Circle Shifts Quarter-Billion USDC from Ethereum to Solana

Circle has moved $250 million worth of USDC from Ethereum and minted $910 million on Solana, in what is seen as a routine operation to manage the stablecoin's supply across multiple blockchains.

This process, known as the Cross-Chain Transfer Protocol (CCTP), allows Circle to burn tokens on one chain and mint an equivalent amount on another without altering the total USDC supply.

The shift from Ethereum to Solana marks a continued trend of increasing USDC issuance on the latter network, with $1 billion minted in a single day earlier in June and $500 million just days prior.

Circle's partnership with BNY Mellon, which enables direct minting and burning capabilities through the bank's custody services, is also drawing attention as it allows institutional clients to create and destroy USDC without going through Circle's standard pipeline.