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USDC Treasury Burns 60 Million Tokens on Ethereum Blockchain

Whale Alert reports the removal of 51 million USDC tokens from circulation via the Ethereum network, further reducing the supply of the stablecoin.

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USDC

Summary

USDC Treasury has burned 51 million USDC tokens on the Ethereum blockchain, permanently removing them from circulation. This process continues the trend of reducing the total supply of USDC, a stablecoin issued by Circle and pegged to the U.S. dollar. The burn was confirmed by Whale Alert on September 29.

Terms & Concepts
  • USDC: A U.S. dollar-pegged stablecoin issued by Circle, designed to maintain a 1:1 value with USD.
  • Token Burn: The process of permanently removing cryptocurrency tokens from circulation, often to reduce supply.
  • Ethereum Blockchain: A decentralized platform that runs smart contracts, enabling various blockchain-based applications, including token transactions.