Circle Issues Over 500 Million USDC on Both Solana and Ethereum
Circle has conducted two USDC mints, each worth approximately $250 million, on two different blockchains: Solana (250 million USDC, equivalent to $249.9 million) on May 25, 2025, and Ethereum (283,775,282.46 USDC, equivalent to $283,718,243.63) on May 23, 2025.
5/26/20253 min read


What happened in the last 2 days?
Circle has done two USDC mints, each worth around $250 million, on two different blockchains:
Solana (250 million USDC, equivalent to 249.9 million USD) on 5/25/2025
Ethereum ($283,775,282.46 USDC, equivalent to $283,718,243.63) on May 23, 2025.
In total, Circle injected approximately $533.7 million in stablecoin liquidity into the market over the course of a few days. This behavior reflects Circle’s multi-chain expansion strategy and could have some notable short-term impacts on the crypto market. Here’s a detailed analysis of this behavior and its implications.
283.7 million USDC issued on Ethereum
Previously, on May 23, 2025, Circle minted 283,775,282.46 USDC on Ethereum, equivalent to 283,718,243.63 USD, confirmed at 06:22:23 PM UTC.
This transaction cost $0.25 with a gas price of 1.78 Gwei, taking advantage of a time when the Ethereum network was not too congested.
The new USDC will support major DeFi protocols like Aave, Compound, and Uniswap, where USDC is the dominant stablecoin. In the short term, this could stimulate trading and lending activity on Ethereum, but if trading volumes surge, gas fees could rise, putting pressure on individual users.
The move also affirms Circle’s multi-chain strategy, aiming to optimize liquidity across leading ecosystems.


Issue 250 million USDC on Solana
On May 25, 2025, Circle issued 250 million USDC on the Solana blockchain, with an estimated value of approximately $249.9 million.
This transaction, recorded at 21:29:38 Indochina Time, had an extremely low cost (0.000031 SOL) and consumed 6,301 compute units, demonstrating Solana's superior performance in processing large transactions.
This liquidity injection not only increases the usability of USDC in DeFi applications on Solana like Raydium or Sabre, but also strengthens the blockchain's position in the race with other platforms.
In the short term, the 250 million USDC will boost liquidity, increase total value locked (TVL), and attract more developers, but also pose risks if Solana experiences stability issues like previous outages.


Short-term impact on the market
On Solana, the additional 250 million USDC will boost liquidity for DeFi protocols like Raydium, Sabre, or Serum.
This could increase the total value locked (TVL) on Solana, attracting more users and developers.
Ethereum, 283.7 million USDC will support major protocols such as Aave, Compound, or Uniswap, where USDC is one of the most popular stablecoins.
Increased liquidity could stimulate trading and lending activity. Reduced transaction cost pressure: On Solana, low transaction costs will encourage applications to use USDC for micropayments, blockchain games, or NFTs.
On Ethereum, the new USDC can be used to pay for gas fees (by swapping to ETH), reducing cost pressure for users in the short term.
Evaluation and Conclusion
Circle’s move to issue 250 million USDC on both Solana and Ethereum is a strategic move to increase liquidity and strengthen USDC’s position in the stablecoin market. In the short term, this move will:
Driving liquidity and DeFi activity on both blockchains, especially in protocols like Raydium (Solana) and Uniswap (Ethereum).
Increase confidence in USDC and create competitive pressure on other stablecoins like USDT.
Stimulate USDC trading and practical applications, from micropayments to yield farming. However, the market also needs to monitor risks such as selling pressure, systemic risks on Solana, and gas fee fluctuations on Ethereum. Overall, this is a positive signal that Circle is pushing forward with its multi-chain strategy, contributing to the development of the blockchain and DeFi ecosystem in the short term.
Once again we give our opinion on potential projects in the crypto market. This is not investment advice, consider your portfolio. Disclaimer: The views expressed in this article are solely those of the author and do not represent the platform in any way. This article is not intended to be a guide to making investment decisions.
Compiled and analyzed by HCCVenture
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