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Circle Minting Caused Consternation (Patreon)

Published:
2025-07-07 16:35:35
Imported:
2026-06
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Content

I shared a slide on Sunday and it caused quite the stir. My point was circle is now doing all its mining on Solana not on Ethereum anymore as much. In the early days they did everything on Ethereum now they are doing the majority on Solana.

ETH MINTING

Pretty stable since NOV 2024

SOL MINTING

Explosive since Nov 2024

Files

Previews only

Comments

onedollaretc

Can someone confirm my understanding? Minting USDC means creating USDC stablecoin with fiat USD backing it right? Where Circle got that $$$? from depositors/account holders? Any interests if you convert to USDC?

Buzzbomb

The ETH chart looks better going forward. Still making ATHs and the SOL chart is down a bit from ATH.

SinceDayOne

The charts dont reflect James comment that USDC is minting on SOL rather than ETH because the charts include USDT and USDC. The majority of USDT is on ETH. However, focusing only on USDC (per James post)... Grok would suggest SOL getting a larger percentage of minted USDC in 2025... USDC on Solana: Approximately $10.75 billion minted in Q1 and $16.75 billion minted in the first six months of 2025. USDC on Ethereum: Approximately $6.7 billion was minted on Ethereum in Q1 but exact figures for the first 6 months of 2025 are not available.

3324

Winner takes most James says

3324

I swapped a bit of Bittys into Sol

Kevin

Hold up this doesn’t make any sense unless I’m reading these charts wrong From November 24 Eth rises from approximately 100 to 140,000,000,000 Over the same period rises from 4 to 12 and slips to 10. So how is most of the minting being done on Solana when there’s a 40 billion gap?

Happy Seal

thanks for looking into it! I was mentioning the eth volumes > sol volumes in the DCA today but haven't looked at the growth over time.

Emel
>>179616079

USDC is primarily backed by USD bonds. (Highly ironic) Please someone correct me if I'm incorrect.

DannyC

Wish Eth would eat 💩 and die already

Cmoney$$
>>179625979

There is a 128 billion gap… but idk ether still has a much larger MC

Jekatskin

Tom Lee said stablecoins will be used more in the US and will prefer Ethereum over Solana, so Ethereum is poised to rise