- USDC burn confirmed on Ethereum blockchain for supply management.
- 55 million USDC destroyed to align with dollar reserves.
- No immediate major market disruptions observed in DeFi.
Circleโs USDC Treasury destroyed 55 million USDC on Ethereum for regular supply management to preserve its dollar peg. Conducted on-chain at 13:52 Beijing time, no leadership comments or regulatory statements were observed. The event mirrors past practice.
Circleโs USDC Treasury destroyed 55 million USDC on the Ethereum blockchain as part of routine supply management on October 2023, confirmed via on-chain transactions.
USDC Burn Aligns Circulating Supply with Dollar Reserves
Jeremy Allaire, CEO, Circle: โThis USDC burn is a routine supply management action to uphold our dollar peg and maintain stablecoin integrity on the Ethereum chain.โMarket observers expect stable USDC values, signifying Circleโs ongoing commitment to regulatory compliance and financial integrity. Historically, such burn events recur, matching stablecoin issuance with real-world dollar reserves as regulatory measures dictate.
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Circle Burns 55 Million USDC on Ethereum
Circle's USDC Treasury destroyed 55 million USDC on the Ethereum blockchain as part of routine supply management.
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