Solana Sees Massive USDC Minting, Surpasses Ethereum in 30-Day Revenue

The Solana blockchain is increasingly becoming a dominant force in the cryptocurrency space, with powerful and favorable trends shaping its ecosystem in early 2025.

Among these developments, an astonishing amount of USDC stablecoins are being minted on the network. This is not just an idle fact; it demonstrates two things: first, that there is some pretty spectacular demand for and utility of the Solana blockchain (now and in the near future) and second, that this ecosystem is developing in a way that yields actual financial returns and revenue that isn’t dependent on speculative price movements.

Crypto markets function because of stablecoins. They allow for easy functioning of everything else in the markets. They are a necessary underpinning for decentralized finance (DeFi) and are basically the lubricants for all crypto transactions. Circle, the company behind the USDC stablecoin, is now on a minting spree. It has added another 250 million USDC to the Solana network, which allows for smart contracts and various forms of decentralized applications (dApps). This brings the total to an astounding $6 billion minted on Solana as of 2025, with the bulk of it added in just the past week.

This large-scale minting indicates that USDC on Solana is gaining adoption and reinforces its place in the ecosystem of the stablecoin economy. The rising supply of USDC suggests that a variety of traders and institutions might be positioning themselves for some kind of big market-moving event, with altcoins in particular perhaps set to have a more volatile month than usual.

Concerns over former U.S. President Donald Trump’s proposed tariffs and their possible effects on the cryptocurrency market have yet to materialize. The altcoin market retained strength, even in the event of potential tariffs. Furthermore, the market seems in no mood to curl up and die anytime soon, with fresh injections of stablecoins indicating ongoing liquidity and investor interest.

In addition to its burgeoning stablecoin ecosystem, Solana now has another major feather in its cap: for the first time ever, it has generated more revenue than Ethereum over the course of a month. In September, Solana pulled in some $119 million in revenue, compared to $107 million for Ethereum. Solana’s latest growth spurt seems to be tied to the ever-increasing adoption of its ecosystem and ecosystem projects, which appear in the above slide as “DAOs” and otherwise.

Solana’s revenue increases can be directly traced to rising user engagement, especially in the NFT space. This is interesting, given that overall trading volumes are down. Nevertheless, Solana shines, leading in the NFT sector and boasting 179,000 active monthly users—a user base that commands a 38% market share. From this, we can infer that the “NFT winter” is a far less impactful phenomenon on Solana than on its competitors, likely because its user base is far more engaged and far more warm.

Aligning with several bullish indicators, Solana seems poised for ongoing growth in 2025. The substantial USDC minting activity underscores the strong liquidity of the network. Then, too, achieving high enough revenue to exceed that of Ethereum is a momentous occasion, pointing to the expanding respect for Solana as a revenue-generating blockchain. Sustained engagement with NFTs shows ongoing vibrancy within the Solana ecosystem, even amid fluctuating market conditions.

The growing use of USDC on Solana might lead to even more DeFi expansion on the network. This potential development is a direct result of USDC being a stablecoin. In the current DeFi landscape, stablecoins have become essential for decentralized apps that involve any sort of lending, borrowing, or trading. Because USDC lives on Solana, and Solana can handle high-speed transactions at low cost, I can only imagine the app(s)—decentralized or otherwise—taking advantage of USDC on Solana for user service improvements.

Although macroeconomic factors—such as possible trade tariffs under Trump’s policies—may inject some uncertainty into markets, the cryptocurrency market seems to have weathered them. Investor confidence seems largely intact, with most still looking to the long term and seeing electron-based currencies as potential high-growth vehicles. Meanwhile, Solana is pressing ahead with its own evolution. If this blockchain system keeps making the kinds of strides it has been making of late, able to recapture lost ground in market share against Ethereum, say, it could become a rival worth watching in the electron-based currency space.

What happens in 2025 is still a ways off, but Solana’s trajectory is looking good with the kind of story that makes for a solid narrative in the crypto industry. A burgeoning testament to its increased authority and influence over the digital asset sector, the latest milestone in Solana’s path of progress is transformative enough that it deserves a conversation of its own.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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