Northern Marianas Blocks Tinian’s USD Stablecoin Proposal
Governor Arnold Palacios has rejected a bill that would have enabled a local government within the US territory to introduce its stablecoin.
Key Takeaways:
Regulatory Approval Granted
The Ontario Securities Commission (OSC) has approved prominent asset managers—Purpose, Evolve, CI, and 3iQ—to launch spot Solana ETFs, marking a significant regulatory milestone in North America.
First of Its Kind in North America
These will be Solana ETFs’ first spot in the region, giving investors direct, regulated exposure to Solana (SOL) through traditional financial markets.
Staking Yields Included
At least one fund, 3iQ’s Solana Fund, plans to incorporate staking, offering potential annual yields of 6–8% in addition to SOL price exposure.
Canada is poised to make history this week with the anticipated launch of North America’s first spot Solana exchange-traded products (ETPs).
Overview
On April 14 2025, a post on X from the analyst revealed a private client note from Canadian financial institution TD Bank, stating that the Ontario Securities Commission (OSC) had approved asset managers Purpose, Evolve, CI, and 3iQ to launch ETFs backed by Solana. Leading digital asset managers 3iQ Corp and Purpose Investments have filed preliminary prospectuses to list Solana-based ETFs on the Toronto Stock Exchange (TSX), offering investors regulated exposure to the rapidly growing Solana ecosystem.
3iQ’s Solana Fund: Combining Exposure with Staking Yields
On June 20 2024, 3iQ Corp announced its filing for the Solana Fund (ticker: QSOL), which will provide investors with direct exposure to Solana’s (SOL) price movements against the US dollar. The fund plans to incorporate staking mechanisms, allowing investors to benefit from staking yields estimated between 6% and 8% annually.
This approach mirrors 3iQ’s previous Ether Staking ETF, which also integrated staking rewards into its investment strategy. Coinbase Custody and Tetra Trust Company will secure the fund’s assets and serve as custodians. Coinbase Custody will also provide the institutional staking infrastructure necessary for the fund’s operations. However, it’s important to note that the Solana Fund will not be available to investors in Quebec.
Purpose Investments’ Entry into the Solana ETF Market
In a parallel development, Purpose Investments Inc., known for launching the world’s first Bitcoin and Ether ETFs, has filed a preliminary prospectus for the Purpose Solana ETF. This fund aims to invest substantially all of its assets in long-term holdings of Solana, providing holders with the opportunity for capital appreciation. Purpose Investments is committed to bridging traditional and decentralised finance, offering investors a secure and efficient avenue to access emerging digital assets like Solana.
Canada’s Leadership in Crypto ETF Innovation
Canada has established itself as a pioneer in the crypto ETF space. In February 2021, it approved the world’s first spot Bitcoin ETF, followed two months later by spot Ether ETFs. The introduction of Solana ETFs continues this trend, positioning Canada at the forefront of regulated crypto investment products.
These developments provide investors diversified options to engage with the evolving digital asset landscape within a regulated framework. As the crypto market matures, the launch of spot Solana ETFs in Canada represent a significant milestone. It offers retail and institutional investors new opportunities to participate in the growth of the Solana ecosystem through regulated investment vehicles.