12 days ago 1 min read

Circle Recently Burned 314,167,155,05 USDC, Or $311,419,134

circle-usdc-stablecoin-svb-bny mellon

Recently, Circle destroyed 314,167,155.05 USDC from its circulation.

In an effort to maintain the stability of the USDC stablecoin, Circle has just burned 314,167,155.05 USDC ($311,419,134) through their innovative redemptions program. By enabling holders of USDC to convert their tokens into US dollars at a 1:1 ratio through this service, the stability and consistency of the USDC value is ensured.

By burning almost $311 million in USDC, Circle is proactively reducing the number of USDC tokens in circulation. The stablecoin will become more stable as a result of this action, which is essential for its widespread acceptance as a reliable medium of exchange.

The Circle redemptions program is an essential tool for ensuring the long-term success of USDC. By giving USDC holders a straightforward and reliable redemption option, Circle is guaranteeing that USDC is a credible and widely acknowledged stablecoin. With this most recent round of redemptions, Circle is demonstrating its commitment to the integrity of this significant coin.

Circle generated $407.8 million USDC this morning. The most recent minting, These, brings the whole balance to $463.8 million. Due to its disclosure that it has a $3.3 billion exposure to Silicon Valley Bank, USDC was the stablecoin that suffered the most from the bank's bankruptcy last week. This amount, which is much higher than the projected $1 billion, has given the USDC flying fuel. A low of $0.93 was once reached by USDC, the lowest point in its history. Circle recently expressed its satisfaction with the US government's and financial authorities' critical actions to reduce the risks associated with specific components of the banking system.

Deposits to SVB are 100% accepted. The remaining SVB money will be sent to BNY Mellon, and the whole USDC reserve remains safe. When the banks reopen on Monday, USDC liquidity will restart. Thanks to these encouraging signs, the bitcoin market is now once again active, and green books are overflowing. Stablecoin USDC has reclaimed its peg levels following a weekend of favorable market movements.

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