More than two billion USDC Stablecoin burned in one day, data shows

More than $2.2 billion in USD Coin (USDC) has burned since the beginning of this week when redemptions passed $4 billion on Tuesday night.

Some 723 million USDC was burned in a single trade in early Asian hours on Wednesday, according to The blockciting data from Arkham Intelligence.

Records further show that several other USDC burns occurred during multiple separate trades ranging from $300 million to $600 million. This brought USDC’s total value burned to over $2.2 billion in just over one day.

Burns refers to effectively removing tokens from the circulating supply by sending them to an address that is not controlled by any entity. The USDC burns followed a likely reduction in reserve coverage or redemptions.

Meanwhile, USDC’s net redemptions crossed the $4 billion mark on Tuesday. This came as publisher Circle said over the weekend that it would process all transactions and honor redemptions.

The dollar-pegged stablecoin has failed to win back investors after last week’s depegging. Circle Internet Financial’s USDC stablecoin decoupled massively from its $1 target price Friday night after Silicon Valley Bank (SVB), where Circle parked more than $3.3 billion in treasury assets, was shut down by regulators.






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