5 billion USDC were just created on Solana, and 465 million of it hasn’t moved.
▪️ Two transactions of 250 million each were completed within 40 minutes and entered the same vault
▪️ Pre-mint balance: 533 million; post-mint: 1.03 billion; still 998 million the next day
▪️ As of 9/21, Circle had issued 10.1 billion and redeemed 9.8 billion over the week, net increasing by about 400 million
▪️ In August, Solana minted about 11 billion; since 8/9, the net increase has been only about 600 million
On Solana, Circle uses a pre-mint structure: the coins can be stored in a designated address first, and only then are they counted toward circulating supply. What you see on-chain as issuance is minting—not what someone is “buying.”
The cross-chain protocol follows “burn on the source chain, mint on the target chain.” On Solana, some minted amounts aren’t new money—they’re moved over from other chains. Gross mint volume measures pipeline throughput; net issuance reflects actual demand.
The same applies to BTC: what matters for the incoming dollars is the net increase, not minting. If you only watch each minting event, you may misread inventory preparation as buy pressure.
Next, watch three things:
① Circle’s weekly net issuance (issuance minus redemptions)
② When the balance in that vault address starts to drop
③ USDC’s share on Solana—currently 44%; in February 2025, it was 80%.
Will you treat minted coins on-chain as capital entering, or as inventory being stockpiled?
Remember: stay away from lockups, stay away from unclear objectives—everything is your own judgment. Start learning, don’t disturb.
▪️ Two transactions of 250 million each were completed within 40 minutes and entered the same vault
▪️ Pre-mint balance: 533 million; post-mint: 1.03 billion; still 998 million the next day
▪️ As of 9/21, Circle had issued 10.1 billion and redeemed 9.8 billion over the week, net increasing by about 400 million
▪️ In August, Solana minted about 11 billion; since 8/9, the net increase has been only about 600 million
On Solana, Circle uses a pre-mint structure: the coins can be stored in a designated address first, and only then are they counted toward circulating supply. What you see on-chain as issuance is minting—not what someone is “buying.”
The cross-chain protocol follows “burn on the source chain, mint on the target chain.” On Solana, some minted amounts aren’t new money—they’re moved over from other chains. Gross mint volume measures pipeline throughput; net issuance reflects actual demand.
The same applies to BTC: what matters for the incoming dollars is the net increase, not minting. If you only watch each minting event, you may misread inventory preparation as buy pressure.
Next, watch three things:
① Circle’s weekly net issuance (issuance minus redemptions)
② When the balance in that vault address starts to drop
③ USDC’s share on Solana—currently 44%; in February 2025, it was 80%.
Will you treat minted coins on-chain as capital entering, or as inventory being stockpiled?
Remember: stay away from lockups, stay away from unclear objectives—everything is your own judgment. Start learning, don’t disturb.