Circle Internet Financial has accelerated issuance of its dollar-pegged USD Coin on the Solana blockchain, minting about $1.25 billion in the past seven days and a further $250 million over the last 24 hours. The burst lifts year-to-date USDC minted on Solana to roughly $24 billion, on-chain data show. The activity highlights Solana’s growing appeal as a settlement layer for stablecoins as exchanges and other institutions seek lower fees and faster throughput than Ethereum can offer. Industry participants say continued large-scale minting could shift market perception of which network underpins the bulk of dollar-linked tokens. The surge comes as Circle reports its first earnings since going public this summer. The company said USD Coin in circulation jumped 90% from a year earlier to $61 billion, giving it about 28% of the stablecoin market. Second-quarter revenue rose 53% to $658 million, while adjusted EBITDA margin held at 50%. JPMorgan maintained an Underweight rating on Circle but raised its price target to $89 from $80, citing stronger on-platform USDC growth even as it flagged valuation risks. Across the sector, stablecoins outstanding have climbed to $223 billion, with transaction volumes reaching $2.2 trillion over the past year—still just 1% of the U.S. M2 money supply.