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USDC supply on Solana surges as Circle mints another 250M tokens
Circle's USDC supply on Solana has surged due to rising DeFi activity and high trading volumes in the network. The supply was also boosted by changes in stablecoin regulations, particularly in Europe.
According to blockchain analytics firm Spot On Chain, Circle has just minted another 250 million USDC on Solana. This latest issuance brings the total USDC supply on Solana over the past seven days to $1 billion.
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In January, Circle minted $6 billion worth of USDC on Solana, followed by another $2 billion in February, pushing the total issuance to $8 billion.
Meme coins driving demand
The strong demand for USDC in the new year has been fueled by meme coin launches on Solana, including those linked to Donald Trump and his family. Additionally, USDC adoption is growing in European markets, where it is replacing Tether’s USDT after several exchanges delisted it.
This shift has been supported by Circle obtaining key regulatory approvals, including an Electronic Money Institution license from French authorities.
As a result, while USDT’s circulating supply grew by 2.5% over the past month, USDC’s supply surged by 16%. According to DefiLlama data, the latest stablecoin issuance has helped push USDC’s market capitalization to $57.19 billion.
As we wrote, Circle, the global payments company and issuer of USD Coin (USDC), has unveiled Paymaster, a groundbreaking solution allowing users to pay blockchain gas fees in USDC.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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