How to Get USDC on Solana

As blockchain technology evolves, stablecoins like USDC are playing a pivotal role in the digital economy. USDC is a dollar-backed stablecoin that is widely recognized for its transparency, regulatory¹ compliance, and 1:1 redeemability with the US dollar. Among the many blockchain networks supporting USDC, Solana stands out for its speed and efficiency. 

USDC is widely adopted across Solana decentralized apps (dApps), including popular decentralized finance (DeFi) protocols like Jupiter, Raydium, Kamino, and more. USDC is also integrated into crypto payment projects like Solana Pay that enable merchants to accept USDC online and in person.

In this guide, we’ll explore what Solana is, why it’s a compelling option for using USDC, and the steps you can take to acquire USDC on the Solana blockchain.

What is USDC?

As a quick reminder, USDC is a stablecoin — a type of cryptocurrency designed to maintain a stable value — that’s backed 1:1 by US dollars in the form of cash and highly liquid cash equivalents. USDC leverages the power of the internet and blockchain technology to be transferable almost anywhere with near-instant settlement and near-zero fees. USDC is readily available to those with an internet connection and a digital wallet in more than 180 countries around the world.

Because USDC operates on blockchain networks, transactions are processed rapidly and efficiently without the need for traditional banking intermediaries. Blockchains function continuously, 24/7, eliminating delays associated with bank operating hours, holidays, or cross-border settlements. This constant availability allows for near-instant transfer of funds at any time, reducing both the time and cost typically involved in moving money globally.

What is Solana?

Solana is a high-performance blockchain designed for scalability, speed, and cost-efficiency. It uses a unique consensus mechanism called Proof of History (PoH) combined with Proof of Stake (PoS) to process thousands of transactions per second. This architecture makes Solana an attractive choice for dApps, DeFi, and digital payments.

Key features of Solana include:

• High throughput: Solana has a theoretical capacity of 55,000 transactions per second (TPS), and regularly processes thousands of TPS under real-world conditions — significantly outpacing many other blockchains.
• Low transaction costs: Transaction fees on Solana are typically less than a cent, making it one of the most affordable blockchains.
• Ecosystem growth: Solana has a thriving ecosystem of projects, including DeFi platforms, NFT marketplaces, and gaming applications.

For users looking to move value across borders or use blockchain-based dApps, Solana’s efficiency is a game-changer.

What is Solana USDC (USDC-SPL)?

Solana USDC, or USDC-SPL, is USDC that is natively issued on the Solana blockchain using the Solana Program Library (SPL) token standard. Token standards like SPL are sets of rules and guidelines that developers follow to foster interoperability and seamless integration across the Solana ecosystem.

In collaboration with Solana, Circle launched USDC on Solana’s mainnet in 2020. Today, there’s over $3 billion USDC in circulation on Solana.

Why use USDC on Solana?

While USDC is available on multiple blockchains, using it on Solana offers significant benefits:

• Speed: Solana’s fast transaction speeds enable near-instant settlement of USDC transfers.
• Low fees: Solana offers affordable USDC transactions compared to networks that often have higher gas fees.
• Ecosystem access: Solana’s vibrant dApp ecosystem enables users to leverage USDC for DeFi, trading, payments, and more.

These benefits make Solana-based USDC a preferred choice for those seeking efficiency and scalability in their blockchain interactions.

Understanding crypto exchanges and crypto wallets

Before diving into the step-by-step process of acquiring USDC on Solana, it’s important to understand the platforms and tools you’ll use: crypto exchanges and wallets.

Crypto exchanges are platforms where users can buy, sell, and trade cryptocurrencies. They act as intermediaries between buyers and sellers and often allow fiat-to-crypto and crypto-to-fiat transactions, making it possible for users to on- and off-ramp to and from digital assets like USDC. There are two main types of crypto exchanges:

• Centralized exchanges (CEXs): These platforms are managed by companies and often include user-friendly interfaces and robust customer support. However, assets purchased on a CEX are stored in exchange-based crypto wallets that are custodial, meaning users must trust the CEX to custody and secure their assets. Users don’t have full control over their assets unless they withdraw them to a non-custodial wallet.
• Decentralized exchanges (DEXs): These are decentralized, blockchain-based platforms where trades are conducted without a central authority. Instead users make peer-to-peer trades with the assistance of smart contracts. Connecting to a DEX requires connecting a compatible non-custodial crypto wallet. Non-custodial wallets offer greater control over your assets, but more responsibility for securing them. Likewise, DEXs offer greater control over the trading experience, but can be more complex to use.

Crypto wallets are tools for securely storing and managing your digital assets. Crypto wallets are divided into two main categories:

• Custodial wallets: Often provided by CEXs, these wallets are convenient but rely on the exchange to manage your assets’ associated private keys.
• Non-custodial wallets: These give users full control over their funds and private keys (or recovery phrases), but require careful management to avoid loss.

By understanding the differences between exchanges and wallets, you can make informed decisions about where to buy, store, and manage your USDC, and find the balance of convenience and security that’s right for you.

Step-by-step guide to get USDC on Solana

Getting USDC on Solana is straightforward, and there are a few different ways to go about it. Some methods are as simple as purchasing Solana USDC for fiat on a CEX that supports USDC-SPL. Other options may entail more steps like setting up a non-custodial wallet and using a DEX that offers USDC-SPL trading pairs.

Below are the key methods to get USDC on Solana, and step-by-step guides for each:

1. Use a centralized crypto exchange (CEX) to buy USDC-SPL

Many CEXs support Solana-native USDC, including Binance, Coinbase, Crypto.com, and more. Exchanges that support USDC-SPL enable users to directly purchase, send, and receive Solana USDC. If you acquire USDC-SPL on a CEX, then it’s already on the Solana blockchain.

Follow these steps to get started:

1. Open an account with an exchange that supports USDC-SPL: Find a CEX that operates in your region and supports USDC on Solana. Create an account and complete the required onboarding and account verification steps.
2. Deposit fiat currency with a supported payment method: Most CEXs allow you to fund your account via a bank transfer, debit/credit card, or by receiving digital assets from another wallet. CEXs set their own fees for various payment methods, so be sure to understand your CEX’s fee structure before depositing funds.
3. Purchase USDC-SPL: When buying USDC on your chosen CEX, you should see an option to select which network you’d like to use. Be sure to choose an exchange that supports USDC-SPL and make sure you correctly indicate that you’d like to purchase USDC on the Solana blockchain. Enter the amount you’d like to purchase, and confirm the transaction. Once the transaction processes, you should see Solana USDC in your account.

From there, you can choose to continue storing your Solana USDC within your custodial exchange-based wallet, or transfer it to an external non-custodial wallet to connect to dApps in the Solana ecosystem.

2. Use a decentralized crypto exchange (DEX) to swap for USDC-SPL

In general, if you already have digital assets in an external non-custodial wallet, you can connect to a decentralized exchange (DEX) to trade between assets. In this case, if you already hold SOL or other Solana-based assets in a non-custodial Solana wallet like Phantom, you can connect to a Solana-compatible DEX like Jupiter, Raydium, or Kamino to trade for USDC. Here’s how:

1. Choose a DEX: Choose a popular and reputable DEX, and ensure you’re using the correct website to mitigate the risk of fraud and scams. Note that DEXs have their own unique fee structures to be aware of, in addition to transaction fees that are incurred from interacting with the blockchain network.
2. Connect your wallet: Use a Solana-compatible wallet (such as Phantom or Solflare) to connect to the DEX.
3. Select trading pair: Choose the trading pair you want to use via the trading interface (e.g., SOL/USDC-SPL), and enter the amount of USDC-SPL you’d like to purchase. (Depending on the DEX you use, you may see advanced settings related to slippage, routing, or other elements of the trading process. Carefully read and understand these settings before executing your transaction.)
4. Confirm the transaction: Review and approve the transaction details to complete the swap. Note that you’ll need SOL in your wallet to cover the network fees, also known as “gas fees,” for your transaction. Once processed on the blockchain, you should see your updated balance reflected in your wallet.

Be aware that many DEXs also offer the ability to perform cross-chain swaps (i.e., to trade between assets that exist on different blockchain networks). So, for example, you may be able to trade USDC on Ethereum for USDC on Solana using a DEX. Cross-chain swaps mitigate the many steps needed, and the associated fees they may incur, to manually move an asset from one blockchain to another.

3. Use the built-in swap function in a self-custody wallet like Phantom

While keeping your USDC on an exchange is convenient, a Solana-compatible non-custodial wallet allows greater flexibility for engaging with Solana’s ecosystem. Popular options include Phantom, Backpack, and Solflare.

Another method for getting USDC on Solana is using the built-in swap function in a self-custody wallet. If, for example, you already hold SOL in a wallet like Phantom, or you send SOL to your Phantom wallet for this purpose, you can then use Phantom’s native swap feature to convert SOL (or other compatible assets) into USDC-SPL.

To do so, navigate to your wallet’s trading tab and select an eligible trading pair to swap for Solana USDC. Input your desired trade details (like the amount of USDC you want to receive or the amount of, say, SOL you’d like to trade), review the order, and confirm the transaction.

If your transaction fails, it may be due to slippage or network status issues. Adjusting the slippage, leaving more SOL in your account to cover transaction fees, or monitoring Solana’s status on a blockchain explorer like Solscan may help you to identify and fix the transaction failure.

4. Use a Solana USDC bridge

We’ve spoken a bit about cross-chain swaps, and how some wallets and DEXs support the function of transferring an asset between two different blockchains. But in the case of USDC, there are two distinct ways to transfer USDC to another blockchain network, and the key distinction revolves around native vs bridged USDC.

As a reminder, native USDC originates directly from Circle on a particular blockchain, and is fully supported by the originating blockchain. Bridged USDC, however, is created when USDC is locked in a smart contract on one blockchain (i.e., the origin blockchain) and a “synthetic” or “bridged” form of USDC is minted (or created) on another blockchain (i.e., the destination blockchain) by a third-party bridge dApp. Crucially, bridged USDC is not issued by Circle, and only native USDC is fully reserved and designed to be redeemable 1:1 directly from a Circle-authorized partner. Many blockchains support both native and bridged USDC — so you should always be aware of which version you’re interacting with. If you obtained USDC directly through a Circle-authorized partner or exchange supporting native issuance, it is likely native; if you used a cross-chain bridge, your USDC is likely bridged. If you’re not sure, compare the token’s contract address on a blockchain explorer (e.g., Etherscan or Solscan) with the official list provided by Circle.

Why does the distinction between native and bridged USDC matter? Because traditional blockchain bridges deal with bridged USDC, while bridges powered by the Cross-Chain Transfer Protocol (CCTP) deal with native USDC. Developed by Circle as an permissionless tool for transferring USDC between blockchains, the CCTP is a powerful tool that burns (or destroys) USDC on one chain, and mints native USDC on another chosen destination chain, like Solana, without having to keep any USDC “locked” in a smart contract. Transferring USDC natively is a better alternative to using a traditional bridge, whose security protocols may not be as robust as Circle’s, the issuer of USDC. 

CCTP is integrated into wallets like MetaMask, DEXs like OKX (not to be confused with the centralized exchange, OKX), and cross-chain bridges like Allbridge, Mayan, and Wormhole — just to name a few. Learn more about CCTP and see a complete list of dApp integrations here. Then use CCTP-powered platforms to seamlessly bridge native USDC between supported blockchains.

Important considerations about USDC on Solana

There are a few important things to keep in mind when acquiring USDC-SPL or transferring USDC to Solana:

• Not every exchange supports USDC on Solana (USDC-SPL): Before sending USDC to or from an exchange, confirm that it supports USDC-SPL deposits and withdrawals, and be sure to use a compatible Solana wallet address to send or receive funds.
• Native vs non-native USDC: USDC-SPL is natively issued on the Solana blockchain; it’s fully interoperable with the Solana ecosystem without any extra steps. USDC from any other blockchain (e.g., ERC-20 USDC that’s natively issued on Ethereum) will not integrate automatically with the Solana blockchain; it must first be traded for USDC-SPL or bridged from its native blockchain to Solana.
• If using a bridge, confirm that you have enough gas to cover transaction fees: Using a cross-chain bridge to send USDC to Solana will typically require you to pay gas fees on the origin blockchain as well as the destination blockchain. Gas fees are charged for the transaction that initiates the swap, such as transferring or locking the asset on the origin blockchain; gas fees are also incurred on the destination blockchain to execute the transaction that mints or delivers the asset on that network.
• When in doubt, do a test transaction with a small amount of USDC: If you’re new to transferring USDC or using cross-chain bridges, it’s recommended to send a small amount of USDC first to confirm a successful transaction before sending a large quantity of USDC from one chain to another.

Note: Attempting to withdraw or send non-native tokens from one blockchain to another may result in a failed transaction and/or the permanent loss of assets.

How to use USDC on Solana

USDC on Solana combines the stability of a trusted digital dollar with the efficiency of a high-performance blockchain. Whether you’re new to crypto or an experienced user, Solana’s ecosystem offers a compelling environment for leveraging USDC’s capabilities like sending, spending, saving, and trading. By following the steps outlined above, you can easily acquire and start using Solana-based USDC to unlock the potential of DeFi and digital payments.

In addition to Solana, native USDC is available on more than 15 blockchains. All are part of a growing list of network integrations for USDC. For more information on USDC and the dApps, exchanges, wallets, and other businesses that support it, check out our USDC Ecosystem Catalog.