Circle, the issuer of USDC, has further solidified its dominance in the Solana ecosystem by minting an additional $250 million in USDC. The latest issuance, revealed on February 24 by blockchain analytics firm Spot On Chain, brings Circle’s total USDC minting on Solana to $1 billion in just the past seven days.
USDC Leads Solana’s Stablecoin Market
Since January, Circle has been steadily increasing USDC supply on Solana to meet rising demand from traders and decentralized finance (DeFi) protocols. To date, the company has minted $8 billion in USDC on Solana, including $6 billion in January and an additional $2 billion in February. This aggressive expansion has propelled USDC to control a staggering 78% of Solana’s total stablecoin supply, according to DeFiLlama.
Circle just minted another 250M $USDC on Solana!
— Spot On Chain (@spotonchain) February 24, 2025
This latest mint brings the 7-day total to 1B $USDC.
So far in 2025, Circle has minted 8B $USDC on #Solana—6B in January and 2B in February.
Follow @spotonchain for more real-time updates now: https://t.co/nENZ4szSTB https://t.co/ndTrdLxhbo pic.twitter.com/94ekEZ7t46
Solana’s stablecoin market has now reached $11.579 billion, with USDC surpassing competitors like Tether (USDT), PayPal USD (PYUSD), Ondo USD Yield (USDY), and Sky Dollar (USDS). Despite USDT maintaining a higher market capitalization globally, it ranks second on Solana with a market cap of $1.968 billion, far behind USDC’s $9.093 billion.
Memecoins Drive Stablecoin Activity on Solana
Solana’s stablecoin market has witnessed explosive growth, surging past the $10 billion mark for the first time in January. Compared to last year’s $5.1 billion, this represents a remarkable 110% increase. A key driver behind this expansion is the rising popularity of memecoins within the Solana ecosystem.
Platforms like Pump.Fun have made it easier for users to create and launch memecoins, fueling increased trading activity. Notably, in January, former U.S. President Donald Trump introduced a memecoin, TRUMP, which skyrocketed to a $15 billion market cap before plummeting to $3 billion. His wife, Melania Trump, followed suit, becoming the first First Lady to launch a meme coin.
Even Argentine President Javier Milei was linked to the trend, endorsing the $LIBRA token. However, the project was later exposed as a scam, landing Milei in legal trouble.
Also Read: Solana (SOL) at a Critical Crossroads: Can it Rebound 35% or Face Further Decline?
The Future of USDC on Solana
With USDC continuing to dominate Solana’s stablecoin market, its growing integration within DeFi and trading platforms suggests further expansion. As the ecosystem matures, stablecoin-backed liquidity could play a crucial role in shaping the blockchain’s financial landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
