Right now, USDC is the life of the party on Solana, thanks to Circle minting an additional $250 million, bringing their total to $1 billion in just a week.
This jump isn’t just a flash in the pan, but it reflects a real demand from traders and DeFi protocols within the Solana ecosystem.
$1 billion weekly milestone
Since January, Circle has been on a minting spree, creating $8 billion in USDC on Solana, and experts say that it shows that both institutional and retail investors are getting cozy with USDC.
As of now, USDC dominates the stablecoin market on Solana, holding a massive 78% share.
The total stablecoin supply on Solana has hit $11.579 billion, with USDC’s market cap reaching $9.093 billion. It’s clear that USDC is the preferred digital dollar on Solana.
Tether is here, but only the second biggest
While USDC is the star, USDT isn’t far behind. With a market cap of $1.968 billion on Solana, USDT remains the second-largest stablecoin and the only major competitor to USDC on the network.
Even though USDT lags behind on Solana, it still reigns supreme in the global stablecoin market, so this competition keeps things interesting and ensures that stablecoin issuers stay on their toes.
The stablecoin boom
Solana’s stablecoin market has seen explosive growth, jumping from $5.1 billion to over $10 billion in January alone, a 110% increase in one month.
This boom isn’t just about USDC only, but it shows that stablecoins are becoming increasingly important for financial transactions and as a base for decentralized applications.
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