Circle Mints Additional $250 Million in USDC on Solana
Circle has minted an additional $250 million in USDC on Solana, bringing its total issuance to $1 billion in the past week. This increase is part of a broader strategy to meet rising demand from traders and DeFi protocols.
- Since January, Circle has minted a total of $8 billion in USDC on Solana: $6 billion in January, $2 billion in February.
- Solana's total stablecoin supply reached $11.579 billion, with USDC holding 78% market share, surpassing competitors like Tether (USDT).
- USDT's market cap on Solana is $1.968 billion compared to USDC’s $9.093 billion.
- Solana's stablecoin market has grown by 110% year-over-year, exceeding $10 billion for the first time in January.
The surge in stablecoin activity correlates with the rise of memecoins on Solana. Notably, Donald Trump's memecoin TRUMP briefly reached a $15 billion market cap before falling to $3 billion. Melania Trump also launched a memecoin, and Argentine President Javier Milei faced legal issues over his token $LIBRA, which was exposed as a scam.