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Another Major USDC Burn: Circle Destroys Millions of Stablecoins Again

Published 06/26/2024, 06:52 PM
Updated 06/26/2024, 07:15 PM
Another Major USDC Burn: Circle Destroys Millions of Stablecoins Again

  • 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.

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…

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