Blockchain intelligence platform Arkham has reported that Circle, the issuer of the USD Coin (USDC) stablecoin, has minted over $8 billion worth of USDC since the beginning of February 2026. This significant minting activity has pushed the total circulating supply of USDC above $78 billion, according to data analyzed by Arkham's research team and shared via the firm's official X (formerly Twitter) account.
The on-chain analysis reveals that the $8.4 billion in newly minted USDC resides primarily on the Solana blockchain, attributed to the "USDC Mint Authority" address controlled by Circle. However, the stablecoin's supply is distributed across multiple networks. Ethereum remains the dominant chain, hosting 66% of all circulating USDC. A substantial portion of this Ethereum-based supply is also present on Layer-2 scaling solutions, with Base holding 5.5% and Arbitrum holding 2.7% of the total circulation.
This expansion coincides with a broader resurgence in the stablecoin market, which saw its total capitalization reach $300 billion in early October 2025, a period that also witnessed Bitcoin achieving a new all-time high. Analysts interpret large-scale minting events as indicators of institutional demand and preparation for major market activity.
Separately, blockchain tracking service Whale Alert reported a massive single minting event of 250 million USDC from the USDC Treasury on March 15, 2025, which was highlighted as one of the largest of that year. This event brought the total supply at that time to approximately 32.265 billion. Such minting follows strict protocols where Circle, working with banking partners, verifies corresponding U.S. dollar deposits before executing the minting via smart contracts on supported blockchains like Ethereum, Solana, and Avalanche.
Circle operates under a framework of regulatory compliance and transparency, holding reserves in cash and short-term U.S. Treasury securities, verified by monthly independent attestations. The recent surge in USDC minting is seen by market observers as a signal of growing institutional engagement with compliant digital assets, potentially narrowing the supply gap with the market leader, Tether (USDT). The multi-chain strategy employed by USDC, spanning Ethereum, Solana, Avalanche, and Polygon, enhances its accessibility and utility for trading, decentralized finance (DeFi) liquidity, and cross-border payments.
