• Solana now has a market capitalization of over $2.5 billion USDC

  • This year has seen explosive growth for Solana’s network, but it appears that it is not just NFTs that are driving it higher. The total amount of USDC in circulation on Solana has now reached $2.5 billion.

    • According to data from the Solana explorer, the current supply of USDC on the network is just shy of $2.5 billion.
    • Jeremy Allaire, Co-Founder and CEO of Circle, the company behind the dollar-pegged stablecoin, commented on the matter, saying 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 was 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 due to “the scale, speed, and cost-efficiency the chain could bring to USDC.”
    • In any case, the new developments on Solana, such as the increasing number of USDC in circulation, have undoubtedly had a significant impact on the price of its native token – SOL. SOL has increased by more than 500% in the last year, and its price recently reached a new all-time high above $200.
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