Solana's Stablecoin Mint Claim Exposed as Overhyped

A recent report claimed that Solana received a combined $750 million stablecoin injection, but an examination of on-chain data reveals a different story.

The initial report attributed $500 million to Tether and $250 million to Circle. However, the underlying transaction coverage shows that Circle completed two 250 million USDC mints within roughly 40 minutes, totaling 500 million USDC. Solana's transaction records confirm both transfers, which went to the same account.

The balance of this account rose from approximately 533 million USDC before the first transaction to 1.03 billion USDC after the second. At 12:00 UTC on September 20, the account held about 998 million USDC, with roughly 465 million of the 500 million USDC increase still in that account.

The reported Tether amount remains unresolved, as the initial report and its underlying coverage did not provide a matching Solana transaction hash. DefiLlama's data also does not independently verify a net 500 million USDT increase across two daily snapshots.