Solana Could Be “Winning the GENIUS Era,” Says Bitwise Analyst, as Corporate Treasuries Add 17M SOL

• Bitwise analysts say Solana is benefiting the most from the GENIUS ACT, as the network’s stablecoin supply has jumped 40% since approval.
• Public companies have increasingly added Solana to their treasuries, with analysts projecting SOL could reach $300.

A research analyst at Bitwise, Danny Nelson, believes Solana may be emerging as the big winner of what he calls the “GENIUS Era.” In a recent post on X, Nelson suggested that although Solana doesn’t hold the largest total stablecoin supply, it’s growing faster than any other blockchain.

President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS ACT) into law on July 18, just after the House of Representatives passed the bill. Nelson explains that since then, the amount of stablecoins circulating on Solana has skyrocketed by over 40%, climbing to around $15 billion.

He stated that,

For context, the GENIUS Act is a U.S. federal law that gives payment stablecoins a clear regulatory framework. It defines who can issue them, enforces risk-management standards, and places issuers under federal oversight to improve transparency and consumer protection.

Importantly, the law also prevents large tech companies and major banks from monopolizing the stablecoin market, an effort to encourage broader participation and competition in digital payments. Solana’s success in this new regulatory environment isn’t just luck.

Solana is known for high throughput, low latency, and its blockchain can handle up to 65,000 transactions per second (TPS), far exceeding Ethereum’s current capacity. These are traits that matter a lot when stablecoins become more regulated and widely used.

A key feature that SOL holds is its Proof of History (PoH). It works like a cryptographic clock, allowing nodes to agree on the order of transactions without constant communication. The result? Efficiency and speed.

Nelson went on to say that he’s watching closely for signs that Solana can maintain and even accelerate its current momentum. Over the past month,  Solana’s stablecoin supply increased by nearly $3 billion, representing about 25% growth, while Ethereum’s stablecoin growth was a more modest 8% over the same timeframe.

A steady stream of new partnerships, DeFi integrations, and product launches has fueled this performance.

SOL as a Treasury Asset

Matt Hougan, Bitwise’s Chief Investment Officer, recently described Solana as the “new Wall Street,” citing its unique strengths in stablecoin infrastructure and real-world asset (RWA) tokenization.

For corporations exploring blockchain exposure, Solana offers a clear competitive edge. Solana provides yield opportunities. Unlike Bitcoin (BTC), which typically sits idle in corporate treasuries, SOL can be staked to earn additional returns. That’s why more institutions are betting big on Solana.

According to recent data, public companies now collectively hold 17 million SOL, worth $4.3 billion, with more than nine firms across three countries. At the top of the list is Forward Industries (FORD) with 6.82 million SOL, Sharps Technology with 2.14 million SOL, and Defi Development Corp (DFDV) and Upexi each holding approximately 2 million SOL.

Data from Coinglass reveals that the trading volume for Solana derivatives jumped 26.13% to reach $22.01 billion, while open interest grew 4.13% to $15.50 billion. Over the past week, SOL has gained 11%, although it’s seen a slight 1.16% dip in the past day, trading around $230, not far from its all-time high of $294.