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USDC Treasury Burns 100 Million in a Day to Maintain Stablecoin Value
Generated by AI AgentCoin World
Saturday, Feb 8, 2025 10:37 am ET1min read
The USDC Treasury has once again burned 50 million USDC on the Ethereum blockchain, according to Whale Alert monitoring. This transaction occurred 46 minutes ago, marking the second such burn in a single day. The first burn of 50 million USDC took place at 20:08:35 Beijing time, totaling 100 million USDC burned today.
This latest burn comes as part of a broader trend of stablecoin issuers reducing their supply to maintain the value of their tokens. By burning USDC, the USDC Treasury is effectively removing these tokens from circulation, which can help to increase their value and maintain their peg to the US dollar.
The Ethereum blockchain has been a popular platform for stablecoin issuance, with USDC being one of the most widely used stablecoins on the network. The Ethereum network's large and active user base, as well as its robust smart contract functionality, make it an attractive choice for stablecoin issuers.
However, the Ethereum network has faced criticism in recent months for its high gas fees and slow transaction processing times. These issues have led some stablecoin issuers to explore alternative blockchains for their tokens, such as Polkadot and Solana.
Despite these challenges, the USDC Treasury's latest burn demonstrates the continued demand for USDC on the Ethereum network. As the stablecoin market continues to grow, it will be interesting to see how issuers like Circle, the company behind USDC, adapt to the evolving landscape of blockchain technology.
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