Circle, the issuer of the USD Coin (USDC) stablecoin, has conducted multiple large-scale minting and burning operations at its treasury over recent days. Between August 21 and August 25, 2025, Circle minted several batches of USDC, including amounts of approximately $90 million, $100 million, and a notable $250 million minted on August 25. Additionally, there were significant burn transactions, such as the burning of 50 million and 90.1 million USDC tokens. On August 25, Circle transferred 100 million USDC from its treasury to Coinbase. On August 26, Circle issued another $250 million USDC on the Solana blockchain, followed by a $170 million USDC mint on Ethereum. The stablecoin market is dominated by a few issuers, with Circle being a publicly listed company holding a substantial share alongside Tether and others. Ethereum and Tron host about 90% of the total stablecoin supply, with Solana as the third-largest chain hosting over $10 billion in natively minted stablecoins. The US dollar remains the most widely tokenized currency globally, with no euro stablecoins in the top 20 by supply, reflecting ongoing trends toward dollarization in the digital currency space.