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Over $2B in USDC Stablecoin Burnt in Single Day, Data Shows
USD coin holders are not rushing back to the token just yet.
Updated Mar 15, 2023, 3:18 p.m. Published Mar 15, 2023, 5:22 a.m.
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Over $2.2 billion worth of USD coin (USDC) was burnt since the start of this week as redemptions crossed $4 billion on Tuesday night.
Some 723 million USDC were burnt in a single transaction in early Asian hours on Wednesday, as per The Block, which cited Arkham Intelligence data.
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Data further shows several other USDC burns took place over multiple separate transactions, ranging from $300 million to $600 million. This brought the total burnt value of USDC to over $2.2 billion in a little over a single day.
Burns refer to effectively taking tokens out of circulating supply by sending them to an address that’s not controlled by any entity. The USDC burns followed a likely reduction in reserve backing or redemptions.
Meanwhile, net redemptions of USDC crossed the $4 billion mark on Tuesday. This came as issuer Circle said over the weekend it would process all transactions and honor redemptions.
The dollar-pegged stablecoin has failed to win back investors following last week’s depegging. Circle Internet Financial's USDC stablecoin massively depegged from its intended $1 price on Friday night after Silicon Valley Bank (SVB), where Circle parked over $3.3 billion in treasury assets, was shut by regulators.
CORRECTION (March 15, 2023 15:20 UTC): Fixes the headline to show $2 billion.
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