USDC Treasury mints 130.7M USDC as Circle’s weekly issuance approaches $5B
The USDC Treasury minted 130,724,040 USDC, valued at approximately $130.76 million, in a single transaction tracked by on-chain monitoring service Whale . The mint is one piece of a much larger wave of issuance: Circle executed roughly $5 billion in gross USDC minting during the week ending August 26, 2026.
What is actually happening when USDC gets minted
An institution deposits dollars into a Circle reserve account, Circle verifies the funds, and new USDC tokens are created on-chain in an equivalent amount. Circle backs every USDC token with reserves held predominantly in short-duration US Treasuries and cash equivalents. Total reserves currently sit at around $74 billion, comfortably covering the circulating supply of just over $73 billion.
Solana has emerged as the primary destination for new supply. Multiple individual minting events of $250 million each occurred on the network during the same week, combining to roughly $1.25 billion minted on Solana alone.
Why institutions keep reaching for on-chain dollars
Hyperliquid offers a concrete example. Circle plays a technical support role for Hyperliquid’s $5 billion USDC reserve, meaning that platform alone represents a meaningful slice of total circulating supply.
What a $73B circulating supply means for the broader market
USDC crossing $73 billion in circulating market cap represents a sustained expansion of dollar liquidity available inside crypto markets. From a competitive standpoint, USDC’s growth trajectory keeps it in a direct contest with Tether’s USDT for dominance in the stablecoin market. Circle’s decision to concentrate new issuance on Solana is also worth watching as a signal about which blockchain ecosystems institutional capital views as viable infrastructure. The $5 billion weekly gross issuance figure suggests that inflow is not a one-week anomaly but part of a durable trend worth tracking through on-chain data as the year progresses.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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