Circle has minted more than $10.5b USDC on Solana in a month, underscoring the chain’s rise as a high‑throughput rail for on‑chain dollars and DeFi flows.
Summary
- Lookonchain and others tracked repeated mints — including single‑day bursts of $1b and 12‑hour runs of $550m — taking Circle’s recent Solana issuance above $10.5b.
- Research shows Solana stablecoin settlement hit roughly $650b in February, topping Ethereum for the first time, with USDC supply on Solana near $7.6b.
- Analysts say the pattern reflects real demand from exchanges, DeFi and payments, but it also concentrates a large chunk of dollar liquidity on one L1, raising tail‑risk questions.
Circle has minted more than $10.5 billion worth of USD Coin (USDC) on Solana over the past month, a record‑setting burst of issuance that underscores Solana’s emergence as a preferred rail for high‑throughput dollar flows and DeFi activity. On‑chain tracker Lookonchain flagged the latest leg of that surge on X, noting that Circle “minted another 250M $USDC” in a single transaction and that, over the past month, the company has minted “a total of 10.25B $USDC on Solana,” with Binance and other news feeds amplifying the figures.
That pace reflects an accelerating trend. WEEX, citing data from on‑chain analyst Onchain Lens, reported that Circle minted $550 million USDC on Solana within 12 hours and more than $10.19 billion in roughly 30 days, while BlockBeats and Cointech2u highlighted a 24‑hour period in early April when Circle minted $1 billion USDC on Solana, pushing total monthly issuance there to around $11.25 billion. Coinfomania summarized the pattern by saying Circle had maintained “a consistent daily issuance of $750 million” during the first week of April, adding that the steady flow “shows rising demand” and “points to growing activity across the Solana ecosystem.”
The minting spree comes as Solana consolidates its position as a major hub for stablecoin payments and trading. According to research shared by The Kobeissi Letter and covered by Coinpaper, Solana processed about $650 billion in stablecoin transactions in February 2026, the highest monthly volume ever recorded on any blockchain and ahead of Ethereum’s roughly $551 billion for the same period. Stablecoin Insider notes that February’s tally marked “the first time Solana has led on settlement volume,” and estimates that total stablecoin market capitalization has now crossed $320 billion, driven in part by institutional demand and US regulatory tailwinds such as the GENIUS Act.
CoinStats’ April investment analysis puts Solana’s DeFi total value locked at a record 80 million SOL — about $10 billion at recent prices — up from $8.1 billion in late 2025, despite broader market chop. Cryptometer.io reports that as of early April, USDC supply on Solana stood around $7.62 billion, adding that the chain’s role in “crypto payments, trading, and fast‑moving financial apps” has grown rapidly alongside support from major wallets and exchanges. Binance’s news feed has called Circle’s latest Solana activity its “busiest week so far in 2026,” pointing to $3.25 billion minted on the network between March 31 and April 6 alone.
Circle has not commented in detail on the Solana‑specific spike, but its broader disclosures emphasize a multi‑chain strategy that puts USDC wherever developers and users need low‑fee, high‑speed dollar liquidity. The recent flurry of mints, with no corresponding surge in large redemptions reported on‑chain, suggests net expansion rather than simple re‑issuance, a pattern that typically tracks fresh demand from exchanges, DeFi protocols and payment platforms building on Solana.
For crypto markets, the numbers reinforce two themes. First, stablecoins remain the core plumbing of digital finance, with Solana proving that alternative L1s can rival and even surpass Ethereum in raw settlement volume when fees and throughput align with market demand. Second, the concentration of more than $10.5 billion in new USDC on a single chain in under a month raises questions about liquidity clustering and systemic risk: if Solana faces a major technical or regulatory shock, a large chunk of on‑chain dollar liquidity would be directly exposed.
Relevant crypto.news pieces that can be linked as single words in the article include a story on the global stablecoin market surpassing $280 billion, another story on tokenised treasuries reaching $7.4 billion, and an analysis of institutional real‑world‑asset tokenization becoming a new backbone for capital markets, all of which provide context for USDC’s rapid growth on Solana.
