USDC Circle closes the gap with USDT Tether thanks to active minting
Circle mints $5 billion USDC on Solana, boosting market cap to $52 billion.
Circle minted over $5 billion USDC on the Solana blockchain in just one week, pushing its marketcap to $52 billion.
The surge reflects growing demand for USDC, especially in decentralized finance (DeFi), following the launch of the TRUMP meme coin.
Key Takeaways
- Rapid USDC Minting: Circle added $8 billion to its market cap in 2025, with $5 billion minted on Solana in the past week alone.
- Market Expansion: USDC’s market cap reached $52 billion, while reserves back the circulating supply at $52.1 billion.
- Closing the Gap with USDT: Tether’s USDT market cap remains steady at $139.27 billion, but Circle is gaining ground.
- Adoption Measures: Circle’s acquisition of Hashnote and its MiCA compliance signal further efforts to grow USDC adoption.
USDC minting spree drives market growth
Circle has significantly expanded its USDC minting activity since early 2025, with its market cap surging 8% in January. Blockchain analytics platform Arkham reported that Circle minted 250 million USDC on the Solana network today, adding to a cumulative 5 billion minted on Solana this year.
USDC market cap. Source: coinmarketcap.com
This activity reflects growing demand for USDC in DeFi applications and beyond. The TRUMP meme coin launch has contributed to this demand, driving increased USDC adoption on Solana.
Circle gains ground on Tether’s dominance
While Tether remains the largest stablecoin issuer with a $140 billion market cap, Circle has been closing the gap. USDC’s circulating supply now stands at 51.9 billion, with reserves comprising $6.1 billion in cash and $46.1 billion managed by the Circle Reserve Fund.
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Despite these gains, USDC is still less than 50% the size of Tether’s USDT. However, Circle’s MiCA compliance and adoption-boosting strategies, like acquiring Hashnote, signal its commitment to long-term growth.
Recently we wrote, that 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.
