Circle Mints Record $13.5 Billion of USDC on Solana in September

Circle minted approximately $13.50 billion in USDC on Solana during September, setting a new monthly record for stablecoin issuance on the network. The total exceeded August’s roughly $11 billion and arrived through repeated batches rather than a single issuance event.

September’s Issuance Surge

Circle issued USDC throughout the month, frequently in tranches of $250 million. On some occasions, the pace reached $500 million within short intervals, with many large transactions flagged by Whale Alert, an on-chain monitoring service.

The most active period came early in September, when Circle minted approximately $3 billion in USDC within a single 24-hour window, according to the research compiled for the report.

Monthly gross minting on Solana has now reached successive records:

• September: approximately $13.50 billion
• August: approximately $11 billion

The figures measure the amount of USDC created by Circle, rather than the amount that ultimately remains in circulation across wallets, exchanges, and decentralized applications.

Gross Issuance Versus Circulating Supply

Large mints can initially move into treasury or issuer-controlled wallets before being distributed. That means net growth in circulating USDC may be considerably smaller than the gross issuance headline suggests.

By late August, USDC supply on Solana had exceeded $8 billion, representing more than 10% of the token’s global supply. Because each USDC is backed 1:1 by U.S. dollar reserves, large issuances indicate dollars entering Circle’s system to be represented on-chain, although the data does not by itself establish how actively those tokens are being used.

Solana’s broader stablecoin market also expanded. By September 25, total stablecoin supply on the network reached an all-time high of approximately $17.3 billion, driven primarily by USDC and Tether.

Circle also pursued distribution efforts outside the blockchain. In September, it reached an agreement with Binance that included a $100 million equity investment and a multi-year arrangement to promote USDC.

What This Means

The record mint reinforces Solana’s growing role as a high-speed venue for dollar-denominated digital assets, but gross issuance should not be treated as a direct measure of active liquidity. The key indicator will be whether circulating USDC rises alongside new mints.

If net supply continues climbing and Solana’s total stablecoin balance remains above the late-September peak, the data would suggest that more dollars are settling into the ecosystem. If the gap between gross issuance and circulating supply remains wide, the activity may instead reflect treasury movements or Solana’s use as a transit route for institutional dollar flows. October’s mint total, circulating USDC supply, and stablecoin balance will be the next figures to watch.