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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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4. Submissions must be original and comply with community guidelines. Plagiarism or re - 🎉 The #CandyDrop Futures Challenge# is live — join now to share a 6 BTC prize pool!
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Circle Mints $750 Million USDC a Single Day on Solana As Shares React to Stock Sale Filing
Circle issued $750 million USDC on Solana in one day, expanding stablecoin liquidity.
Company filed to sell 10 million shares after a 425% post-IPO rally.
USDC circulation rose 90% year over year, with $65.2 billion in supply as of August 10.
Circle, the issuer of the U.S. dollar-backed stablecoin USDC, executed a new Solana-based mint. According to a X post by CoinTelegraph, the company issued $750 million worth of USDC on the Solana blockchain in a single day, expanding stablecoin liquidity within the network. This scale of issuance reflects Solana’s capacity for fast and low-cost transactions, making it competitive for stablecoin activity.
Growing Stablecoin Liquidity on Solana
Over the recent days, Circle has been at the lead coupled with several mints following liquidity growth in its ecosystem. USDC demand on Solana continues to rise due to the network’s high throughput and lower transaction costs compared to other Layer 1 blockchains. This positions Solana as an attractive venue for developers and users managing stablecoin-based financial services. Circle’s mint also aligns with its broader multi-chain strategy to keep USDC widely available across networks.
Alongside the minting event, a report by Yahoo Finance has revealed that Circle disclosed a public stock sale filing. The company filed to sell 10 million shares following a 425% rally since its June 5 IPO. This includes 2 million Class A common stock offered by Circle and 8 million shares offered by existing shareholders.
Shares fell over 4% in premarket trading after the filing but closed more than 1% higher at $163 per share. This movement came after Circle released its first quarterly earnings report as a public company. Total revenue for the second quarter reached $658 million, surpassing analyst expectations of $647 million.
USDC Circulation and Product Development
USDC in circulation grew 90% year over year to $61.3 billion by the end of the quarter. The figure increased another 6.4% to $65.2 billion as of August 10. CEO Jeremy Allaire stated that USDC was the fastest-growing major stablecoin over the past year.
As reported by CryptoNewsLand earlier, Circle also announced ARC, a blockchain network for stablecoin finance scheduled for launch in the second half of the year. ARC aims to give institutions predictable, low-cost fee payments on blockchains, simplifying accounting processes.
Much of Circle’s revenue comes from interest income on short-term U.S. Treasury bills backing USDC. Reserve income increased 50% year over year to $634 million, driven by an 86% rise in USDC circulation. Allaire noted that stablecoin growth could offset any impact from potential Federal Reserve interest rate cuts on Treasury yields.