Circle minted approximately $11 billion in USDC on the Solana blockchain during August, marking a historic single-month record for the network. Solana’s circulating USDC supply reached around $8 billion, representing over 10% of USDC’s total supply across all blockchains. The issuances were carried out in repeated $250 million tranches, including a notable $1 billion single-day issuance. This demand is primarily driven by major institutional players such as BNY Mellon and Hyperliquid, which use Solana for their dollar liquidity operations. The USDC peg remained stable throughout this intensive issuance period, demonstrating the network’s capacity to absorb massive volumes without destabilizing its dollar parity.
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