USDC’s share of Solana’s stablecoin supply has fallen to 44.03%, down 17.1% in six months and 45.2% from its 80.3% all-time high in February 2025, according to DefiLlama data. The decline continued despite Circle minting approximately $1.25 billion of USDC on Solana over two days, including about $500 million in 24 hours, and more than $92 billion in 2026 so far, as redemptions outpaced new issuance. USDC remains Solana’s largest individual stablecoin at roughly $7 billion, while total stablecoin supply has exceeded $16 billion and tokens other than USDC and USDT have reached a record $5.59 billion. Institutional entrants, yield incentives and criticism following the April 1 Drift exploit have contributed to a more fragmented market, while Circle has launched its USDC-based Arc Layer 1 blockchain. A newer item credited to @ideyquickvex also reported USDC dominance at 44% and included a linked post.