper, and more unified on-chain infrastructure,” Farley added. “By building on Solana’s high-performance network, we’re aiming to simplify the user experience, reduce settlement friction, and unlock real efficiencies.” The Bullish–Solana integration highlights the maturing convergence between centralized financial service providers and the decentralized architecture envisioned by early blockchain pioneers. It also signals that large-scale, regulated players no longer view public chains as experimental, but as strategic pillars for the future of finance. For Bullish, the move cements its positioning as a forward-leaning, compliance-first exchange ready to power institutional access to the blockchain economy. For Solana, it is another signal that its core attributes, speed, composability, and scale, are resonating with real-world users beyond crypto-native circles.