The total market cap of stablecoins is rising rapidly, and a new report suggests the Solana blockchain is leading the charge.

In a recent post on X, Bitwise Investments analyst Danny Nelson argued that Solana has seen the most significant increase in its circulating stablecoin supply since the passage of the GENIUS Act.

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Solana is currently the third-largest blockchain by stablecoin hosting. But Nelson pointed out that, despite this, it has been the fastest-growing blockchain for stablecoin supply over the past three months.

On July 18, President Donald Trump signed the GENIUS Act. This bill clarifies regulations on the issuance and distribution of stablecoins. It was signed when Solana’s stablecoin market cap was around $10 billion. In the three months since, it has surged by 40%.

According to data from the on-chain analysis platform rwa.xyz, Solana’s stablecoin market cap is now at about $13.9 billion. Ethereum, with a market cap of $172.4 billion, remains the undisputed leader in the stablecoin market.

However, since the GENIUS Act was passed, Ethereum’s stablecoin growth has been a much slower 27%. Stablecoin-focused blockchains like Base, Hyperliquid, and Arbitrum saw even lower growth rates. Meanwhile, Tron, the second-largest blockchain by stablecoin market share, has seen its supply fall by nearly 4%.

Nelson believes that since the GENIUS Act, companies and banks have been looking for places to experiment with stablecoins. He says that payment-focused stablecoins are a key part of the GENIUS Act and that low cost and high speed are essential.

Nelson believes that Solana, which has long outperformed Ethereum in these areas, could now be poised to challenge the market leader.

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He noted that the growth rate has been particularly fast in the last 30 days. During this period, Solana’s stablecoin supply grew by roughly $3 billion, a 25% increase. In the same timeframe, however, Ethereum’s stablecoin market cap grew by just 8%.

This growth is tied to the expectation of a broader stablecoin adoption. Additionally, it appears to be linked to the upcoming launch of Solana spot ETFs in the fourth quarter.

The launch of five new Solana spot ETFs, starting with Grayscale’s Solana Trust (GSOL) on October 10, is expected to have a major impact on SOL‘s price. At the time of writing, SOL is trading at around $230.60.

Despite Nelson’s claims, some crypto investors have actively pushed back. Crypto investor @SamAltcoin_eth pointed out that while ETH holds 54% of all stablecoins, Solana has just 5%.

This means that despite Solana’s recent growth, the absolute number of stablecoins on the Ethereum blockchain is still overwhelming.

Another Ethereum enthusiast added that it’s important to look at RWA TVL (Real-World Asset Total Value Locked). He said that over the last 30 days, Ethereum’s stablecoin TVL has increased by $10 billion, while Solana’s grew by $2.4 billion, giving Ethereum a lead of over 4x.

In the same period, Ethereum’s RWA (Real World Assets) TVL rose by $1.9 billion, compared to just $190 million on Solana, a 10x lead in Ethereum’s favor.