USDC Treasury Sees Record-Breaking Minting Volume Amid $5B Issuance Spike
Circle's USDC Treasury minted 130,724,040 new USDC tokens in a single transaction, valued at approximately $130.76 million, according to on-chain monitoring service Whale.
This is part of a larger wave of issuance: Circle executed roughly $5 billion in gross USDC minting during the week ending August 26, 2026.
The process of minting new USDC tokens involves an institution depositing dollars into a Circle reserve account, which is then verified by Circle before new USDC tokens are created on-chain in an equivalent amount. Circle backs every USDC token with reserves held predominantly in short-duration US Treasuries and cash equivalents.
Total reserves currently sit at around $74 billion, comfortably covering the circulating supply of just over $73 billion.