Circle expands USDC supply on Solana amid $34.5 billion reserve report

Circle has reported significant growth in USDC liquidity on the Solana blockchain, minting $1.25 billion worth of the stablecoin on the network over a three-day period in September. This surge includes a recent $250 million mint, signaling increased demand for high-throughput chain utility and providing deeper liquidity for Solana-based DeFi protocols and exchanges.

In a separate monthly reserve attestation reviewed by Deloitte, Circle confirmed that its USDC reserves stand at $34.5 billion. The report indicates that reserve assets exceed the total circulating supply of the token. The reserves are primarily composed of conservative, liquid instruments, specifically short-term U.S. Treasury bills and overnight repurchase agreements.