Over $2.5 Billion USDC Now Circulates on Solana

Solana’s network saw explosive growth this year, but it appears that it’s not just NFTs that are driving it higher. The total amount of USDC that circulates on Solana is now up to $2.5 billion.

• Data from the Solana explorer reveals that the current supply of USDC on the network is just shy of $2.5 billion.
• Commenting on the matter was the Co-Founder and CEO at Circle, the company behind the dollar-pegged stablecoin, Jeremy Allaire, who said that the “USDC on Solana jumped from 1B to 2B in circulation” in just a week.
• Allaire also revealed that the effort to put USDC on Solana came as part of their goal to introduce “Multichain USDC, forming partnerships with a number of important chains,” and they saw Solana as one of the first to reach out to because of “the scale, speed, and cost-efficiency the chain could bring to USDC.”
• In any case, the new developments on Solana, including the growing number of USDC in circulation on it, have sure had a serious impact on the price of its native token – SOL.
• SOL is up over 500% through the past 12 months, and its price recently charted a new all-time high above $200.