Report estimates Circle issued $3.75 billion in USDC on Solana in one week
Key Facts
A report published on October 19, citing SolanaFloor data, said Circle issued about $3.75 billion in USDC on the Solana network during the previous seven days. That figure does not substantiate the draft’s claim that $4 billion was issued in the week ended October 26. The report describes gross issuance over an earlier period, not a measure of net circulating supply. The figure alone therefore does not establish that the full amount entered circulation or that it reflected new market demand. The distinction comes as global USDC supply stood at about $72.0 billion on October 22, according to Circle’s website.
Circle says some USDC on Solana may be held in pre-mint addresses and does not count toward circulating supply until the company formally authorizes its issuance. Pre-mint balances therefore do not mean an immediate increase in the amount of the currency available for trading. The gross issuance figure attributed to the report also does not, by itself, show how much was added to circulating supply. The information published here does not establish that the issuance reflects new capital flows or identify the company’s motive. Circle describes USDC as natively available for issuance on 38 blockchain networks, including Solana.
Circle says USDC is redeemable 1:1 for the U.S. dollar. It also says the currency is fully backed by highly liquid cash and cash-equivalent reserves, segregated from the company’s operating funds. The company says it publishes monthly reserve reports issued by a major accounting firm. This places the issuance within the context of a stablecoin designed to maintain parity with the dollar, while the token-minting figure alone does not show whether users requested the new amount. Circulating-supply data remain separate from pre-mint balances until Circle authorizes their issuance.
Circle has cited a broader measure of the currency’s use, saying USDC recorded more than $36 trillion in on-chain transaction volume in the first half of 2026. During the same period, the company issued and redeemed more than $315 billion of the currency. It also said USDC accounted for about 77% of global stablecoin transaction volume in June 2026, up from about 60% a year earlier. Those figures cover broader activity and different periods; they do not establish that the Solana issuance reported on October 19 resulted from a comparable increase in demand. The company also said the currency’s infrastructure settles more than $14 trillion each quarter, according to the wording of its post.
For Solana, the foundation said on September 30 that the network had processed more than $5 trillion in stablecoin volume during 2026 up to that date. It said stablecoin supply on the network reached $17.4 billion, up 18.8% year over year. The data provide context on the scale of stablecoin activity on the network, but do not break out USDC’s contribution to supply or transactions. They also do not show that the issuance of $3.75 billion in the seven days before October 19 increased Solana’s net supply by the same amount. The figures alone do not support the description of rising network activity during the period covered by the report.
In trading, EL7 data showed USDC closed at 0.9996 against the dollar on October 26, after the daily close was $1 on October 24. The readings show limited movement around the dollar level on those two dates; the price data do not link that movement to an issuance on Solana. Samsung Wallet is scheduled to begin supporting cross-border USDC transfers on the network during the last week of October, according to an announcement by the Solana Foundation on October 7. The announcement covers 82 million Galaxy devices in the United States. It sets a later date for expanding access to transfers, without establishing their effect on supply or demand.