X @Solana

USDC on Solana Overview - Approximately $12 billion USDC supply exists on Solana [1] - Around $2 billion USDC is held in SquadsProtocol wallets [1] - Centralized exchanges (CEXs) like Coinbase and Binance hold approximately $2 billion USDC on Solana [1] - BitGo and Backpack are also among the top holders of USDC on Solana [1] - The remaining USDC is distributed across major Solana ecosystem projects such as JupiterExchange, MeteoraAG, KaminoFinance, pumpdotfun, RaydiumProtocol, DriftProtocol, and Orca_so [1] - Data indicates that USDC on Solana is broadly distributed across various ecosystem stakeholders, including custody solutions, centralized exchanges, and DeFi protocols [1] Stablecoin Adoption Strategies - Stablecoins are programmable money, and their success depends on network effects [2][3] - Network effects require time, persistence, and integration efforts [3] - Circle's BD team has built relationships across nearly every ecosystem project, contributing to USDC's dominance [3] - Stablecoin issuers have two options: match Circle's BD efforts or focus on a specific use case to build trust and long-term dominance [3][4] - Stablecoins must be actively and consistently used with a clear purpose to achieve adoption [4]