With a 78% market share, USDC dominates Solana’s stablecoin ecosystem, overshadowing Tether (USDT) and other rivals.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
Circle, the issuer of the second largest stablecoin in the market after Tether, has minted an additional $250 million in USDC on Solana. The minting, revealed on Monday, February 24, by Spot On Chain, brings the company’s total USDC issuance on Solana in the past seven days to $1 billion.
Since January, the company has been steadily increasing its USDC supply on the blockchain, responding to heightened interest from traders and decentralized finance (DeFi) protocols built within the ecosystem. In total, Circle has now minted $8 billion in USDC on Solana since the start of this year, including $6 billion in January and an additional $2 billion in February.
Circle just minted another 250M $USDC on Solana!
This latest mint brings the 7-day total to 1B $USDC.
So far in 2025, Circle has minted 8B $USDC on #Solana—6B in January and 2B in February.
Follow @spotonchain for more real-time updates now: https://t.co/nENZ4szSTB https://t.co/ndTrdLxhbo pic.twitter.com/94ekEZ7t46
— Spot On Chain (@spotonchain) February 24, 2025
The latest batch has brought Solana’s total stablecoin supply to $11.579 billion, with USDC dominating the blockchain. According to data from DeFiLlama, the stablecoin controls 78% of the market share surpassing rivals like Tether (USDT), PayPal USD (PYUSD), Ondo USD Yield (USDY), and Sky Dollar (USDS).
Despite outranking USDC on the list of top ten cryptocurrencies in the world by market capitalization, USDT emerged as the second largest stablecoin on Solana with a $2 billion market cap. Currently, USDT has a market cap of $1.968 billion on Solana while USDC boasts of USDC’s $9.093 billion.
Over the past weeks, Solana’s stablecoin market has expanded significantly, surpassing $10 billion for the first time in January. Data from DeFiLlama shows the blockchain recorded a 110% increase from the $5.1 billion it registered last year.
The recent surge in stablecoin activity can be linked to the growing popularity of memecoins within the Solana ecosystem. Platforms like Pump.Fun, which enable users to effortlessly create and launch memecoins, have fueled an influx of these digital assets since last year.
In January, former US President Donald Trump made headlines by launching a memecoin named TRUMP to mark his return to the White House. The token, primarily traded against stablecoins like USDC and USDT, skyrocketed to a $15 billion market capitalization within hours of its debut. However, its value has since plummeted, bringing its market cap down to $3 billion, according to CoinMarketCap.
Following Trump’s entry into the meme coin space, his wife, Melania Trump, also joined the trend, making history as the first First Lady to launch a meme coin.
The Trump family’s involvement in the memecoin market may have inspired Argentine President Javier Milei to promote a token called $LIBRA. However, the project was later exposed as a scam, and Milei is now entangled in legal proceedings related to the token.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
