The token creation, which happened about three hours before press time, saw $249,971,649 worth of USDC injected into the Solana blockchain as investors seek more liquidity on the seventh-largest cryptocurrency by market capitalization.
The USDC Treasury created 250 million fresh USDC tokens on the Solana blockchain, which were later used to top up the liquidity of several liquidity pools on DEXes, according to blockchain tracker Whale Alert.
The token creation, which happened around 9:50 PM (UTC) on April 3rd, saw $249,971,649 worth of USDC being injected into the Solana blockchain as investors try to get more liquidity on the seventh-largest cryptocurrency by market capitalization.
The massive USDC mint on Solana comes less than a month after the network hit a major USDC milestone following its integration with Circle, the USDC issuer—a move that is aiming to increase USDC’s footprint on the blockchain.
It is worth noting that the increasing supply of USDC on Solana can be attributed to the ongoing surge in DeFi activity on the network, including outstanding trading volumes. Data from DefiLlama shows that Solana is the second-largest network by DEX volume, boasting up to $6.28 billion in total value locked in DeFi.
With 250 million USDC entering circulation, there are signs that the need for liquidity is heating up, which can be traced back to the demand from institutions and retail investors.
The Treasury’s consistent move to continue issuing the Circle-backed stablecoin, USDC, is no surprise as recent regulatory support has sparked global interest in cryptocurrency within the broader crypto ecosystem. Notably, USDC’s growing supply has been fueled by regulatory shifts in the stablecoin market, particularly in Europe.
The Treasury’s decision to create more stablecoins also appears to be a response to investor demand for refuge in stable assets—especially in times like this, when the crypto market is highly volatile and major cryptocurrencies continue to plunge.
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