"Circle minted $500 million in USDC on Solana, marking a significant milestone as the network processed $3.25 billion in USDC supply within a week. This surge is indicative of Solana's growing role in the stablecoin market, as it approaches a 10% share of total USDC supply, traditionally dominated by Ethereum."
"Unlike algorithmic stablecoins, every USDC minted is backed by an equivalent dollar held in reserve by Circle. This means that large minting events, such as the recent $500 million issuance, reflect real capital entering the ecosystem, driven by institutional or commercial buyers converting dollars into USDC."
Circle minted $500 million in USDC on the Solana network, part of a week where Solana processed $3.25 billion in USDC. This issuance is closing the gap with Ethereum, as Solana approaches a 10% share of total USDC supply. USDC's adjusted transaction volume has surpassed USDT, driven by institutional demand. Circle's aggressive strategy includes launching a cross-chain bridge for USDC transfers and increasing issuance on Solana, indicating real capital entering the ecosystem rather than manufactured supply.
Read at news.bitcoin.com
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