Circle Mints About $5 Billion USDC in One Week Amid Growing Supply Competition with Tether

Circle announced the minting of approximately $5 billion worth of USDC during the last seven days, according to on‑chain analytics. This issuance represents one of the biggest weekly supply expansions for the stablecoin in 2026.

Supply Context

USDC’s circulating supply now sits near $74 billion, while Tether (USDT) maintains a supply of about $183 billion. Together, the two stablecoins account for roughly 83 % of the total stablecoin market, which is valued at $304 billion.

Recent Minting Activity

• April 2026: Circle minted a record $3.25 billion USDC on Solana in separate tranches.
• Week of August 20, 2026: Circle minted $1.25 billion USDC on Solana, including a $250 million single‑day mint.
• Current week: Approximately $5 billion USDC minted.

These mints have increased Solana’s share of total USDC supply to just over 10 %, while Ethereum continues to hold roughly two‑thirds of the circulating USDC.

Transaction Volume vs. Supply

Despite its smaller supply, USDC generated $18.3 trillion in transaction volume in 2025, surpassing USDT’s $13.3 trillion. In the first half of 2026, USDC accounted for about 70 % of adjusted stablecoin transaction volume.

Strategic Partnerships

Circle recently became the technical deployer for USDC on the derivatives exchange Hyperliquid. Hyperliquid’s “AQAv2” upgrade routes reserve yield from roughly $5 billion USDC held on the platform into buybacks of its HYPE token. Coinbase serves as Hyperliquid’s official USDC treasury deployer, with Circle providing technical infrastructure.

Outlook

Analysts will monitor Circle’s upcoming earnings to determine whether the recent minting surge is a one‑off event or part of a sustained expansion. The competitive dynamics with Tether, including reserve size and new holder growth, may influence future distribution strategies.