Circle’s USD Coin (USDC) has reached a new milestone, surpassing a total supply of $56 billion.
The stablecoin’s rapid expansion reflects growing market demand, with $10 billion in fresh USDC entering circulation in the last month alone.
Despite this growth, USDC is miles behind Tether’s USDT, the largest stablecoin with a market capitalization of more than $140 billion.
Solana’s role in USDC growth
Market observers noted that much of USDC’s growth stems from shifting network preferences. Crypto traders increasingly turn to the Solana blockchain, drawn by its lower transaction costs and efficiency — especially for memecoin trading.
This trend has significantly reshaped how USDC is distributed across different ecosystems. Data from DeFiLlama reveals that Solana’s share of USDC supply has surged from under 3% to 17%. Meanwhile, Ethereum’s dominance has dropped from 85% to 59%, signaling a clear change in market preference.
On-chain data further shows that 45% of the $2.1 billion USDC outflow from Ethereum last month moved to Solana, while Arbitrum absorbed 22%, and Base captured nearly 15%.
As a result, Solana’s stablecoin ecosystem has seen an unprecedented boost. The network’s stablecoin supply has soared 138% within a month, reaching an all-time high of $12 billion. Of that, $10 billion represents USDC tokens, which account for 80% of the blockchain’s total stablecoin market cap.
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