OnChain Funds

Solana’s Institutional and Retail Plumbing Upgrade: Coinbase DEX, Sovereign TER, and On‑Chain Funds – cover image
Solana’s Institutional and Retail Plumbing Upgrade: Coinbase DEX, Sovereign TER, and On‑Chain Funds

Late‑2025 upgrades on Solana — Coinbase’s in‑app DEX, Bhutan’s gold token TER, and a State Street/Galaxy/Ondo on‑chain fund — redraw the map for tokenization, liquidity, custody, and UX. This guide assesses practical implications for product leaders and institutional allocators.