Circle mints USDC on Solana in another major issuance round, adding roughly $750 million on July 13 and lifting gross 2026 minting on the network to about $68.26 billion, according to Onchain Lens.
The latest transaction highlights Solana’s role in moving dollar liquidity across crypto markets. Traders often monitor USDC minting activity as a measure of demand for on-chain dollars, although gross issuance differs sharply from the amount currently circulating on the blockchain.
USDC supports trade settlement, lending, derivatives, and tokenized real-world asset transactions. Fresh issuance does not automatically signal higher market value, but sustained minting alongside trading activity can reflect demand for blockchain-based dollar liquidity.
Latest mint extends Solana issuance trend
Onchain Lens identified the receiving Solana address as 7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE. The July 13 mint extends a pattern seen throughout 2026.
In April, Circle issued $3.25 billion in USDC on Solana within one week. That activity occurred through thirteen separate tranches of 250 million tokens, showing the scale and frequency of issuance moving through the network.
Solana has become one of crypto’s busiest venues for stablecoin settlement. Decentralized exchanges including Raydium, Jupiter, and Orca also process large trading volumes, while USDC has accounted for a substantial share of stablecoins held on the chain.
Gross issuance differs from circulating supply
The $68.26 billion figure represents total USDC minted on Solana during 2026, not the amount currently available on the network. Tokens can later be redeemed for dollars, burned, or transferred across blockchains as liquidity moves.
DefiLlama data places current USDC supply on Solana near $7.3 billion. Total USDC circulating across all supported blockchains stands close to $73.5 billion.
That means Solana’s current USDC supply equals about 10.7% of the amount minted on the network this year. Gross issuance is also roughly 9.35 times larger than the present circulating balance.
The difference does not indicate that most tokens disappeared. It reflects active recycling through redemptions, burns, transfers, and settlement activity.
Circle links minting with redemptions
Circle has repeatedly emphasized that issuance must be assessed alongside redemptions and circulating supply.
“USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is always redeemable 1:1 for US dollars.”
Circle’s transparency reports track issuance, redemptions, and supply separately. The company says reserves mainly consist of cash and short-term US Treasury securities.
Circle has also expanded institutional access. BNY became the first partner announced to offer institutional custody and direct USDC minting and redemption, while Standard Chartered supports network access for institutional investors. USDC remains the second-largest stablecoin by market value behind Tether’s USDT.
These institutional arrangements connect traditional custody services with blockchain settlement, giving approved market participants direct routes for minting, redeeming, holding, and transferring USDC across supported networks.
