Net redemptions of $USDC recently crossed the $4 billion mark, with some 723 million $USDC burnt in a single transaction. This came as issuer circle said over the weekend it would process all transactions and honor redemptions.
Over $2.2 billion worth of USD coin was burnt since the start of this week as redemptions crossed $4 billion on Tuesday night.The BlockData 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 , where Circle parked over $3.3 billion in treasury assets, was shut by regulators.
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