Circle minted about $5 billion in USDC over the past week, pushing the stablecoin’s circulating supply to nearly $74 billion as demand for dollar-linked digital assets grows.
USDC’s circulating supply reached $73.88 billion, up 2.67% in seven days, according to DefiLlama. The broader stablecoin market stood at $303.71 billion. Tether’s USDT remained the largest stablecoin, with a market capitalization of $183.17 billion.
USDC Minting Draws Attention
Lookonchain reported on Aug. 21 that Circle and Tether had minted a combined $3 billion in stablecoins over 48 hours. However, gross minting does not necessarily mean all newly created tokens entered circulation.
Circle can create USDC through pre-mint addresses on Solana before releasing tokens into the market. This distinction makes circulating supply a more relevant measure of available USDC.
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Circle is also expanding USDC’s role in crypto markets. The company became the technical provider for a $5 billion USDC reserve tied to Hyperliquid, supporting additional dollar-linked liquidity for the platform.
Circle Expands Cross-Border Payments
Circle is also working with Onafriq on USDC-based settlement across more than 40 African markets. The partnership could provide banks, fintechs and payment companies with another option for settling dollar-denominated transactions across borders.
Circle reported $73.3 billion of USDC in circulation during the second quarter, underscoring continued growth in its stablecoin business.
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