Circle Mints Record 3.25 Billion USDC On Solana In A Week, But Ethereum Still Dominates Stablecoin Supply

• Solana continues to gain share in USDC supply, now accounting for nearly 10% of the total.
• Ethereum still dominates, accounting for around 66% of USDC’s total circulating supply. 
• CRCL stock gained in pre-market trade and Solana’s price rose over 3% in the last 24 hours amid a broader rally in the cryptocurrency market. 

Shares of stablecoin issues Circle Internet Group (CRCL) rose in early morning trade on Monday after data showed the company had minted a record 3.25 billion USDC (USDC) on the Solana (SOL) blockchain over the past week. 

CRCL’s stock gained as much as 3.5% in pre-market trade amid a broader rally in the cryptocurrency market. Retail sentiment around the company on Stocktwits remained in ‘bearish’ territory over the past day. 

Data on SolScan showed that Circle minted the 3.25 billion USDC through multiple $250 million mint transactions, marking its largest weekly stablecoin issuance in 2026. Solana’s price rose 3.2% in the last 24 hours to around $82. Retail sentiment on Stocktwits around the altcoin remained in the ‘bullish’ zone over the past day.

Solana Gains Ground in Stablecoin Issuance

While Ethereum (ETH) still dominates USDC supply with a 66.5% share, Solana has been gaining ground and now accounts for nearly 10%, according to DeFiLlama data. Experts have credited the increase in minting on USDC on Solana to lower fees and higher speed, challenging Ethereum’s dominance in stablecoin liquidity. 

Ethereum’s price rose 5.3% in the last 24 hours, outperforming Bitcoin (BTC), which rose around 4%. Retail sentiment around Ethereum on Stocktwits remained in ‘bearish’ territory over the past day. 

Drift Hack Fallout Puts Circle Under Scrutiny

After last week’s Drift Protocol hack, which drained $230 million USDC on Solana, the firm faced backlash for not freezing the funds in time. According to on-chain investigator ZachXBT, the transfers occurred over several hours during business hours, which provided Circle with enough time to intervene. 

Last week, Circle also announced its post-quantum security roadmap for its layer-1 blockchain Arc. On Thursday, the company said that it’s planning a phased implementation, starting with quantum-proof wallets and signatures once Arc launches on mainnet, expected sometime in 2026.

Read also: Bitcoin Nears $70K On US-Iran Ceasefire Talks, $270 Million Shorts Wiped Out

For updates and corrections, email newsroom[at]stocktwits[dot]com.