The Future of IPOs: Solana President Foresees On-Chain Offerings

Lily Liu, President of the Solana Foundation, has announced that the team is developing an “internet capital market” to facilitate on-chain initial public offerings (IPOs). Speaking at the Finternet 2025 Asia Digital Finance Summit, Liu highlighted the potential for blockchain technology to enhance capital market accessibility, allowing for more transparent price discovery and liquidity management.

Key Takeaways

Solana is working on an "internet capital market" to introduce on-chain IPOs.
On-chain IPOs simplify the process of going public through digital tokens on a blockchain.
The initiative aims to improve access to liquidity and connect traditional finance with the crypto sector.
Collaborations with traditional financial institutions are underway to enhance blockchain applications in payments.
The stablecoin market is rapidly growing, with significant deployment on the Solana blockchain.

Solana President: Native IPOs may be coming on-chain

Solana's Vision for On-Chain IPOs

Lily Liu, the President of the Solana Foundation, recently discussed the organization's plans to enable on-chain initial public offerings. During her participation in the Finternet 2025 Asia Digital Finance Summit on November 4, Liu outlined how Solana is striving to create an “internet capital market.” This new platform is expected to offer broader access to liquidity and serve as a bridge between traditional finance and the world of cryptocurrency.

Liu stated that the goal is to implement on-chain native IPOs within a few years. This modern method allows companies to go public by issuing their shares as digital tokens on a blockchain, moving away from conventional stock exchanges and intermediaries.

“Technology can significantly reduce the barriers between different sides of the market,” Liu explained during her interview with OSL Group Chief Commercial Officer, Eugene Cheung. She emphasized that the emergence of internet capital markets is a significant opportunity for the industry.

Enhancing Price Discovery with Blockchain

Liu elaborated on how existing on-chain mechanisms can be optimized to adopt advanced price discovery methods instead of outdated approaches used in traditional finance. Blockchain technology can also enhance transparency in price discovery and incorporate security measures such as Know-Your-Customer (KYC) protocols.

“There’s ample opportunity for innovation in price discovery and capital market access,” she noted, implying that the distribution side of capital markets is particularly ripe for disruption.

Additionally, Liu revealed Solana's ongoing efforts to collaborate with traditional financial institutions like Franklin Templeton and Western Union. These partnerships aim to strengthen the role of blockchain in payments and stablecoins. According to Liu, the true value of blockchain lies not in the excitement surrounding it, but in its ability to underpin the financial system.

“Our view of blockchain’s role is that it’s technology that supports finance. The needs of financial systems are quite basic: primarily, they require liquidity—that must be fast and affordable,” Liu asserted.

Solana

Solana's Insight on the Rising Stablecoin Phenomenon

Liu also addressed the growing prevalence of stablecoins in global finance. She attributed their rise to evolving regulatory conditions, with governments, including those in the U.S. and Hong Kong, recognizing the significance of stablecoins.

“Stablecoins have become a matter of economic national security, capturing global attention and placing blockchain infrastructure squarely on the fintech and capital markets agenda,” Liu stated.

Recent data from DeFi Llama indicates that the global stablecoin market is valued at approximately $307 billion, with around $14.25 billion currently deployed on the Solana blockchain. Notably, USD Coin (USDC) dominates this segment, making up about 65% of stablecoins on Solana.

Most recently, Solana partnered with Western Union to develop a stablecoin called the U.S. Dollar Payment Token (USDPT), leveraging Solana’s blockchain infrastructure. This token will be issued by Anchorage Digital Bank, with an expected full launch planned for the first half of 2026.