Circle Mints $11 Billion USDC on Solana, Setting New Monthly Record

Circle has achieved a significant milestone by minting around $11 billion in USDC on the Solana blockchain throughout August, the largest single-month issuance recorded for the network. This surge indicates a notable shift in the landscape of dollar-backed stablecoins.

The minting process was not executed in one large transaction but rather in multiple tranches of $250 million, including a remarkable $1 billion minted in a single day. Monitoring service Whale Alert reported that approximately $1.25 billion was minted in just one week during mid-to-late August.

Across all blockchains, the total gross issuance of USDC reached about $5 billion in the week ending August 26, the highest weekly figure since early 2026. Each USDC minted is backed one-for-one by USD reserves held by Circle, ensuring that the issuance reflects genuine market demand.

By the end of August, the circulating supply of USDC on Solana had risen to around $8 billion, representing over 10% of USDC's total supply across all networks. Circle's Cross-Chain Transfer Protocol (CCTP) facilitates liquidity movement between blockchains, reducing friction for institutions needing to shift large dollar positions efficiently.

Notably, Circle is the technical provider for Hyperliquid's $5 billion USDC reserve, which channels substantial stablecoin demand onto Solana's infrastructure. Additionally, BNY Mellon has created a pathway for institutional clients to mint and burn USDC on the network, broadening access to compliant on-chain dollar liquidity.

The issuance trend observed in August suggests that the previous peak of $3.25 billion in April was not an anomaly but rather the beginning of a new trend in stablecoin demand. Throughout this surge, USDC maintained its peg to the dollar, demonstrating robust reserve management by Circle.