Circle has gained attention after engaging in crucial minting events on the Solana blockchain. According to data reported by crypto analyst Onchain Lens, Circle minted another batch of 250 million USDC on Solana today. The latest move by Circle brought the total amount of USDC tokens created on the Solana network to a whopping 6.75 billion.
Why minting on Solana?
Seven days ago, on Jan.31, 2025, Circle minted 250 million USDC on the network. So far, Circle has minted a total of 6.75 billion USDC on Solana since Jan.2, 2025.
The increasing demand for USDC stablecoin demonstrates itself through minting activities happening in the Solana network. Meanwhile, the supply of stablecoins on the Solana chain has risen by 73% since mid-January, climbing to a high of $11.1 billion.
The launch of Official Trump’s memecoin on the Solana blockchain (on Jan.18) fueled massive trading volume on DEXs resulting in immense activity on the network. This rise coincided with an enormous increase in money influxes into the Solana chain, indicating the influence of the meme coin on the Solana ecosystem.
Due to this trading growth, Solana surpassed the BNB blockchain to become the third-biggest protocol by stablecoin supply, following Ethereum and TRON. Circle’s USDC remains the dominant stablecoin on Solana, controlling 78% of the stablecoin supply on the network. Tether’s USDT holds 12% of Solana’s stablecoin supply.
The rise of stablecoins
Of late, Tether and Circle have been actively minting their stablecoins on TRON and Solana respectively. Early this week, Tether minted $1 billion USDT on the TRON network, creating a total supply of $2 billion USDT this year.
Stablecoin issuance by the two firms continues to rise, signaling increased demand for virtual currencies. They are engaging in creating new stablecoins to meet rising demands for a stable virtual currency to allow crypto investors to trade seamlessly without volatility concerns.
Surges in stablecoin supply are a bullish signal, as investors use stablecoins to buy other crypto assets. Even traditional investors use huge amounts of stablecoins to purchase Bitcoin and Ethereum funds. This is true as Bitcoin and Ethereum ETFs have attracted over $450 billion from traditional funds since their respective launches.
This bullishness can be seen in the manner in which Tether and Circle mint new stablecoins. USDT is the biggest stablecoin with a market capitalization of $141.4 billion. On the other hand, USDC is the second-biggest stablecoin with a market valuation of $55.5 billion. More than 70 various blockchains use these two stablecoins for trading activities.
So far, stablecoin minting has significantly increased in 2025. The total market cap of these financial instruments recently hit a groundbreaking $204 billion, an increase of $37.6 billion since November 2024.
