Stablecoin issuer Circle minted 500 million USDC on the Solana network, as the SOL price risks crashing to its 8-month low. USDC has grown almost twice as much as stablecoin Tether (USDT), as a clear regulatory framework drew institutional demand.
Circle minted 500 million USDC on the Solana network yesterday, bringing the total amount of USDC minted in 2025 to 55 billion. Despite Circle using the Solana chain to mint their tokens, the price of Solana is still at risk of crashing to its 8-month low of $103.
USDC grows 2x Tether during 2025
Delving into the growth dynamics of the stablecoin market, crypto market analyst Lavneet Bansal stated:
“The stablecoin market has expanded from roughly $200 billion at the start of the year to about $308 billion today, with close to $100 billion of net new supply added in 2025. In absolute terms, both USDC and USDT issued a similar amount of new supply, but the growth rates were very different. USDC grew from around $45 billion to about $77.5 billion, representing over 70% growth, while USDT grew from roughly $140 billion to about $189.5 billion, closer to 35% growth.”
“That gap reflects stronger institutional demand for USDC following clearer regulatory frameworks in the U.S. This shift is also visible at the chain level, where USDC has seen significant expansion on Solana alongside Ethereum, while USDT remains far more concentrated on Ethereum.” stated Bansal.
SOL hangs by a thread at $123
However, Solana is still trying to not fall to its 8-month low. Solana’s downfall started back in September. The coin was soaring close to $250 before the traders started to take profits, and a major sell-off followed.
On October 10, another major crash came with Trump’s tariff announcement, which wiped out about $20 billion in the crypto market. Ever since this crash, Solana has struggled to regain its momentum.
Currently, the coin is attempting to hold onto the support level at $123, but bearish pressure has pushed SOL below this level. Now that SOL is below the $123 support level, another crash would see it land on $103, its 8-month support level.
However, looking at the Relative Strength Index (RSI) line, SOL will not fall. The RSI line is making higher lows while the coin is making lower lows, showing a bearish divergence. This shows that although the coin is crashing, there is bullish momentum building behind the scenes. As such, SOL will not fall to its 8-month low.
