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Over $2.5 Billion USDC Now Circulates on Solana

Solana’s community noticed explosive progress this yr, however it seems that it’s not simply NFTs which might be driving it larger. The whole quantity of USDC that circulates on Solana is now as much as $2.5 billion.

  • Information from the Solana explorer reveals that the present provide of USDC on the community is simply shy of $2.5 billion.
  • Commenting on the matter was the Co-Founder and CEO at Circle, the corporate behind the dollar-pegged stablecoin, Jeremy Allaire, who mentioned that the “USDC on Solana jumped from 1B to 2B in circulation” in only a week.
  • Allaire additionally revealed that the trouble to place USDC on Solana got here as a part of their objective to introduce “Multichain USDC, forming partnerships with quite a lot of vital chains,” and so they noticed Solana as one of many first to succeed in out to due to “the dimensions, pace, and cost-efficiency the chain may convey to USDC.”
  • In any case, the brand new developments on Solana, together with the rising variety of USDC in circulation on it, have positive had a severe affect on the value of its native token – SOL.
  • SOL is up over 500% by means of the previous 12 months, and its value lately charted a brand new all-time excessive above $200.
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