- Circle’s USDC Treasury burns $150M in USDC tokens on the Ethereum blockchain.
- Circle burns USDC tokens to redeem US dollars for businesses.
- This latest large-scale burn follows a $61.3M USDC burn earlier in the week, with June redemptions surpassing $371M.
Circle, the issuer of USD Coin (USDC), has burned 150 million USDC tokens, equivalent to approximately $150 million.
Whale Alert noticed the transaction occurred on the Ethereum blockchain, where Circle sent $150 million in USDC to a null, inaccessible address earlier in the day.
150,000,000 #USDC (150,014,443 USD) burned at USDC Treasuryhttps://t.co/QvRzgYP3PJ— Whale Alert (@whale_alert) June 25, 2024
The transaction has sparked curiosity among community members, who are speculating about the reasons behind destroying $150 million worth of stablecoins. However, this is not the first such instance. On Monday, Circle also incinerated over $61.3 million worth of USDC tokens.
Furthermore, blockchain records reveal that the null address used by Circle to destroy USDC tokens regularly receives small-value inbound transfers, with some transactions occurring as recently as minutes ago.
As exp…
The post Another Major USDC Burn: Circle Destroys Millions of Stablecoins Again appeared first on Coin Edition.