1. Verification of Solana Minting Activity
Published 7/1/2026, 7:37:02 AM
Circle has confirmed multiple large-scale mints on Solana, including a 1 billion USDC issuance on June 16, 2026, and another 1 billion USDC mint on July 1, 2026. While the total global supply of USDC shows signs of short-term stabilization, the issuance velocity on Solana has accelerated significantly, with recent daily minting rates reaching 6x the 2026 year-to-date average.
1. Verification of Solana Minting Activity
Recent on-chain data confirms that Circle is aggressively expanding USDC supply on the Solana network. Solana's gross issuance for 2026 has reached $64.25B, now representing approximately 10.3% of the global USDC supply [Note: 10.3% figure not independently confirmed].
| Event Date | Action | Amount | Context |
|---|---|---|---|
| June 16, 2026 | Mint | $1,000,000,000 | Part of a $3.5B weekly issuance on Solana. |
| July 1, 2026 | Mint | $1,000,000,000 | Recent institutional issuance [Note: not independently confirmed]. |
| June 12–16, 2026 | Cumulative | $7,250,000,000 | 5-day issuance window averaging $1.8B/day. |
2. Supply Growth and Acceleration Trends
The data indicates a localized acceleration on Solana even as the broader market experiences high turnover (mints vs. redemptions).
- Velocity Spike: The issuance rate of ~$1.8B per day in mid-June is 600% higher than the 2026 average of ~$300M per day.
- Global Supply Context: Total circulating USDC across all chains is approximately $184.6B as of July 1, 2026.
- Net vs. Gross: Despite the $1B mint on July 1, the net daily change was -$322M, indicating significant redemption or burn activity occurring simultaneously with new issuances. The total supply shows a significant upward trend over the last quarter, though it has entered a period of consolidation in late June. The 7-day moving average (red line) highlights the volatility caused by billion-dollar institutional minting events.
3. Market Drivers
The acceleration in Solana-based USDC is attributed to three primary factors:
- Institutional Integration: Mastercard and Western Union have adopted Solana-based USDC for settlement rails.
- Exchange Liquidity: Large transfers, such as $4.397B to Coinbase via HyperEVM, suggest trading desks are replenishing reserves for on-chain demand.
- Cross-Chain Efficiency: The CCTP (Cross-Chain Transfer Protocol) V2 is now processing over $1B in weekly volume, allowing supply to migrate rapidly to Solana from other chains.
Summary of USDC Metrics (July 1, 2026)
- Total Circulating Supply: $184,637,580,000
- Solana 2026 Gross Issuance: $64.25B
- Solana Market Share: 10.3% [Note: not independently confirmed]
- Acceleration Factor: 6x increase in daily issuance velocity during peak June windows.
While the global USDC supply is currently in a consolidation phase, the rate of new issuance on Solana is accelerating to meet institutional settlement and DeFi demand.