šµ Circle mints 500 million additional USDC on Solana: 76.05 billion minted within the year, but āissuanceā doesnāt equal ābuy-side inflowā
At 17:42 and 23:04 (EDT) on September 25, USDC Treasury minted 250 million USDC in two transactions on Solana, totaling 500 million, about five and a half hours apart; this is the fourth 250 millionāscale minting in two days. In 2026, $CRCL has minted 76.05 billion USDC on the Solana chain
The stock data is firmer than headlines: on September 25, total stablecoin supply on Solana hit a new all-time high of $17.3 billion, up a net $0.6 billion from the previous peak before August 9. On-chain USDC is about $8.4 billionāmaking it the largest stablecoin. The number of wallets holding USDC rose from 8.1 million to 9.3 million over seven weeks, up about 15%. Solana remains the third-largest stablecoin network, behind Ethereum ($145.9 billion) and TRON ($94.1 billion)
But letās pour some cold water: minting from the treasury doesnāt mean it has entered circulation. Circleās design is āmint first, control afterward.ā Whether the tokens truly flow to exchanges, DeFi, or institutions depends on subsequent on-chain movements. Judging solely by minting, you canāt conclude there is a ā$500 million buy-side inflow.ā Whether itās gross issuance or net issuance: in August, $SOL minted about $11 billion, but net supply only increased by $0.6 billionāthe redemption and burn offset most of it
My take:
The real signal is that the number of wallets and net supply are both setting new highs, suggesting dollars are continuously settling into Solana. The fake signal is treating each minting as a positive priced-in benefit
My response: watch two indicatorsāthe proportion of newly minted USDC flowing from the treasury to exchanges/DeFi (a SOL real buy-pressure metric), and whether SOL can hold above 120 on liquidity optimism (current price is about $121.78, up 4.47% intraday). If the minting wave continues while net supply shrinks, thatās inventory management: price action is price action, and stablecoins are stablecoins
#CircleåØSolanaå¢å5äŗæęUSDC
At 17:42 and 23:04 (EDT) on September 25, USDC Treasury minted 250 million USDC in two transactions on Solana, totaling 500 million, about five and a half hours apart; this is the fourth 250 millionāscale minting in two days. In 2026, $CRCL has minted 76.05 billion USDC on the Solana chain
The stock data is firmer than headlines: on September 25, total stablecoin supply on Solana hit a new all-time high of $17.3 billion, up a net $0.6 billion from the previous peak before August 9. On-chain USDC is about $8.4 billionāmaking it the largest stablecoin. The number of wallets holding USDC rose from 8.1 million to 9.3 million over seven weeks, up about 15%. Solana remains the third-largest stablecoin network, behind Ethereum ($145.9 billion) and TRON ($94.1 billion)
But letās pour some cold water: minting from the treasury doesnāt mean it has entered circulation. Circleās design is āmint first, control afterward.ā Whether the tokens truly flow to exchanges, DeFi, or institutions depends on subsequent on-chain movements. Judging solely by minting, you canāt conclude there is a ā$500 million buy-side inflow.ā Whether itās gross issuance or net issuance: in August, $SOL minted about $11 billion, but net supply only increased by $0.6 billionāthe redemption and burn offset most of it
My take:
The real signal is that the number of wallets and net supply are both setting new highs, suggesting dollars are continuously settling into Solana. The fake signal is treating each minting as a positive priced-in benefit
My response: watch two indicatorsāthe proportion of newly minted USDC flowing from the treasury to exchanges/DeFi (a SOL real buy-pressure metric), and whether SOL can hold above 120 on liquidity optimism (current price is about $121.78, up 4.47% intraday). If the minting wave continues while net supply shrinks, thatās inventory management: price action is price action, and stablecoins are stablecoins
#CircleåØSolanaå¢å5äŗæęUSDC
