Circle has been quite active lately—they just minted $1 billion worth of USDC in a single 24-hour window. Looking at their 2025 activity so far, the cumulative mint total from this address already sits at $56.25 billion. The scale is pretty remarkable when you think about it. Given the volume of recent mints, it does raise the question: could this be wrapping up their year-end issuance cycle, or is there more coming? The USDC supply dynamics continue to play a significant role in stablecoin market movements.