I'm no expert, but this is how I understand the situation, please feel free to point out any fallicies you notice in my reasoning.
I agree that it is primarily twist rate that determines stability, but velocity plays a part as well. For example, say you take a bullet and drive it at 500 fps and it takes .0016 second(s) to get to the muzzle, with a rate of twist of 1/10 from a ten inch barrel, after all is said and done the bullet will be rotating at 625 rotations per second. (1 full rotation in .0016 seconds, 1 second divided by .0016 equals 625 rps) But if the bullet is instead driven at 1000 fps it will take .0008 second(s) to reach the muzzle, meaning it made the same full rotation in 1/2 the time, for a final rate of spin of 1250 rotations per second. Obviously these numbers were chosen for ease of number crunching and not accurate calculations of rate of spin. But I didn't feel like breaking out the ballistics books and trying to calculate acceleration, etc.
But the same principles apply regardless. To put it in a nutshell, the faster you drive the bullet, the faster it has to spin to avoid shearing.