CRCL Stock Rises After Half-Billion USDC Mint On Solana Following Tether Downgrade

Shares of stablecoin issuer Circle (CRCL) gained in morning trade on Friday after data showed the company had minted 500 million USD Coin (USDC).

The issuance comes on the heels of Circle’s primary competitor, Tether (USDT), getting downgraded to ‘weak’ from ‘constrained’ by S&P Global on Wednesday. CRCL’s stock was up 3.6%, with retail sentiment on Stocktwits dipping to ‘bearish’ from ‘neutral’ over the past day. Chatter fell to ‘low’ from ‘normal’ levels. 

The minting occurred in two separate transactions on the Solana (SOL) network, each valued at $250 million, according to data on Arkham intelligence. Solana’s price edged 0.8% higher over the past 24 hours, and retail sentiment on Stocktwits remained in ‘bearish’ territory. Chatter around the altcoin dipped to ‘low’ from ‘normal’ levels. 

The uptick in issuance reflects a broader expansion in stablecoin supply following the October 11 flash crash. On-chain analytics firm Lookonchain noted that Circle and Tether have collectively minted $17.75 billion in new stablecoins since the market drop.

Get updates to this developing story directly on Stocktwits.

Read also: Bitcoin Holds Near $91,000 While Crypto Market Attempts To Regain Footing – DOGE, SOL Lead Losses

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

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