Circle's stablecoin strategy shifted dramatically in 2025—the protocol minted $55 billion USDC exclusively on Solana, not spread across multiple chains. September 25th alone saw $1 billion in fresh minting, signaling aggressive treasury operations building permanent liquidity scaffolding on a single blockchain.

The implications matter. Once $40 billion in stablecoins consolidates on one network, compounding network effects kick in. More liquidity attracts more users, more dApps, more infrastructure. It becomes the path of least resistance.

For context: Visa's typical transaction volume runs around $3.5 billion. What's happening on Solana now rivals legacy payment rails in raw throughput. The game isn't about spreading liquidity thin across 20 blockchains—it's about creating density and moat on the fastest, most capital-efficient chain.