Solana might just be winning the GENIUS Era Solana doesn’t host the most stablecoins. And yet: it boasts the fastest-growing stablecoin supply. In the nearly 3 months since Trump signed the GENIUS Act, Solana’s stablecoins in circulation have jumped over 40%, reaching $15b. Ethereum remains the stablecoin leader, with $178b. But its growth post-GENIUS Act is much slower than Solana’s: 27%. Other chains have fared even worse (Base, Hyperliquid, Arbitrum) One major player is going in the wrong direction. TRON’s stablecoin supply shrunk nearly 4%. We’re in the first months of a major shake-up. The GENIUS Act gave companies, banks, etc a green light to start experimenting with stablecoins. Now, these newcomers are weighing where to launch. “Payment stablecoins” (the focus of the GENIUS Act) need fast settlement at low cost to stay viable. There, Solana’s long beat Ethereum. It can leverage this edge to challenge the leader. What I’m on the lookout for are signs that Solana can accelerate this momentum. The last 30 days have been especially promising. Anchored by a parade of partnerships, DeFi integrations, and product rollouts, Solana added nearly $3b in stablecoins – 25% growth. (Ethereum’s grew just 8% over the same period). Stablecoins represent one of crypto’s new foundational pillars. Chains that can ride the wave effectively will fare the best long term. This is not a zero sum game: one chain’s victory does not require another’s defeat. But value will accrue most acutely to those platforms that host the most.