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 🏎️ 🏎️ 🏎️
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…
Some interesting stats on cross-border B2B payments from @Capgemini’s World Payments Report:
• A typical cross-border B2B payment costs ~2% of its value
• The full corporate payment process takes ~3.5 days
• ~$4T of corporate liquidity is tied up in the payment process
And corporates are already looking beyond banks: 36% of B2B payment volume is routed through non-banks, while nearly 60% would buy stablecoin services from a non-bank.
The opportunity is enormous.
Legacy payment rails are slow, expensive and capital-intensive.
Stablecoin payments on @Solana are near-instant and cost fractions of a cent.
That’s the opportunity. 😉
.@Solana carried ~7.7% of all stablecoin payments in August, up from ~2.6% a year earlier, per @Visa's onchain dashboard. Visa's dashboard counts payments for goods, services, payroll and transfers between people, and leaves out bot and exchange flows.
Stablecoin payments on Solana grew ~5x from August 2025 to ~$3.0b in August 2026. Stablecoin payments across all chains grew ~69% to ~$39b a month over the same year.
Solana's share of payments is now larger than its ~5.6% share of stablecoin supply. I'd look for Solana's share of stablecoin payments to pass 10% by this time next year.
The spot @Solana ETFs are on a roll, adding $255m of net inflows over the last 10 trading days, equivalent to 0.4% of its beginning-period market cap
cc' @SoSoValueCrypto @Bitwise
Over the last year, @Solana had the second highest growth in stablecoin market cap (measured in dollars rather than percentages) of the major chains, and outpunched its weight
$BTC ended June at ~$58k. Since then, we had a massive AI sell-off erasing over $2T from global semi / hardware companies, and the monetary policy picture has worsened with an additional Fed rate hike expected this year.
$BTC not only hung in there, but it's risen. Seems like there is no one left to sell.
BTC was at $58k in late June. Since then, we had:
• a massive AI sell-off erasing over $2T from global semi / hardware companies
• the monetary policy picture worsened w more Fed hikes expected this year
• @Strategy was selling BTC in July and Aug
• crypto's mega bill, the CLARITY Act, did not pass
Not only did $BTC hang in there, but its risen. I think there is no one left to sell...
No pun intended, but we are getting CLARITY around digital assets in the US:
• SEC/CFTC: Joint 5-category crypto taxonomy, tokenized security rules, & clearing ATS pathways
• CFTC: Tokenized collateral pilot & 24/7 market trading guidance
• OCC: Processing & approving national trust bank charters for crypto firms
• FDIC & Fed: Proposed stablecoin rules, clear bank activity guidance, & parity capital treatment
• Treasury/IRS: Finalized Form 1099-DA broker reporting & cost-basis rules for digital assets
• FinCEN: Updated BSA/AML travel rules, CVC mixing rules, & unhosted wallet oversight
• CFPB: Proposed Reg E/EFTA coverage for digital wallets, payment tokens, & stablecoins
CLARITY didn't pass, and that's OK.
IMO, had it passed, it could have accelerated development as companies would be more certain the rules won't change in the future. And the biggest impact would have been on price, as the market pulled that in ahead of actual development and activity.
But, I don't think anyone was building with the anticipation of CLARITY passing, so it won't slow down the current trajectory. And most importantly, the agencies are creating the rules companies need to jump in. So it would have been nice, but the industry will still get to where it's going