Binance subsidies drive a surge in USD1 supply, with Solana becoming the largest incremental chain.

According to Mars Finance, on-chain analyst Yu Jin tweeted that since Binance launched its subsidy program at the end of January, the total supply of the stablecoin USD1 has increased from approximately $3.3 billion to $4.4 billion, an increase of about $1.1 billion. The author cited on-chain data stating that the main increase came from Solana: before the program, the supply of USD1 on Solana was approximately $160 million, and currently it is approximately $880 million, an increase of about $720 million. The remaining approximately $380 million increase is distributed across BSC and Ethereum. Currently, the USD1 supply is primarily concentrated on these three chains.