Circle has minted over $10.5 billion worth of USDC on Solana in the past month, setting a record for single-chain monthly stablecoin issuance. On-chain tracker Lookonchain flagged the latest batch on X, noting a single transaction of 250M USDC and a total of 10.25B USDC minted on Solana over 30 days. Other outlets amplified the figures: WEEX, citing Onchain Lens, reported Circle minted 550M USDC within 12 hours and over 10.19B in roughly 30 days; BlockBeats and Cointech2u highlighted a 24-hour period in early April when Circle minted 1B USDC, pushing monthly issuance to around 11.25B. Coinfomania summarized the pattern as “consistent daily issuance of $750 million” during the first week of April, adding that the steady flow “shows rising demand” and “points to growing activity across the Solana ecosystem.”
Solana’s Stablecoin Settlement Volume Tops Ethereum
The minting spree comes as Solana solidifies its role as a hub for stablecoin payments and trading. Research shared by The Kobeissi Letter and covered by Coinpaper shows that Solana processed about $650 billion in stablecoin transactions in February 2026, the highest monthly volume ever recorded on any blockchain, ahead of Ethereum’s roughly $551 billion for the same period. Stablecoin Insider noted that February’s tally marked “the first time Solana has led on settlement volume.” Total stablecoin market cap has since crossed $320 billion, partly fueled by institutional demand and U.S. regulatory tailwinds like the GENIUS Act.
CoinStats’ April investment analysis shows Solana’s DeFi total value locked reached a record 80 million SOL (~$10 billion at current prices), up from $8.1 billion in late 2025. Cryptometer.io reports that as of early April, USDC supply on Solana stood around $7.62 billion, adding that the chain’s role in “crypto payments, trading, and fast-moving financial apps” has grown rapidly alongside support from major wallets and exchanges. Binance’s news feed called Circle’s latest Solana activity its “busiest week so far in 2026,” pointing to $3.25 billion minted between March 31 and April 6 alone.
Multi-Chain Strategy and Liquidity Concentration Risks
Circle has not commented in detail on the Solana-specific spike, but its broader disclosures emphasize a multi-chain strategy that deploys USDC wherever low-fee, high-speed dollar liquidity is needed. The recent flurry of mints, with no corresponding surge in large redemptions reported on-chain, suggests net expansion rather than re-issuance — a pattern that typically reflects fresh demand from exchanges, DeFi protocols, and payment platforms.
For crypto markets, the numbers reinforce two themes. First, stablecoins remain the core plumbing of digital finance, with Solana proving that alternative L1s can rival and even surpass Ethereum in raw settlement volume when fees and throughput align with demand. Second, concentrating over $10.5 billion in new USDC on a single chain in under a month raises questions about liquidity clustering and systemic risk: if Solana faces a major technical or regulatory shock, a large chunk of on-chain dollar liquidity would be directly exposed.