Ethereum

2024

Millions

USDC

Coin

<ul class="news-points">
 <li>Circle’s USDC Treasury burns $150M in USDC tokens on the Ethereum blockchain.</li>
 <li>Circle burns USDC tokens to redeem US dollars for businesses.</li>
 <li>This latest large-scale burn follows a $61.3M USDC burn earlier in the week, with June redemptions surpassing $371M.</li>
</ul>
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.
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 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> 150,000,000 <a href="https://twitter.com/hashtag/USDC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#USDC</a> (150,014,443 USD) burned at USDC Treasury<a href="https://t.co/QvRzgYP3PJ" target="_blank" rel="noopener noreferrer nofollow">https://t.co/QvRzgYP3PJ</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1805736869247754720?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 25, 2024</a>
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The transaction has sparked curiosity among community members, who are speculating about <a href="https://x.com/DaneDe4orest/status/1805738094030995541" target="_blank" rel="noopener noreferrer nofollow">the reasons behind</a> 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 <a href="https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48?a=0x0000000000000000000000000000000000000000" target="_blank" rel="noopener noreferrer nofollow">regularly receives</a> small-value inbound transfers, with some transactions occurring as recently as minutes ago.
As exp…
The post <a href="https://coinedition.com/another-major-usdc-burn-circle-destroys-millions-of-stablecoins-again/" rel="noopener noreferrer nofollow">Another Major USDC Burn: Circle Destroys Millions of Stablecoins Again</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Another Major USDC Burn: Circle Destroys Millions of Stablecoins Again

Coin Edition

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