This year Solana’s network saw a very progressive growth, but it turns out that it’s not only NFTs that is driving it higher. The total amount of USDC that circulates on Solana is now up to $2.5 billion.
Data from the Solana explorer reveals that the current supply of USDC on the network is just shy of $2.5 billion.
Commenting on the matter was Jeremy Allaire, Co-Founder and CEO at Circle, the company behind the dollar-pegged stablecoin, who said that the “USDC on Solana jumped from 1B to 2B in circulation” in just a week.
Furthermore, Allaire also spoke about the effort to put USDC on Solana came as part of their goal to introduce “Multichain USDC, forming partnerships with a number of important chains,” and they saw Solana as one of the first to reach out to because of “the scale, speed, and cost-efficiency the chain could bring to USDC.”
In any case, the new developments on Solana, as well as the growing number of USDC in circulation on it, have sure had a serious impact on the price of its native token – SOL.
SOL is up over 500% through the past 12 months, and its price recently charted a new all-time high above $200.