More Than $2.5B USDC Are Now Circulating On Solana: Report

More than $2.5B USDC is now circulating on Solana which marks a serious increase in a very short time as we are reading more in our latest altcoin news today.

Solana’s netowrk saw huge growth over the year but it seems that it is not just NFTs that are driving it higher as the total amount of USDSC that circulates on Solana is more than $2.5B USDC. The data from Solana explorer shows that the current supply of USDC on the network is a little shy of $2.5 billion. Commenting on the matter was the co-founder and CEO at the circle which is teh company behind the dollar-pegged stablecoin Jeremy Allaire who said that the USDC on Solana jumped from 1 billion o 2 billion in circulation a week ago.

Allaire also said that the effort to put USDC on Solana came as a part of the goal to introduce MultiChain USDC that forms partnerships with a number of important chains and they saw Solana as one of the first to reach out to because of the speed, scale, and cost-efficiency of the chain that could bring to the USDC. In any case, the new developments on Solana like the growing number of USDC in circulation, surge made a huge impact on the price of the native token. SOL increased by 500% over the past year and its price is now chartered with a new ATH above $200.

As recently reported, Comedian Steve Harvey changed his profile picture to the Solana Monkey Business NFT and its scene picked up quite a bit amidst the surging value for the SOL cryptocurrency. Solana was one of the hottest cryptocurrencies as of late and it increased in value from a price of about $37 a month ago to an ATH of $197 as per coinGecko. Rising network activity was credited for the swing and now Harvey is getting on the Solana NFT hype as well. He changed his Twitter profile picture to that of an NFT Solana Monkey Business Collection. An NFT serves as a deed of ownership for almost any kind of digital item and profile pictures collections like the Bored Ape Yacht Club and CryptoPunk are in high demand as of late. OpenSea on the other hand registered more than $3.4 billion worth of NFT trading volume on Ethereum and the vast majority of the top-trading NFT projects live on the blockchain network.

Source: https://www.dcforecasts.com/altcoin-news/more-than-2-5b-usdc-are-now-circulating-on-solana-report/