Circle has minted $1.25 billion worth of USD Coin (USDC) on the Solana blockchain in just the past seven days, lifting its total issuance on the network to $24 billion in 2025.
The surge underscores Solana’s growing role as a settlement layer for stablecoins and highlights Circle’s dominance as the issuer of choice in one of crypto’s fastest-expanding sectors.
Solana Stablecoin Market Cap Hits $11.6B as USDC Dominates With 72% Share
According to DeFiLlama data, the stablecoin market cap on Solana has climbed to $11.6 billion, with USDC commanding a striking 72.2% share, or about $8.38 billion.
That dominance not only demonstrates Circle’s early bet on Solana, where USDC was natively integrated rather than wrapped, but also reflects the token’s broad use across decentralized exchanges like Orca and Raydium, lending platforms such as Solend, and payment applications.
Source: DeFiLlamaOver the past week alone, Solana’s stablecoin supply grew by more than $550 million, a 5% rise that points to fresh inflows of capital and confidence.
USDC’s peg has also remained remarkably tight, deviating by only 0.02% from its $1 value, reinforcing its reputation as one of the most reliable stable assets in crypto. That stability is particularly significant in an ecosystem where rivals are showing more mixed performance.
Tether, still the largest stablecoin globally, maintains an 18% share of Solana’s market with about $2.05 billion in circulation, but its supply on the network has been shrinking, down more than 11% over the past month.
By contrast, PayPal’s PYUSD, First Digital USD (FDUSD), and newer entrants like Global Dollar (USDG) and Ondo’s yield-bearing USDY are beginning to carve out niches, especially in payments and tokenized real-world assets.
The broader context reveals why Circle’s minting spree matters. Data from Artemis shows stablecoin usage on Solana is hitting new highs, with $1.4 trillion in adjusted transaction volume over the past 30 days, a 23% increase that signals surging economic activity.
Source: ArtemisInterestingly, while the number of transactions fell by 6%, the average transaction size rose sharply, suggesting that institutional players are increasingly driving stablecoin flows on Solana.
That institutionalization is also visible in the drop in unique active stablecoin addresses, down 22% to 11.3 million, as funds consolidate into fewer but larger wallets, including centralized exchanges and DeFi protocols.
Circle’s USDC supply currently stands at $67.93 billion, with Ethereum holding the largest share at 62.15% ($42.21 billion), followed by Solana at 12.34% ($8.38 billion) and Hyperliquid L1 at 7.49% ($5.09 billion).
Source: DeFiLlamaNotably, Base (5.62%), Arbitrum (3.3%), BNB Chain (1.46%), Polygon (1.36%), and Avalanche (1.17%) make up smaller portions of circulation, while other networks collectively account for 3.84%.
The expansion is part of a wider trend across the stablecoin sector. In July, global stablecoin market capitalization reached an all-time high of $261 billion, marking 22 consecutive months of growth. Trading volumes on centralized exchanges also soared to $1.6 trillion, as stablecoins cemented their role as the backbone of liquidity in digital asset markets.
While Tether remains the sector’s giant with $164 billion in circulation, its dominance has slipped slightly, opening room for rivals like Circle’s USDC, which has grown to $63.6 billion overall, and newer competitors such as Ethena’s USDe.
For Solana, the numbers tell a compelling story. With USDC accounting for nearly three-quarters of all stablecoin liquidity on the network, Circle has become the backbone of Solana’s DeFi and payment economy.
Binance Sees $1.82B Stablecoin Inflows as Solana Hits 107K TPS in Stress Test
Binance has seen a massive $1.82 billion inflow of stablecoins in recent days, one of the largest single-day deposits in recent months.
Analysts note such moves often precede spot market activity, suggesting large investors could be preparing for accumulation or short-term trades.
At the same time, Solana developers reported a new throughput milestone over the weekend, with the network briefly handling 107,540 transactions per second on mainnet during a stress test. The test, which used lightweight “noop” calls, highlighted Solana’s theoretical capacity of 80,000–100,000 TPS in live environments.
Despite the record, Solana’s actual usage remains far lower. Current throughput averages 3,600 TPS, with most activity tied to validator voting. Real user transactions typically range between 900 and 1,050 TPS, largely driven by memecoin trading on platforms such as Pump.fun and Let’sBonk.
Circle Expands With OKX, Hyperliquid, and New Arc Blockchain Amid $482M Loss
In July, Circle deepened its global push with a partnership with OKX, introducing direct 1:1 USD-to-USDC conversions for the exchange’s 60 million users. The move aims to improve on- and off-ramps in regions where banking access to stablecoins remains limited, while also enhancing liquidity across OKX’s suite of financial services.
Around the same time, Circle deployed USDC and its upgraded Cross-Chain Transfer Protocol (CCTP V2) on Hyperliquid, enabling seamless transfers between the platform and other blockchains.
With Hyperliquid’s assets under management climbing past $5.5 billion, Circle emphasized that USDC issued there will remain fully reserved and redeemable 1:1 for U.S. dollars.
The momentum carried into August when Circle unveiled Arc, its own Layer-1 blockchain designed for stablecoin finance. Positioned as the company’s most ambitious infrastructure project yet, Arc will use USDC as its native gas token and feature sub-second settlement, an integrated FX engine, and opt-in privacy tools.
Set for public testnet launch this fall, Arc marks Circle’s bid to anchor stablecoin usage across payments, foreign exchange, and capital markets. These announcements coincided with Circle’s first earnings report as a public company following its June IPO, which raised $1.2 billion.
Despite posting a $482 million net loss driven by IPO-related charges, Circle reported strong operating results: USDC in circulation surged 90% year-over-year to $65.2 billion, revenue rose 53% to $658 million, and adjusted EBITDA climbed 52% to $126 million.
With USDC now controlling 28% of the stablecoin market and wallet addresses up 68% year-over-year, Circle is underscoring its ambition to make stablecoins a core layer of global finance.
The post Circle Mints $1.25B USDC on Solana in 7 Days, Hits $24B in 2025 — Here’s Why It Matters appeared first on Cryptonews.
