Chief Strategy Officer @UpexiTreasury. Formerly Head of Research @gsr_io, hedge funds @Citadel, Balyasny, Millennium. Opinions are my own & NFA
Joined December 2010
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I’m excited to share that I have joined @UpexiTreasury - the leading @Solana treasury company - as Chief Strategy Officer responsible for the cryptocurrency strategy and public visibility efforts 🏎️ 🏎️ 🏎️
Leading decentralized compute marketplace @Akashnet has selected @Solana as its next home, and will migrate from its own Cosmos-based chain. 🔥
@helium, @rendernetwork, and @ZetaChain made similar moves. Solana's growing DePIN ecosystem, low fees, and reduced infrastructure overhead are proving hard to ignore.
#Solana
.@Mastercard reports Q3 results this morning. USDC, PYUSD, USDG & SoFiUSD, four of the six stablecoins Mastercard named for card settlement in June, have ~$8.3b of combined supply on @Solana.
Mastercard named Cross River, Lead Bank & Nuvei among the firms expected to be first to settle in stablecoins.
I suspect Mastercard's stablecoin settlement will run mostly on open, permissionless networks like Solana.
.@Visa reports fiscal Q4 results after the close today. Visa's onchain analytics dashboard shows ~$8.4b of stablecoin payments on @Solana in the Jul-Sep quarter, ~3.4x a year earlier.
Visa said in September that stablecoin settlement had already passed a $20b annualized run rate, up from ~$7b in April. Solana is among its supported settlement networks.
Hopefully Visa puts that run rate higher tonight.
Stablecoins issued by OCC-chartered banks total ~$1.6b on @Solana, led by USDGO at ~$1.3b & SoFiUSD at ~$250m.
The @USOCC finalized its rule implementing the GENIUS Act on Oct 21. The rule takes effect Jan 18, 2027.
My bet is OCC-chartered banks have more than $5b of stablecoins on Solana by the end of 2027.
4/5
Alpenglow replaces onchain validator vote transactions—and their fees—with a flat 0.8 SOL admission ticket per epoch, which is burned.
Under the legacy model, validators had been paying ~2 SOL/day in voting fees. The new ticket costs 0.8 SOL per ~24-hour epoch.
All else equal, lower voting costs should help smaller validators' economics, though lost vote-fee income for block-producing validators offsets some savings.
About 27% of @PayPal's PYUSD stablecoin sat on @Solana at the end of September, up from ~19% a year earlier, per @DefiLlama. PYUSD on Solana grew ~66% since September 2025, to ~$740m, while total PYUSD supply grew ~14%.
I tend to think Solana holds half of all PYUSD by the end of 2028.
Alpenglow!
Alpenglow will be huge for @Solana. A quick review:
Alpenglow is a major upcoming consensus upgrade developed by @anza_xyz to drastically improve Solana's speed and reliability, network resilience, and validator overhead. Benefits include:
🍓 Faster Finality: Transaction finality will fall from ~12.8 seconds today to ~150 milliseconds, making transactions feel instantaneous
🍓 Off-Chain Consensus: Consensus activity will now happen off-chain, removing vote transactions and freeing up blockspace
🍓 Protocol Simplification: Alpenglow replaces legacy components like Proof of History and Tower BFT with new, simplified mechanisms like Votor and Rotor to reduce complexity, improve reliability, and position Solana for continued upgrades like multiple concurrent leaders
Want to know more about @UpexiTreasury? Looking forward to presenting at 3pm PT today. Check it out! 🙏
Catch @UpexiTreasury CSO @TheTinyAnt presenting at @theLDMicro 20th Annual Main Event today at 3:00 p.m. PT!
Webcast details here: ir.upexi.com/news-events/ir-…
Landed in Los Angeles for @theLDMicro 20th Annual Main Event. Great line up of investor meetings, and a @UpexiTreasury presentation.
Q: What has @UpexiTreasury been up to recently?
A: Reducing expenses and fortifying the balance sheet.
Check out the full investor deck here 👇
ir.upexi.com/news-events/pre…
Tune in at 1pm ET today for the @WebullGlobal Emerging & Innovative Companies webinar, featuring @UpexiTreasury and other leading companies
webull.com/webinar/detail/ff…
At the @MaximGrp 2026 Growth Summit in NYC today 🗽🍎
maximgrp.com/2026-growth-sum…
Per @Visa, @Solana recorded $3.32B in stablecoin payments in September 2025, representing 6.1% of monthly stablecoin payments volume across 21 chains.
Visa defines “payments” as real-world economic transactions—goods, services, payroll and P2P transfers—excluding trading, DeFi, exchange flows, routing and infrastructure activity.
While not huge, Solana’s 6.1% share of stablecoin payments exceeded its 5.7% share of all stablecoin transactions.
Interesting given how often @Solana is viewed primarily as the home of trading.
.@Solana handled ~7.4m stablecoin payments in August, ~12% of all stablecoin payments by count, per Visa's onchain dashboard. A year earlier Solana handled ~1.6m, about 5% of all stablecoin payments that month.
The average stablecoin payment on Solana was ~$410 in August, against ~$640 across all chains. I tend to think payment count tracks adoption better than dollar volume, since a few large transactions can push the averages.
My guess is Solana passes 30m stablecoin payments a month by the end of 2027.
Brian Rudick retweeted
.@UpexiTreasury will attend three investor conferences this month, which include investor meetings and/or webcasted presentations:
• Oct 12-14: Maxim Growth Summit 2026
• Oct 14: Webull Webinar
• Oct 19-21: LD Micro Main Event
More info here 👇 ir.upexi.com/news-events/pre…
