Circle minted four tranches of 250 million USDC on Solana in two days, bringing the total gross volume issued on this blockchain to $72.01 billion since January. Approximately $7 billion in USDC currently circulates on Solana, with the remainder corresponding to repeated creation and destruction cycles for institutional clients. This sustained activity accompanies the broader expansion of stablecoins on Solana, whose total supply exceeded $15 billion on July 20. Circle is anticipating high liquidity needs for trading, payments, and decentralized finance. The impact on the SOL price is not mechanical, however, as users can exchange USDC without accumulating the native token long-term.
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