USDC Treasury Burns 150 Million Tokens on Ethereum to Manage Supply

The USDC Treasury executed a significant burn of approximately 150 million USDC tokens on the Ethereum blockchain. This process involved three separate transactions, each destroying about 50 million USDC at different times throughout the day.

Token burns are a standard mechanism used by stablecoin issuers like Circle to manage the circulating supply of USDC. By reducing the number of tokens in circulation, the Treasury aims to maintain the stablecoin's peg to the US dollar, ensuring its value remains consistent.

These burns are publicly recorded on the Ethereum blockchain, providing transparency and allowing users to verify the transactions. Such actions are part of broader efforts to uphold the stability and reliability of USDC in the cryptocurrency market.

For real-time updates and detailed transaction records, users can refer to blockchain explorers like Etherscan or monitoring services such as Whale Alert.