On December 23, on-chain data shows that USDC Treasury burned 50 million USDC on the Ethereum network. This burn operation means that the total supply of USDC in circulation has been reduced accordingly, which usually reflects the reserve management strategy adjustments of the stablecoin issuer. For users holding and trading USDC, such on-chain actions are worth following, as large burn events often impact market liquidity and the market expectations for stablecoins.
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HalfBuddhaMoney
· 7h ago
50 million tokens directly burned? Is this to support the price or is there really a liquidity shortage?
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BlockBargainHunter
· 12-23 16:33
Oh, 50 million coins are destroyed just like that, that's quite a bold move!
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FUD_Whisperer
· 12-23 16:27
Fifty million coins just disappeared like that, what's Circle plotting?
USDC Treasury burned 50 million USDC on Ethereum.
On December 23, on-chain data shows that USDC Treasury burned 50 million USDC on the Ethereum network. This burn operation means that the total supply of USDC in circulation has been reduced accordingly, which usually reflects the reserve management strategy adjustments of the stablecoin issuer. For users holding and trading USDC, such on-chain actions are worth following, as large burn events often impact market liquidity and the market expectations for stablecoins.