Solana Tipped to Dethrone Ethereum in Stablecoin Race, Says REX CEO

Speaking on Bloomberg’s ETF IQ, King cautioned that most cryptocurrencies outside the top tier are questionable investments.

“Pretty Sketchy” Beyond the Top 20

“Crypto gets pretty sketchy below the top 10, certainly below the top 20,” King said, noting that issuers will have to be discerning when building new products. While demand for digital asset funds is strong, he argued that the industry shouldn’t expect an explosion of unique tokens represented in ETFs—rather, many issuers will continue chasing the same few assets.

Solana in the Spotlight

REX has already leaned into Solana, launching a staking-enabled ETF in July. King believes the blockchain is undervalued in the stablecoin debate, which has largely centered on Ethereum. He described Solana as faster, more scalable, and a likely contender to dominate stablecoin issuance in the future.

“I think Solana is actually the story for stablecoins,” he said, adding that its higher staking rewards also make it attractive as a portfolio asset.

ETF Race Intensifies

The success of spot Bitcoin and Ethereum ETFs has triggered a wave of filings, with Solana now the next big prize. Nine issuers—including VanEck, Fidelity, Franklin Templeton, and Grayscale—are competing to launch spot Solana ETFs. Analysts expect approvals by October, with prediction markets already pricing in near certainty.

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King anticipates the pattern seen with Bitcoin and Ether ETFs will repeat: multiple issuers fighting to launch identical funds, with investor inflows spreading across them.

Memecoins and Niche Products

Despite his warnings about risky tokens, REX is also waiting on SEC approval for memecoin-linked ETFs tied to Dogecoin, Bonk, and Official Trump. The filings reflect King’s belief that crypto’s ETF landscape will eventually expand into more unconventional products, though he stressed issuers should tread carefully.

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