The USDC Treasury recently reportedly minted an additional 250 million USDC tokens on the Solana network. The operation was detected by Whale Alert, a blockchain transaction monitoring service. A significant increase in the number of USDC tokens in circulation could affect overall market dynamics.
As of now, approximately 2.06 billion USDC have been issued on the Solana blockchain. This number represents the total supply issued, some of which is not currently in circulation ($33.08B USDC issued)
With the emergence of more USDC, these platforms will be able to run more smoothly, facilitate transactions and create a better environment and ecosystem for users.
Additionally, the recent surge in minting and buying memecoins on the Solana network may get a welcome boost from the $250 million USDC influx.
Memecoins are highly speculative in nature and often lack real-world utility.
However, they thrive on hype and community involvement. USDC’s accessibility could be like gasoline on this fire.
Users can quickly convert their USDC to memecoins and participate in current trends without having to convert their cryptocurrency holdings from other cryptocurrencies.
This could lead to a further increase in memecoin trading activity on Solana.
Jeremy Allaire, co-founder and CEO of Circle, announced on July 1 that the company’s U.S. dollar stablecoin (USDC) and euro stablecoin (EURC) have become compliant with the European Union’s new stablecoin regulation MiCA.
The company has officially started issuing these stablecoins to its European customers starting July 1.
The USDC Treasury has minted tokens on a large scale multiple times in the short term, perhaps paving the way for further opening up the European market.
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