Helius co-founder @mert has raised a critical alert about a potential governance attack targeting Circle’s USDC stablecoin. The warning, amplified by SolanaFloor, calls on teams to tighten quorum settings and monitoring, particularly as Circle recently minted substantial USDC amounts—including a notable $4.4 billion transfer—highlighting the need to prevent exploitation of funds within the DeFi ecosystem. The warning comes amid growing demand for stablecoins and underscores how governance vulnerabilities could impact the dollar‑pegged asset’s liquidity and trust.
Separately, fresh on‑chain analytics from Visa and Allium Labs reveal that USDC has overtaken USDT in monthly transaction counts. Using adjusted metrics that filter out artificial activity, the data shows USDC processed approximately 166.6 million transactions in April 2024 versus 163.6 million for USDT. This crossover first emerged in December 2023 and reflects organic adoption on chains like Ethereum, Solana, and Base, fueled by Circle’s emphasis on regulatory compliance and institutional partnerships. Visa’s own expansion of USDC settlement capabilities further validates the shift toward regulated digital dollars.
While the governance alert introduces near‑term risk, the transaction volume milestone signals growing real‑world utility and could intensify the stablecoin rivalry. Traders are advised to monitor Circle’s response to the governance warning and any changes in USDC circulation, as confidence in the stablecoin’s security will be crucial for sustaining its recent momentum.
