Circle Injects $1 Billion in Liquidity into Solana Ecosystem
In a recent move, stablecoin issuer Circle injected nearly $1 billion in fresh liquidity into the Solana ecosystem. This injection included minting $250 million of its USDC token via its treasury wallet on Solana, making USDC the largest stablecoin offering on the SOL ecosystem. Circle’s dollar-pegged crypto now accounts for a significant portion of stablecoins on Solana, with integrations on platforms like the Phantom wallet.
Solana Sees Surge in USDC Supply
Circle’s Wednesday mint on Solana contributed to a significant increase in the USDC supply on the major L1 blockchain. This surge in stablecoin minting typically signifies heightened demand for the token and increased liquidity within the ecosystem, potentially leading to higher prices for memecoins and Solana’s native token. Following these developments, Solana’s total value locked (TVL) experienced a modest uptick of 0.4%.
