Stablecoin giant Circle (CRCL) just minted billions of dollars worth of its US Dollar Coin (UDSC), according to on-chain data.
Blockchain analytics platform Arkham Intelligence says Circle’s creation of new UDSC is now surging following the crypto market’s severe correction last month.
“Circle just minted $750 million USDC. They have minted $4 Billion USDC in the past week alone. There is currently $77.23 billion USDC circulating in crypto.”
An increase in the circulating supply of USDC, a stablecoin designed to stay pegged to the value of one US dollar, may be a bullish signal as it indicates an inflow of liquidity that may be used to purchase Bitcoin (BTC) and other crypto assets.
Circle’s stock is trending upward, printing a 6% gain in the past five days, after closing Tuesday at $77.44. Circle remains down more than 74% from its June all-time high of about $299.
In October, Circle announced the launch of the testnet for Arc, its layer-1 stablecoin-focused blockchain project with participation from more than 100 companies in the finance, tech and payments sectors.
Arc will use USDC as its native gas token, allowing users to pay fees directly with the stablecoin.
Circle CEO Jeremy Allaire said Arc will integrate directly with Circle’s platform to support lending, capital markets, foreign exchange and global payments.
“With Arc’s public testnet, we’re seeing remarkable early momentum as leading companies, protocols, and projects begin to build and test. Combined, these companies reach billions of users, move, exchange, and custody hundreds of trillions in assets and payments, and support local economies across Africa, the Americas, Asia, Europe and the Middle East. This geographic diversity highlights a defining strength of Arc: its purpose-built to connect every local market to the global economy.”
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