Namespace
← Back to Blog
newssolanausdccirclestablecoins

Circle mints another $250 million USDC on Solana

October 24, 2026

Circle minted another 250 million USDC on Solana, according to a Cointelegraph post published early on Oct. 24. On-chain tracker Whale Alert recorded the mint at the USDC Treasury at 21:21 UTC on Oct. 23 and valued the batch at about $250.09 million.

What happened

Whale Alert’s transaction record shows 250,000,000 USDC minted on Solana and sent to an address labeled USDC Treasury. The timestamp is 21:21:24 UTC on Friday, Oct. 23. The tracker valued the tokens at $250,086,750. The Solana transaction hash, listed on Whale Alert, is 2mqCoEUSrvTEy2vQYXH9mMbWHvftucpYi3ZPebmMbRoAuUXEXeEfoRK4YaVg7vbY8nJa3PboeinBwFXUkk3MLAcU.

Binance News, citing ChainCatcher, reported the mint at 5:21 a.m. UTC+8, the same moment as 21:21 UTC on Oct. 23, and said Solscan data showed the MintTo transaction was confirmed. Phemex News carried a matching report. Solscan lists that treasury token account as owned by Circle.

It was not the day’s only print. Whale Alert recorded a separate 250 million USDC mint at the USDC Treasury on Solana at 14:58 UTC on Oct. 23, valued at about $250.08 million. Repeated batches of that size are why Cointelegraph described the later mint as another issuance.

Why it matters

USDC is a dollar-pegged stablecoin issued by Circle. Circle says the token is redeemable 1:1 for U.S. dollars and backed by cash and cash-equivalent assets. Minting on Solana increases the amount of USDC created on that network. The amount minted is not a measure of trading volume, exchange deposits, or purchases of other assets.

On Solana, Circle has described a pre-mint process in which some USDC is held before it counts as circulating. A company post says tokens at pre-mint addresses are “not considered part of the circulating supply” until Circle authorizes a mint. Coverage of other treasury mints this month, including reports from TokenPost and EconoTimes, has made the same point: creating tokens and later moving them are separate events. The Oct. 23 alert does not show whether this batch was distributed.

Supply dashboards show why that caveat matters. DeFiLlama figures labeled as of Oct. 23 put USDC circulating on Solana at about $6.82 billion, down 3.43% over one day, within a global circulating supply of about $72.25 billion. A treasury mint and a change in circulating supply are not the same figure.

The latest batch also follows a busy stretch of issuance. TokenPost reported that Circle issued $1.5 billion of USDC on Solana in six transactions of $250 million each over a 24-hour window ending Oct. 22. Citing on-chain monitoring, it said cumulative USDC issuance through Solana in 2026 had reached $110.51 billion as of Oct. 22. That annual number tracks gross issuance on the network, not tokens still in circulation.

What's next

Further transfers would show whether the new tokens stay with the treasury, move to a Circle Mint customer, or are offset by a redemption. Circle’s Cross-Chain Transfer Protocol can burn USDC on one blockchain and mint the same amount on another, so a Solana mint does not by itself raise supply across every network.

People watching stablecoin liquidity on Solana will likely look at later on-chain alerts and public supply data, rather than reading a single treasury transaction as proof of new demand. In the sources reviewed for this article, Circle had not issued a separate statement on the Oct. 23 mint.

Sources

More from the Namespace blog