Circle mints 250 mln USDC on Solana: But can it beat Tether?
Journalist
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Key Takeaways
Why is USDC rising so quickly on Solana?
Elevated exercise on DeFi platforms like Wormhole and LayerZero, together with Solana’s quick, low-cost community, is driving high-velocity stablecoin operations.
Has Circle been issuing USDC on Solana earlier than?
Sure, Circle has constantly minted $250 million in USDC on Solana in April, Could, June, and August 2025, following a recurring liquidity technique.
Circle, the issuer of USD Coin [USDC], has minted 250 million new stablecoins on the Solana [SOL] blockchain, signaling a significant increase for the fast-growing DeFi ecosystem.
Reported on the nineteenth of September by Whale Alert, the issuance highlights rising demand for USDC liquidity throughout each institutional and decentralized finance functions.
With this enlargement, Circle goals to strengthen buying and selling exercise and help the expansion of the blockchain’s native functions.
This follows a fast surge in USDC’s whole provide on Solana, which has jumped from $2.5 billion to $10 billion in only a few weeks.
What made Circle select Solana?
The selection for Solana displays rising exercise on decentralized finance (DeFi) platforms akin to Wormhole [W] and LayerZero [ZRO], which facilitate seamless token exchanges and cross-chain transfers.
In actual fact, institutional traders and DeFi protocols are additionally more and more leveraging Solana’s scalable community, low charges, and quick transaction speeds to deal with high-velocity stablecoin operations.
This mint is according to Circle’s sample of large-scale token issuance all through 2025, with comparable $250 million mints occurring in April, Could, June, and August.
That being mentioned, the current mint comes amid broader competitors within the stablecoin sector.
Is Tether’s enlargement pushing Circle?
Tether, USDC’s major rival, has launched USA₮, a U.S.-based dollar-backed token designed to fulfill regulatory necessities below the GENIUS Act, signed into regulation in July.
In actual fact, the passage of the GENIUS Act has been a game-changer for the stablecoin area, particularly USDT.
Information from VisionChain Analytics indicates that Tether [USDT] recorded $436.4 billion in transaction quantity from the first to the twenty third of September, whereas USDC processed $285.5 billion.
Supply: VisaOnchainAnalytics
Is USDC shedding floor?
Lastly, regardless of Circle’s increasing USDC provide, the corporate’s inventory worth traded at $137.64, down 4.15% as of the identical reporting interval, reflecting cautious investor sentiment.
This coincided with the race for USDH on Hyperliquid lastly getting concluded, with Native Markets securing the rights to subject the community’s new U.S. greenback stablecoin.
With USDH’s launch, Circle’s USDC faces recent competitors on the platform, signaling intensified rivalry within the stablecoin market.
Thus, it’s higher to carry your horses to see how issues unfold.
