USDC Treasury burned 55 million USDC on Ethereum.

Such operations are often related to redemption and capital flows, representing a rebalancing between "off-chain → on-chain / on-chain → off-chain."

Given the continuous net inflow of ETH ETFs, the pace of stablecoin supply is worth monitoring.

If there is a significant minting again in the future, it may correspond to a new wave of capital.