Circle Mints 250 Million USDC On Solana, Total On-Chain Supply Nears $25 Billion

USD Coin (USDC) issuer Circle (NYSE: CRCL) has minted 250 million units of the dollar-pegged stablecoin on the Solana blockchain, marking a significant expansion of the cryptocurrency’s presence on one of the fastest-growing decentralized finance (DeFi) ecosystems in the world.

The issuance, which took place on Friday, September 19, was first reported by Whale Alert and underscores the growing demand for USDC liquidity in both institutional and Decentralized Finance (DeFi) use cases. The move is part of Circle’s strategy to increase the stablecoin’s supply on Solana, directly impacting the blockchain’s liquidity provisions by enhancing trading opportunities and the potential growth of native applications.

Circle Mints $250 Million in USDC on Solana, Total Supply Grows by $10 Billion in 30 Days

The latest mint follows a rapid expansion of USDC supply on Solana, which has grown from $2.5 billion to $10 billion in a matter of weeks. While the mint was acknowledged by the broader market, it is seen as a recurring exercise to maintain liquidity rather than a radical move by both entities.

USDC’s growth on Solana can be attributed to increased activity on DeFi platforms like Wormhole and LayerZero, which enable seamless token exchanges and transfers across various blockchains. It also reflects a strategic shift by institutional investors and DeFi protocols to capitalize on Solana’s highly scalable network architecture for high-velocity stablecoin operations, while leveraging its low fees and fast transaction speeds.

The trend is consistent with large-scale token minting activities undertaken by Circle throughout 2025. The company previously issued $250 million in USDC on Solana in April, May, June, and August, with Friday’s mint being the most recent event. USD Coin is the most dominant stablecoin on Solana, maintaining a 77% market share.

Experts attribute the increased minting activity to rising demand for stablecoins across DeFi protocols and related transactions across multiple blockchains. Since its launch in 2018, USDC has become a dominant player in the stablecoin market, with 26% of its total value locked (TVL) in decentralized lending protocols, such as Aave and Compound, with $2.6 billion worth of tokens held on Aave alone. Additionally, 34% of decentralized exchange (DEX) liquidity pools now support USDC, handling over $4.9 billion in daily trading volume for the second-largest stablecoin and seventh-largest cryptocurrency by market capitalization.

Regulatory Moves in U.S. & E.U. Boost Confidence in Compliant Stablecoins like USDC

Meanwhile, key regulatory developments have also supported USDC’s astronomical rise. In January 2025, U.S. President Donald Trump signed an executive order classifying stablecoins as “essential financial instruments” that are key to maintaining the U.S. dollar’s hegemony as the global reserve currency, while the European Union’s Markets in Crypto Assets (MiCA) framework, which sidelined non-compliant stablecoins, helped reinforce USDC’s prospects. These initiatives have bolstered investor confidence, especially among institutional players, who are increasingly relying on stablecoins for instant settlements and redemptions of tokenized financial instruments.

Circle CEO Jeremy Allaire emphasized Solana’s role in supporting real-time payments and high-throughput for stablecoin usage. He noted that the blockchain’s high performance makes it a critical layer for mainstream stablecoin rails. The current velocity at which USDC is minted, transacted, and burned on Solana is within 31.6 days, further cementing the network’s role as a high-speed liquidity vehicle.

According to reports, Circle has issued a cumulative $24.75 billion in USDC on Solana. The latest mint is part of a $1.25 billion increase in the token’s supply over the past week, further indicating sustained interest for high-frequency transactions, cross-chain swaps, and real-world asset (RWA) tokenization.

Circle (CRCL) was trading at $144.14 when markets closed on Friday, up 3.72% for the day. Solana (SOL) is currently trading at $221.07, down 7.69% in 24 hours.

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