Circle's Weekly USDC Issuance Tops $5B as Reserve Coverage Hits New High
The USDC Treasury minted a massive $130 million worth of new USDC tokens in a single transaction, bringing Circle's weekly gross issuance to a staggering $5 billion. This week's mint is part of a larger trend, with total reserves now sitting at around $74 billion, covering the circulating supply of just over $73 billion.
According to on-chain monitoring service Whale Alert, the USDC Treasury minted 130,724,040 USDC tokens in one transaction. This influx of new supply is primarily headed to Solana, with multiple individual minting events totaling around $1.25 billion occurring on the network during the same week.
Circle's role in supporting Hyperliquid's $5 billion USDC reserve highlights the importance of dollar liquidity within crypto markets. With a circulating market cap now over $73 billion, USDC continues to dominate the stablecoin market, competing directly with Tether's USDT for market share.