On-chain analytics platform Solscan reported today that approximately 5 billion $USDC were issued, with analysts noting that this emission is just one of many billion-dollar emissions that have occurred this year.
In more detail, earlier in April, Circle issued a record 3.25 billion $USDC on Solana in several tranches—at the time, this was the largest weekly issuance in 2026—and then, in the week beginning August 20, issued another 1.25 billion $USDC on Solana, including 250 million in a single day.
As a result, Solana's share of the total $USDC supply in 2026 exceeded 10%, although Ethereum still holds roughly two-thirds of the $USDC in circulation.
Slowly Catching Up to Tether
The circulating supply of $USDC stands at about $74 billion, which is still less than half of Tether's $183.1 billion market capitalization; together, these two stablecoins account for about 83% of the entire stablecoin market, valued at $304 billion.
The company relies on transaction volume as a counterargument to Tether's larger circulation, considering that in 2025, $18.3 trillion passed through $USDC compared to $13.3 trillion through USDT, and accounted for roughly 70% of adjusted stablecoin transaction volume in the first half of the year, despite its circulating supply being only a fraction of the total.
It's All About Timing
The latest data emerges just as Circle has assumed a new role as the technical operator for $USDC on Hyperliquid—a derivatives exchange that today activated the "AQAv2" upgrade to direct revenue from the reserves of approximately $5 billion $USDC on its platform towards buying back its own HYPE token.
Back in May, Coinbase became the official treasury custodian for $USDC on Hyperliquid, and Circle became the technical infrastructure partner, after Hyperliquid's own stablecoin—USDH—was phased out in favor of $USDC. This arrangement gives Circle a direct incentive to maintain the inflow of fresh $USDC onto platforms like Hyperliquid, as every dollar placed there as a reserve now generates revenue that Circle's partners can use as a growth argument, not just a number on a balance sheet.
In any case, Circle's upcoming financial reports should indicate whether this week's issuance was a one-time spike or not. Furthermore, analysts will monitor whether Tether's more extensive reserve base and the recent surge in new holders of that coin will compel Circle to compete more aggressively in securing distribution agreements like the one with Hyperliquid, not just in terms of supply, to continue narrowing the gap between these two stablecoins.
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