A report from the Solana Research Institute (SRI) estimates the worldwide annual revenue of financial market infrastructure (FMI) at $31.5 billion. In a scenario where the back‑office functions of finance move to public blockchains without regulatory safeguards for existing operators, the institute projects that only $11.2 billion would remain with today’s incumbents.
Revenue breakdown
SRI categorises FMI revenue into several streams. Trading revenue, estimated at $13 billion, is considered fully at risk, with the report expecting competition from on‑chain markets to capture the entire amount. Clearing revenue, pegged at $10 billion, is projected to retain about $6.8 billion, reflecting the continued need for default‑risk management regardless of the underlying technology.
Potential new on‑chain services
The institute identifies four emerging on‑chain service categories that could each generate single‑digit billions of dollars annually:
- Cross‑venue collateral pooling, allowing traders to use a single collateral pool across multiple platforms.
- Prediction market clearing, applying default‑management functions to markets betting on real‑world outcomes.
- High‑value cross‑border payment settlement assets for large international payments.
- Multi‑stablecoin acceptance infrastructure, enabling businesses to accept multiple stablecoins without separate integrations.
Context and assumptions
SRI, a Switzerland‑based not‑for‑profit founded in April 2026, published the report on October 30 2026 and promoted it on X on November 10 2026. Its membership includes former Euroclear innovation head Angus Scott and several firms active in the Solana ecosystem. The $11.2 billion figure assumes an “unprotected” shift, meaning regulators do not intervene to shield existing operators.
The $20.3 billion that could move to users and new entrants is presented as a sizing exercise, highlighting potential cost savings for users and market opportunities for new participants, rather than guaranteed revenue for blockchain builders.
Implications
The analysis suggests significant redistribution of FMI revenue if core back‑office functions migrate to public blockchains. While lower costs could benefit users, the realization of new revenue streams will depend on the development and adoption of the identified on‑chain services.
