Circle Issues $68.26 Billion in USDC on Solana

Circle minted approximately $750 million worth of USDC on the Solana blockchain on July 13. According to Onchain Lens, the total amount of USDC issued on Solana since the beginning of 2026 has now reached $68.26 billion. In the crypto market, new stablecoin issuance is often viewed as a sign of rising demand for digital dollars and potential capital inflows.

USDC is widely used for transaction settlements, collateralizing loans and derivatives, and supporting tokenized assets. However, issuing new tokens does not increase their value. Instead, it reflects growing demand for blockchain-based U.S. dollars.

The latest batch of USDC was minted to Solana address 7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE, continuing a trend that has persisted throughout 2026. Earlier this year, Circle issued $3.25 billion in USDC on Solana within a single week.

The cumulative issuance figure does not mean that all of those tokens remain in circulation on the network. USDC can be redeemed for U.S. dollars, burned, or bridged to other blockchains. According to DefiLlama, around $7.3 billion in USDC is currently held on Solana, while the total supply across all blockchains stands at approximately $73.5 billion.

This means that only about 10.7% of the USDC issued on Solana this year is currently held on the network. Rather than indicating that the tokens have disappeared, the difference reflects active liquidity movement across blockchains and ongoing redemptions. Circle has repeatedly emphasized that issuance figures should be viewed alongside redemption activity, noting that USDC is fully backed by cash and highly liquid assets and can be redeemed for U.S. dollars at a 1:1 ratio.

Circle's strong presence on Solana is also driven by the network's growing importance in the crypto ecosystem. Cryptopolitan previously reported that USDC accounted for 52% of all stablecoins held on Solana, with a total value of $14.7 billion. This deep liquidity supports trading on major decentralized exchanges, including Raydium, Jupiter, and Orca.

The company is also expanding its partnerships with traditional financial institutions. In June, Circle announced a collaboration with BNY, introducing institutional custody services as well as direct USDC issuance and redemption. Circle is also working with Standard Chartered to strengthen the connection between traditional finance and blockchain technology. By market capitalization, USDC remains the world's second-largest stablecoin, behind USDT.