On May 21, 2026, Circle Internet Financial minted a total of 949 million USD Coin (USDC) across two separate transactions, significantly expanding the circulating supply of the second-largest stablecoin by market capitalization. Blockchain tracking service Whale Alert reported both events: the first, a 250 million USDC mint at 18:39 UTC, and the second, a 699 million USDC mint later that day.
Both mints occurred at the USDC Treasury address on the Ethereum blockchain, each in a single transaction. While Circle has not publicly disclosed the specific reasons for these mints, such large-scale stablecoin issuances are typically driven by institutional demand for on-chain dollars, often for use in trading, decentralized finance (DeFi) liquidity provision, or as collateral in lending protocols.
The combined injection represents roughly a 2.9% increase relative to USDC’s total supply, which stood at over $33 billion at the time. Market analysts view large stablecoin mints as a potential bullish signal, as they indicate fresh capital entering the cryptocurrency ecosystem and can precede heightened trading activity on exchanges.
Circle’s commitment to transparency means each newly minted USDC is fully backed by cash and short-term U.S. Treasury bonds, verified by monthly attestation reports. The transaction hashes are publicly verifiable on the Ethereum blockchain, ensuring full accountability for the supply increase.
