Circle Mints Record 13.5 Billion USDC on Solana in September

Circle minted about 13.5 billion USDC on the Solana network in September, surpassing the previous monthly record of approximately 11 billion set in August. The issuance occurred in repeated batches, with frequent tranches of 250 million and occasional intervals reaching 500 million.

The most active period occurred early in the month, when 3 billion USDC was minted within a 24-hour window. Many of these transactions were identified by the on-chain tracking service Whale Alert.

While these figures represent gross issuance, they do not directly equate to the net circulating supply of USDC. Large mints often land in treasury or issuer-controlled wallets before entering broader circulation, meaning net growth is typically lower than the gross totals suggest. By late August, the circulating supply of USDC on Solana had exceeded 8 billion, accounting for more than 10% of the global USDC supply.

Solana reached an all-time high for total stablecoin supply on September 25, hitting approximately 17.3 billion. This growth is primarily attributed to USDC and Tether. Additionally, Circle recently entered into an agreement with Binance involving a 100 million equity stake and a multi-year partnership to promote USDC.

The distinction between gross minting and net circulating supply remains a key metric for monitoring network activity. If net supply continues to rise alongside gross issuance, it suggests that capital is settling within the Solana ecosystem. A wider gap between the two figures may indicate that the network is primarily functioning as a transit route for institutional dollar flows.

Future data points to watch include the gross minting totals for October, the ongoing circulating supply of USDC on Solana, and whether the total stablecoin supply on the network can maintain levels above the 17.3 billion peak recorded in late September.