Circle CEO Outlines Future Growth for the $USDC Stablecoin Following Rapid Growth on Solana

In just a week, USDC on Solana jumped from $1 billion to $2 billion Circle CEO revealed that 3rd-generation chains like Solana are key towards USDC being used for costless payments across a mutlichain environment

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In recent months, Solana has emerged as a strong blockchain drawing in projects and its native $SOL token seeing impressive growth.

With the $SOL token price at $1.50 in January 2021, the token has gone up by 11,000% at the current price of $166.57 as of this writing.

The chain has a total value locked (TVL) of $11.5 billion, making it the third largest behind Ethereum and BSC according to DefiLlama.

The trajectory has brought with it an increase in stablecoin activity on the platform wth $USDC now integrated natively on the Solana ecosystem.

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SEE ALSO: USDC in Circulation Grows By Over 2,600% in 2021, Reveals the Latest Circle Report

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Other than USDC, USDT has also grown on Solana.

Here is total amount in circulation for both stablecoins as of this writing:

  • USDC – $2.49 Billion
  • USDT – $1.14 Billion
Growth of stablecoins on Solana

This has been highlighted by Circle CEO, Jeremy Allaire, in a twitter thread.

Here are the key insights about the growth of USDC on Solana:

  • In just a week, USDC on Solana jumped from $1 billion to $2 billion
  • Circle CEO revealed that 3rd-generation chains like Solana are key towards USDC being used for costless payments across a multi-chain environment
  • On Solana, developers can build fintech products that combine USDC with other financial products such as wallets, cards etc
  • Circle CEO predicts that 2022 will see USDC based-fintech products expand into e-commerce and consumer payments

In a previous tweet, the CEO highlighted the overall growth of USDC.

In a previous interview, Jeremy announced plans for Circle to become a full reserve national digital currency bank. This move is supported by the proliferation of stablecoins as the financial landscape transforms in light of central bank digital currencies (CBDCs).

Circle is also preparing its public listing via a special purpose acquisition company (SPAC). The company recently revealed its vision of creating a payment infrastructure for a dollar digital currency in the global financial system.

Circle also envisions a lending service based on USDC. As part of that, Allaire has indicated that a fully reserved dollar digital currency is fundamentally held with cash and short-term highly-liquid dollar denominated, treasury instrument enabling lending markets to be built on top of the digital currency itself.

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RECOMMENDED READING: How to Set up a Solana ($SOL) Blockchain Wallet

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