Circle Mints 500 Million USDC on Solana in 24 Hours
Circle’s recent on-chain activity shows 500 million USDC minted on Solana, contributing to a total of 10 billion USDC issued on the network since October 11.
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Summary
On November 25, on-chain data from Onchain Lens indicated Circle minted 500 million USDC on the Solana blockchain. This latest mint adds to the company’s cumulative total of 10 billion USDC issued on Solana since October 11. The large-scale issuance underscores Solana’s role in stablecoin distribution, leveraging its high throughput and low transaction costs to support growing USDC adoption.
Terms & Concepts
- USDC: A U.S. dollar-pegged stablecoin issued by Circle, designed to maintain a 1:1 value with the USD.
- Solana: A high-performance blockchain platform known for fast transactions and low fees, supporting decentralized applications and crypto assets.
- Minting: The process of creating new units of a cryptocurrency or token on a blockchain, in this case adding USDC supply to Solana.