Popular stablecoin issuer Circle has minted yet another large batch of USDC stablecoins. Blockchain analytics platform Lookonchain drew attention to the activity today, revealing that Circle created $750 million worth of USDC on the Solana network.
According to the shared screenshot, the company executed the mint in three separate $250 million transactions, bringing the total to $750 million.
Circle and Tether Mint Over $19B in Stablecoins Since October 11 Crash
Moreover, this latest USDC issuance continues a much broader trend that has accelerated since the October 11 market crash. Lookonchain noted that Circle and Tether have collectively minted $19 billion in new stablecoins following the downturn.
CoinRemark has also tracked many of these transactions over the past few weeks. For instance, on October 20, Tether minted $1 billion in USDT on the Ethereum network. In addition, Circle minted $500 million in USDC last week and followed up with another $500 million over the weekend, further reinforcing the surge in stablecoin creation.
Significance of the Latest USDC Mint
Stablecoin minting at this scale often reflects renewed demand, inflow of fiat-pegged tokens into the crypto market, or preparation for increased trading activity. After significant market stress, such as the referenced 1011 crash, large issuers such as Circle and Tether frequently see heightened demand as traders reposition capital or return to dollar-pegged assets.
Meanwhile, Circle executed its latest mint just hours after the crypto market experienced a sharp downturn. Bitcoin, in particular, fell below the key $90,000 level, reaching a low of $83,862.
Although the premier cryptocurrency has since rebounded to $84,850 at press time, investors remain wary amid heightened volatility, as reflected by the Fear & Greed Index, which currently registers 20—indicating Fear. Amid this turbulence, many traders appear to be shifting their holdings into stablecoins while awaiting market stabilization.
Meanwhile, USDC remains the world’s second-largest stablecoin with a market cap of $77.07 billion, though it still trails far behind USDT’s $184.61 billion valuation.
Evans Kelvin
