A new report from the Solana Research Institute (SRI) suggests that the global financial market infrastructure (FMI) sector generates $31.5 billion in annual revenue. The study examines a scenario where these services transition to public blockchains without regulatory protections for current operators.
Under this model, SRI estimates that only $11.2 billion of the current revenue would remain with incumbent firms. The remaining $20.3 billion would shift to users and new market entrants due to reduced costs and increased competition.
The report highlights that trading revenue, totaling $13 billion, is the most vulnerable segment and could be fully captured by onchain competitors. Conversely, clearing services, valued at $10 billion, are expected to retain $6.8 billion as they continue to manage default risks.
SRI identifies four emerging onchain service categories, each with the potential to generate billions of dollars annually. These include cross-venue collateral pooling, prediction market clearing, high-value cross-border payment settlement, and multi-stablecoin acceptance infrastructure.
Founded in April 2026, the Switzerland-based non-profit SRI includes members such as the Solana Foundation, Jito, R3, Figment, Helius, and Alchemy. The report was published on October 30, 2026.
