Circle Mints 2.75B USDC on Solana in 7 Days: BTC Slips 0.11% While COIN Gains 0.99%
Circle minted 2.75B USDC on Solana in 7 days. BTCUSDT fell 0.11% this week, COINUSDT rose 0.99%, MSTRUSDT fell 0.3%, HOODUSDT fell 0.54%.
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Circle minted 2.75B USDC on Solana in 7 days, a signal of rising stablecoin demand. In the same week, BTCUSDT moved from 86482.8 USDT to 86383.8 USDT, down 0.11%; COINUSDT rose 0.99%; MSTRUSDT fell 0.3%; HOODUSDT fell 0.54%. The news was loud, but prices did not move together. That gap is the first thing worth checking.
Four pairs, four directions in the same week
The table below covers 2026-09-28 to 2026-10-05. All four pairs were verified through the Binance exchangeInfo endpoint. BTCUSDT is a crypto USDT-margined perpetual; COINUSDT, MSTRUSDT, and HOODUSDT are equity USDT-margined perpetuals.
| Date | BTCUSDT Open/Close | BTCUSDT Change | COINUSDT Open/Close | COINUSDT Change | MSTRUSDT Open/Close | MSTRUSDT Change | HOODUSDT Open/Close | HOODUSDT Change |
|---|---|---|---|---|---|---|---|---|
| 2026-09-28 | 84433 / 83461 | -1.15% | 196 / 192.8 | -1.63% | 160.93 / 157.36 | -2.22% | 118.95 / 116.23 | -2.29% |
| 2026-09-29 | 83461.1 / 83624.5 | 0.2% | 192.81 / 190.46 | -1.22% | 157.37 / 155.93 | -0.92% | 116.23 / 117.56 | 1.14% |
| 2026-09-30 | 83624.5 / 83576.9 | -0.06% | 190.47 / 186.7 | -1.98% | 155.93 / 153.44 | -1.6% | 117.56 / 113.11 | -3.79% |
| 2026-10-01 | 83576.8 / 84829.6 | 1.5% | 186.69 / 189.99 | 1.77% | 153.43 / 161.22 | 5.08% | 113.09 / 111.67 | -1.26% |
| 2026-10-02 | 84829.6 / 84482.8 | -0.41% | 189.98 / 183.31 | -3.51% | 161.23 / 160.34 | -0.55% | 111.65 / 112.93 | 1.15% |
| 2026-10-03 | 84482.7 / 84710.6 | 0.27% | 183.33 / 184.26 | 0.51% | 160.35 / 163.39 | 1.9% | 112.93 / 113.42 | 0.43% |
| 2026-10-04 | 84710.5 / 86482.8 | 2.09% | 184.27 / 186.86 | 1.41% | 163.39 / 164.85 | 0.89% | 113.42 / 114.63 | 1.07% |
| 2026-10-05 | 86482.8 / 86383.8 | -0.11% | 186.85 / 188.7 | 0.99% | 164.84 / 164.35 | -0.3% | 114.63 / 114.01 | -0.54% |
Two days stand out. On 10-01, BTCUSDT moved from 83576.8 to 84829.6, up 1.5%, while MSTRUSDT moved from 153.43 to 161.22, up 5.08%, the largest single-day gain among the four. On 10-04, all four closed higher: BTCUSDT up 2.09%, COINUSDT up 1.41%, MSTRUSDT up 0.89%, HOODUSDT up 1.07%.
For the full week, BTCUSDT closed at 86383.8 on 10-05, above the 84433 open on 09-28, yet the weekly change reads -0.11% because the weekly bar opens at 86482.8 on 10-05. COINUSDT closed at 188.7, below its 192.8 close on 09-28. MSTRUSDT closed at 164.35, above its 157.36 close on 09-28. HOODUSDT closed at 114.01, below its 116.23 close on 09-28. The headline was about stablecoin minting; the price response was four different answers.
Where this week ranks in the historical sample
BTCUSDT has 200 weekly bars, and 104 weeks were stronger than this one. So -0.11% does not rank in the top half. What did stronger weeks look like? The week of 2023-01-09 rose 21.95%, from 17124.6 to 20882.7. The week of 2023-03-13 rose 27.15%, from 21986.2 to 27955.7. The week of 2024-02-26 rose 22.05%, from 51764.9 to 63178.5. The week of 2026-08-17 rose 23.61%, from 62876 to 77719.1. These figures show this week's range sits in the smaller bucket.
COINUSDT has 35 weekly bars, with 14 stronger weeks. Among them, 2026-04-13 rose 21.42%, 2026-06-29 rose 17.05%, 2026-08-17 rose 26.18%, and 2026-09-14 rose 13.64%. MSTRUSDT also has 35 weekly bars, with 18 stronger weeks. Among them, 2026-04-13 rose 28.39%, 2026-06-29 rose 30.27%, 2026-08-17 rose 28.64%, and 2026-09-14 rose 21.61%. HOODUSDT has 36 weekly bars, with 13 stronger weeks. Among them, 2026-04-13 rose 30.66%, 2026-05-25 rose 27.52%, 2026-08-31 rose 20.61%, and 2026-09-14 rose 9.43%.
These stronger weeks make one point: stablecoin minting news does not map to a fixed price reaction in the sample. Some weeks surged, some barely moved, and some closed lower. Ranking this week inside the sample is more useful than projecting price from a headline.
What popular posts on Square say
Popular posts on Square argue that Circle minting 2.75B USDC on Solana in 7 days shows stablecoin demand is surging, which is bullish for crypto and related equities (relayed, not the site's view). The logic is that newly minted USDC has to go somewhere: spot, futures, or simply on-chain settlement.
Other posts focus on COINUSDT and MSTRUSDT, arguing that the stablecoin issuer and the bitcoin-holding company benefit first. The sample offers partial support: MSTRUSDT rose 5.08% on 10-01, and all four pairs closed higher on 10-04. Yet over the full week, COINUSDT rose 0.99%, MSTRUSDT fell 0.3%, and HOODUSDT fell 0.54%, so the bullish case was not uniform.
Some posts caution that minting is not buying, and USDC can circulate on-chain without entering any trading pair. Combined with this week's price action, that caution suggests more than one layer sits between a headline and a price.
Three honest notes
First, gaps are common in news weeks. On 10-01, BTCUSDT opened at 83576.8, slightly below the 83576.9 close on 09-30. On 10-04, it opened at 84710.5, slightly below the 84710.6 close on 10-03. These tiny gaps do not change direction, but they change where limit orders fill.
Second, high leverage gets swept in weeks like this. BTCUSDT's largest single-day gain was 2.09% on 10-04, and its largest single-day loss was 1.15% on 09-28. Neither looks extreme, but the four pairs often diverged on the same day: on 10-01, MSTRUSDT rose 5.08% while HOODUSDT fell 1.26%. That divergence is unfriendly to high-leverage positions.
Third, funding costs add up in such weeks. The default maker fee is 0.02% and the default taker fee is 0.05%; after a 20% rebate, the effective maker fee is 0.016% and the effective taker fee is 0.04%. Frequent entries and exits let fees eat into the space created by volatility.
Fourth, the best week is a conclusion in hindsight. The week of 2026-08-17 saw BTCUSDT rise 23.61%, MSTRUSDT rise 28.64%, HOODUSDT rise 13.99%, and COINUSDT rise 26.18%. Nobody knew at the time that it was a strong week in the sample. This week's -0.11% for BTCUSDT, 0.99% for COINUSDT, -0.3% for MSTRUSDT, and -0.54% for HOODUSDT will also be judged only after it closes.
Fees, copied from the official endpoint
The default maker fee on Binance futures is 0.02%, and the default taker fee is 0.05%. The rebate ratio is 20%, making the effective maker fee 0.016% and the effective taker fee 0.04%. These figures come directly from the official endpoint and are not converted.
For a week where single-day moves ranged from 0.06% to 5.08%, the maker-taker difference matters. On 10-02, COINUSDT fell 3.51%. If you entered and exited with taker orders that day, the 0.04% effective cost is small against a 3.51% move, but multiple round trips in one week add up.
Fees are not a directional call; they only affect how much of the same price move you keep. Comparing the default tier with the effective rates after the rebate, then deciding between maker and taker, is more practical than calculating afterward.
Source: https://fapi.binance.com/fapi/v1/exchangeInfo
Data as of 2026-10-05; source: Binance official endpoint. Not investment advice.
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Binance is not available in your region. What follows is not a centralized exchange โ it is a different kind of product that you can use:
๐ Binance Web3
A self-custody wallet inside the Binance app; swaps route through on-chain DEX aggregation, not an exchange account
Bind via our link and wallet swap fees drop 30%. On-chain gas and slippage are not covered by the discount.
You must already be a verified Binance user to create a Binance Wallet (official FAQ Q13); wallet referrals and exchange referrals are two separate systems. Zero-fee pairs such as stablecoin swaps generate no rebatable fee.