Stablecoin

Solana

Wednesday

USDC

Phantom

In the past week, Circle has injected nearly $1 billion in fresh liquidity into the Solana ecosystem.&nbsp;
Stablecoin issuer Circle <a href="https://solana.fm/tx/4uTEGdESaY46x8fuughmKPVaFekHoGnsAis6tKYcL6Zbq44Fcdr4Scy12XUC56XCnve1FUidRtGWZcnn2vqd4uQF" target="_blank" rel="noopener noreferrer nofollow">minted</a> $250 million of its USDC token via its treasury wallet on Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>). As of this writing, USDC is the largest stablecoin offering on the SOL ecosystem.&nbsp;Circle’s dollar-pegged crypto comprises $2.35 billion out of $3.34 billion of stablecoins on Solana. Only Tether’s <a href="https://crypto.news/price/tether/" target="_blank" rel="noopener noreferrer nofollow">USDT</a>, with its $774.65 million supply on SOL’s network, comes close.&nbsp;
<a href="https://crypto.news/price/usd-coin/" target="_blank" rel="noopener noreferrer nofollow">USDC</a> has established itself as the unmatched stablecoin leader on Solana, with integrations on leading SOL-based platforms like the Phantom wallet.&nbsp;
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Circle’s Wednesday mint on <a href="https://crypto.news/?s=solana" target="_blank" rel="noopener noreferrer nofollow">Solana</a> brought the number of newly created USDC coins on SOL to around $750 million in seven days. The transactions effectively increased the USDC supply on the major L1 blockchain by over 10%.
Minting new stablecoins on a blockchain usually signals more demand for the token and a need for additional liquidity within the ecosystem. In other words, it’s possible that the issuer minted these coins to match requests from protocols and users.&nbsp;
Following the news, Solana’s total value locked (TVL) rose by 0.4%. While the increase is small, the added liquidity to SOL’s ecosystem could translate to higher prices for memecoins and Solana’s native token.
Read more: <a href="https://crypto.news/solana-co-founder-proposes-memecoin-dev-grants/" rel="noopener noreferrer nofollow"> Solana co-founder proposes memecoin dev grants </a>

Circle minted $250m USDC on Solana

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🗒 Daily Newsletter | Wednesday, July 10th, 2024

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