120 Million USDC Burned from the USDC Treasury

IconCryptoNewsTerminal Staff29 Jul, 2024

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120 Million USDC Burned from the USDC Treasury

120 Million USDC Burned from the USDC Treasury According to Whale Alert, a Twitter bot that tracks large cryptocurrency transactions, 120 million USDC was burned from an address at the USDC Treasury. The burn transaction, which occurred on [Date], reduced the total supply of USDC in circulation by [Percentage]. The burn is likely part of Circle's ongoing efforts to maintain the stability and value of USDC. By burning USDC, Circle is reducing the supply of the stablecoin, which can help to maintain its peg to the US dollar. The burn is a reminder that USDC is a well-managed and trustworthy stablecoin. Circle's commitment to maintaining the stability of USDC is a valuable asset to the cryptocurrency ecosystem.

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