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Circle Mints $11 Billion USDC on Solana in Record Month
In August, Circle minted approximately $11 billion in USDC on the Solana blockchain, marking the largest single-month issuance in the network's history. This surge has increased Solana's circulating supply of USDC to around $8 billion, representing over 10% of the total USDC supply across all networks.
The minting process involved multiple transactions, with Circle issuing USDC in $250 million increments, including a significant $1 billion issuance in a single day. Monitoring service Whale Alert reported that about $1.25 billion was minted in just one week during mid-to-late August. This activity coincided with a broader trend, as gross USDC issuance across all blockchains reached approximately $5 billion in the week ending August 26, the highest weekly total since early 2026.
Circle's Cross-Chain Transfer Protocol (CCTP) has facilitated this growth by allowing liquidity to move seamlessly between blockchains, catering to institutional needs for quick dollar liquidity. Partnerships with firms like BNY Mellon have further enhanced access for institutional clients to mint and burn USDC on Solana, driving demand for the stablecoin.
Despite the massive minting, USDC maintained its peg to the dollar throughout August, reflecting the strength of Circle's reserve management. The company issues new tokens only when equivalent dollar deposits are made, ensuring a strict 1:1 backing against USD reserves. This month’s issuance suggests a continuing trend in stablecoin demand on Solana, following an earlier peak of $3.25 billion in April.
Source: KLEA News