Back to the list

USDC Supply Increases to 2.5 Billion on Solana Network

cryptoknowmics.com 12 September 2021 23:30, UTC

The USDC supply on the Solana network has increased to 2.5 billion tokens out of which 1 billion tokens were added within one week.

USDC Circulation on Solana Grows to 2.5 Billion

Solana has registered impressive growth this year and it seems that along with NFTs, stablecoin USDC might have contributed to the network’s gains. According to Solana Explorer, the number of USD Coin tokens on Solana has reached nearly 2.5 billion.

“Over a year ago, we embarked on an effort to introduce Multichain USDC, forming partnerships with a number of important emerging chains. One of the first was Solana, where we were excited about the scale, speed, and cost-efficiency the chain could bring to USDC,” he stated.

In the next few years, Circle wants to scale USDC’s utility beyond crypto-based finance. Allaire revealed that the stable currency is currently testing its payments and treasury infrastructure for “consumer scale payments and commerce.”

“With more and more native financial market primitives growing rapidly on this architecture, and the ability to connect it to seamless consumer and institutional UX suggests that we will see breakthroughs in on-chain payments, banking, and capital markets,” Allaire wrote on Twitter.

USDC Backs Regulatory Oversight of Stablecoins

In a recent interview with PYMNTS.com, Allaire discussed the ongoing scrutiny around stablecoins at length. Supporting regulatory oversight, he said:

“As something like this gets so big naturally — whether you’re the Federal Reserve or the U.S. Treasury Department or other federal-level agencies — the question naturally as well is whether this will ultimately be something that’s supervised just like other banking activities.”

The Circle CEO also touched upon the company’s push into FDIC-insured banking and the implications of digital currencies operating as payment instruments.

“Obviously money transmission law applies to these [payment] activities, whether it’s a PayPal balance or a Square balance or a USDC balance,” he said. “We’re very interested in the safety and soundness and fundamental liquidity of something that’s closer to ‘full’ reserve.”

cryptoknowmics.com