$USDC The issuer behind USDC stablecoin, Circle has burned 105,061,300 USDC, valued at approximately $105,060,249 at the time, in a latest move. The transaction – recorded on the Ethereum blockchain at 18:12 UTC – follows a strategic move from the firm, which is planned to reduce the circulating supply of the dollar-pegged stablecoin.

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According to Whale Alert, a blockchain transaction tracking platform, the transaction initiated by the USDC Treasury, with it sending the amount to Ethereum’s Null Address, aka the Black Hole address, from where recovering crypto assets is impossible.

Circle Burns $105M Usdc

Circle Burns $105M USDC – Source: Etherscan

Market observers note that this supply contraction could impact USDC’s liquidity and trading volumes, particularly in DeFi ecosystems where it holds a strong presence