- Circle minted 250M USDC on the Solana, supply by over 10% to $2.35B
- Such USDC supply will increase liquidity and benefit DeFi apps and DEXs.
- It could also significantly increase the number of users in the Solana ecosystem, impacting trading pairs such as SOL/USDC
- Solana’s activity is growing, as is its adoption in financial systems and services, and the activity of developers on the network
We recently wrote about a big win for Circle where they approved a regulation in the EU, and their USDC and EURC became the first European-approved stablecoins. You can read more about it in our article.
More good news is that Circle minted $250 million USDC on Solana, becoming the largest stablecoin with $2.35B, compared to USDT’s $774.65M.
Why Solana Network?
Well, the following assumptions can be made here. Solana is trying to bridge the famous gap between Web2 and Web3 services by being very active in development and doing a lot of seamless integrations.
Also, Solana is trying to expand the use of crypto through faster and cheaper transactions, which is a barrier to Bitcoin and Ethereum.
Last but not least, especially in the context of Europe’s strictness on privacy and security, is the fact that Solana is a fully self-contained blockchain written in the far more efficient and secure Rust language.
All of this combined seems to make Circle’s decision to add more of its offering, specifically on the Solana Network, a logical one. However, the network and the market have to absorb such liquidity.
We’ll closely watch the market reaction and Solana’s growing relevance.
