According to data from the blockchain tracking tool Onchain Lens, Circle again minted about $750 million worth of USDC on Solana on July 13, bringing its cumulative USDC issuance on Solana in 2026 to approximately $68.26 billion. Of the USDC created on Solana in 2026, only about 10.7% remains circulating on-chain.
Technical implications of the issuance-to-circulation gap for Solana USDC in 2026
The report states that $68.26 billion refers to the total value of USDC issued on the Solana blockchain in 2026, not the amount currently circulating on-chain. Circle’s official transparency statement emphasizes that issuance must stay consistent with redemptions; newly minted USDC may be sold and exchanged for dollars (redeemed and burned), or transferred to other blockchains.
The gap between $68.26 billion and $7.3 billion indicates that a large amount of liquidity is actively recycled within the ecosystem. Solana is not just accumulating stablecoins—it is demonstrating its role as an efficient settlement network, with large amounts of dollars flowing at high speed.
USDC can always be redeemed for dollars on a 1:1 basis and is backed by reserves mainly composed of cash and short-term U.S. Treasuries.
Background of Circle’s institutional expansion
The report highlights that the factors behind Circle’s continued large-scale stablecoin issuance on Solana include: USDC accounts for 52% of all stablecoins on Solana (earlier this year, the value was about $14.7 billion); decentralized exchanges such as Raydium, Jupiter, and Orca on Solana maintain solid trading volumes, and large stablecoin reserves help reduce spreads and facilitate large trades. On the institutional side, Circle’s recent key partnerships include:
New York Bank (BNY): the first partner offering USDC institutional custody services, as well as direct minting and redemption
Standard Chartered Bank: provides USDC network access services for institutional investors
April 2026 issuance scale: previously minted $3.25 billion USDC, split into 13 tranches in a single week, with 250 million tokens per tranche
FAQ
Is the $68.26 billion figure the current circulating supply of USDC on Solana?
According to the report, $68.26 billion is the total value of USDC issued cumulatively on Solana in 2026, not the current circulating amount. DefiLlama data shows that the actual circulating USDC on Solana today is about $7.3 billion. The difference between the two reflects that a large amount of USDC has been redeemed, burned, or transferred to other chains—an indication of high turnover efficiency, not a loss of funds.
What are the main reasons Circle continues to mint large amounts of USDC on Solana?
The report states that the main reasons include: Solana is one of the most active trading platforms in the crypto space, and USDC makes up 52% of Solana’s stablecoins; DEXs such as Raydium, Jupiter, and Orca maintain significant trading volumes; and, with Circle’s institutional business continuing to expand, the entry of traditional financial institutions such as BNY and Standard Chartered drives additional demand from the institutional side.
What exactly does the partnership between BNY and Circle include?
The report indicates that BNY became the first partner to provide USDC institutional custody services, as well as direct minting and redemption services. This marks a milestone for traditional financial institutions to formally participate in the USDC issuance and custody process. Specific partnership details are subject to Circle’s official announcements.
