Circle, the company that makes stablecoins, has added almost $1 billion to the Solana community. From its treasury wallet on the SOL network on Wednesday, Circle made $250 million worth of its USDC coin.
At the moment, USDC is the most valuable stablecoin on Solana, with $2.35 billion worth of it. There are $3.34 billion worth of stablecoins on the platform. Tether’s USDT, on the other hand, has $774.65 million in reserve on SOL.
USDC dominates Solana network
Many important SOL-based services, like the Phantom wallet, now support USDC, making it even stronger as the top stablecoin on SOL.
With the most recent minting, SOL has added about $750 million worth of new USDC tokens in just one week. Because of these trades, there are now over 10% more USDC on the SOL blockchain.
When a blockchain mints new stablecoins, it usually means that demand for the token is growing and the environment needs more cash. Based on this, it seems possible that the new coins were made to meet the needs of users and protocols.
In answer to this event, Solana’s total value locked (TVL) went up by a small 0.4%. Even though it’s just a modest increase, the extra cash could make memecoins and Solana’s local token more valuable.
