Circle minted more than $10.5 billion in USD Coin (USDC) on Solana within a month, marking the largest issuance burst on a single blockchain. The scale highlights a shift in stablecoin liquidity toward high-throughput networks optimized for payments and trading.
Circle(@circle) just minted another 250M $USDC.
— Lookonchain (@lookonchain) April 10, 2026
Over the past month, #Circle has minted a total of 10.5B $USDC on Solana.https://t.co/79Vn2xNRrR pic.twitter.com/V0DYE2iWDq
On-chain data from Lookonchain shows multiple large issuances, including a single $250 million mint, contributing to a sustained expansion across March and early April. Additional tracking from Onchain Lens and BlockBeats indicates issuance exceeding $10 billion in roughly 30 days, with peak daily flows reaching $1 billion.
Is Solana Becoming The Primary Stablecoin Settlement Layer?
The surge aligns with Solana’s growing dominance in stablecoin settlement volume. Data cited by The Kobeissi Letter shows the network processed about $650 billion in stablecoin transactions in February 2026, surpassing Ethereum’s roughly $551 billion during the same period. This marks the first instance of Solana leading in monthly settlement volume across major blockchains.
Rising activity is also reflected in decentralized finance metrics. Solana’s total value locked (TVL) reached approximately 80 million SOL, or about $10 billion, according to CoinStats, up from $8.1 billion in late 2025. The expansion suggests stablecoin inflows are supporting broader liquidity across trading, lending, and payment applications.
Market observers point to consistent issuance patterns as evidence of organic demand. Coinfomania reported average daily USDC minting of roughly $750 million in early April, describing the flow as indicative of “growing activity across the Solana ecosystem.” Notably, on-chain data shows limited corresponding redemptions, signaling net new capital entering the network.
Still, the concentration of liquidity raises structural questions. What happens if a significant share of dollar-denominated liquidity clusters on a single chain facing technical or regulatory stress? The answer may define how multi-chain strategies evolve as stablecoin supply expands.
Circle has framed USDC as chain-agnostic infrastructure, deploying liquidity where demand emerges. The next catalyst will depend on whether Solana sustains throughput advantages under rising load or faces competition as other networks scale stablecoin capacity.
