USDC Treasury Burns Nearly $70 Million on Ethereum Blockchain
Whale Alert reports the USDC Treasury minted 89,372,437 USDC tokens, continuing stablecoin supply adjustments on Ethereum to support liquidity and maintain the dollar peg.
ETH
USDC
Fact Check
The statement is strongly supported by a source (a Medium article) which specifies that the supply of USDC.e, a bridged version of USD Coin, 'decreased by about 70 million tokens' in a process involving the Ethereum network. Although other sources cite different, smaller burn amounts for native USDC on separate occasions (e.g., ~$54M and ~$63M), the existence of specific evidence matching the 'nearly $70 million' figure makes the statement highly plausible.
Summary
Whale Alert reported that the USDC Treasury minted 89,372,437 new USDC tokens on the Ethereum blockchain, marking a significant supply adjustment. This minting action highlights the Treasury's ongoing efforts to manage USDC’s supply, ensuring liquidity and the stablecoin's peg to the U.S. dollar. Previously, similar activities included minting 121 million USDC and burning nearly $70 million worth of USDC on Ethereum.
Terms & Concepts
- USDC: A U.S. dollar-pegged stablecoin issued by Circle, designed to maintain a 1:1 value with the U.S. dollar.
- Ethereum Blockchain: A decentralized blockchain platform that supports smart contracts and hosts various cryptocurrencies, including stablecoins like USDC.