Circle minted $500 million of USDC on the Solana network on April 29. On-chain intelligence firm Arkham flagged the transaction. Solana processed over $3.25 billion in new USDC supply during the past week.
These minting events represent institutional buyers converting U.S. dollars into on-chain capital. Solana’s share of the total USDC supply is now approaching 10%. Ethereum has long dominated this market.
Circle stock (CRCL) fell approximately 2.48% in early trading. The decline mirrored a broader selloff in crypto-related equities. Bitcoin struggled to maintain key price levels during the same period.