New Pre-Mint Address for $USDC on #Solana.
Ahead of mainnet launch for Cross-Chain Transfer Protocol (CCTP) on Solana on March 26, 2024, we’ve deployed a new pre-mint address to enable CCTP to programmatically mint USDC on Solana.
The new address is: #FSxJ85FXVsXSr51SeWf9ciJWTcRnqKFSmBgRDeL3KyWw and the full list of pre-mint addresses are contained within our GitHub repo. For exchanges and websites that track USDC in circulation for Solana, you can continue to use our public API as normal – no action is required.
Pre-minting details
On some non-EVM blockchains like Solana, Circle uses the concept of pre-minting to create and hold a balance of USDC before it goes into circulation. This is made possible by pre-mint addresses, which hold USDC that is not considered part of the circulating supply until Circle officially authorizes a mint.
How it works
Pre-mint addresses have an existing balance of pre-minted USDC, which is not considered in circulation.When a customer sends US dollars to Circle to mint USDC, Circle authorizes a pre-mint address to send USDC to the customer’s Circle Mint account, which means USDC in circulation goes up.When a customer sends USDC to Circle to redeem for US dollars, Circle sends USDC to a pre-mint address, which means USDC in circulation goes down. This operation is analogous to a burn of USDC on an EVM blockchain.
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