Circle mints $3B USDC on Solana as institutional demand accelerates
USDC (USDC)
Editor:
Eugene Serbin
cryptobriefing.com reports that Circle minted $3 billion in USDC on the Solana blockchain within a single 24-hour window. This issuance is part of a broader 2026 trend where institutional capital increasingly parks stablecoin liquidity on Solana rather than Ethereum. Throughout the year, Circle has systematically issued USDC in tranches, with August 2026 seeing approximately $11 billion in gross mints.
By late August, the circulating supply on Solana surpassed $8 billion, representing over 10% of the global USDC supply. Specific milestones include a $1 billion single-day mint in mid-June and a $910 million issuance on June 29. That June 29 event also saw a simultaneous $250 million burn on Ethereum, highlighting a shift in liquidity distribution.
BNY Mellon expanded its partnership with Circle in June 2026 to facilitate institutional minting and custody directly on Solana. This collaboration reduces friction for large institutions seeking exposure to Solana’s DeFi ecosystem without bridging from Ethereum. While Ethereum retains the majority of USDC supply, Solana’s lower fees and faster finality are driving this growth. Gross issuance figures exceed net supply growth because redemptions and burns occur constantly.
How the market reacted
Whalio's own Binance spot order flow for USDC, measured when this story was written up on 7 September 2026. Not the outlet's figures.
USDC is trading at $1.0000 with a spot volume of $2.4 billion over the last 24 hours. The 1-hour buy ratio stands at 61.2%, indicating strong short-term buying pressure, while the 4-hour ratio drops to 45.6%, suggesting that momentum is fading over a slightly longer timeframe. The 24-hour buy ratio sits at 49.7%, showing a near-even split in buying and selling pressure over the full day. Volume delta data reveals a net outflow of $14.2 million over 24 hours, contrasting with a $15.9 million inflow in the last hour. This divergence suggests that while immediate buying is active, the broader 24-hour trend is characterized by net selling. The CVD for the 24-hour close is -$26.3 million, confirming that sellers have dominated the session despite the recent spike in hourly buying.
The latest daily buy ratio of 50.2% sits at the 73rd percentile of the last 322 days, against a median of 48.4% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for USDC, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.0%, making today’s 24-hour ratio of 49.7% nearly identical to the weekly norm. Volume for the day was 0.88x the average, indicating that trading activity was slightly below the typical weekly level. Net buying occurred on only 2 of the past 7 days, which is consistent with the current mixed flow data. The 8-day volume delta total was -$285.4 million, showing that the recent $3 billion mint has not yet translated into sustained net buying pressure for the coin. This day represents an ordinary trading pattern for USDC, with volume and ratios aligning closely with recent historical averages.