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Circle Destroys 2.34 Billion Dollars worth of USDC in 24 hours

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According to reports, Nansen, a blockchain analysis company, tweeted that Circle had destroyed USDC worth 2.34 billion dollars in the past 24 hours, of which 70

Circle Destroys 2.34 Billion Dollars worth of USDC in 24 hours

According to reports, Nansen, a blockchain analysis company, tweeted that Circle had destroyed USDC worth 2.34 billion dollars in the past 24 hours, of which 70% (about 1.65 billion dollars) had been destroyed in the past 8 hours. In addition, according to the address of the centralized exchange marked by Nansen, the current amount of USDC on the Ethereum chain is about $5 billion, that of Crypto.com is about $766 million, and that of Coinbase is about $303 million. In addition, Uniswap is about $653 million, Voyager is about $529 million, Curve is about $515 million, and dYdX is about $368 million.

Data: The balance of USDC on the Ethereum chain of the Coin Security platform is about US $5 billion

Analysis based on this information:


According to reports, Circle, the issuer of USDC, has destroyed 2.34 billion dollars worth of USDC in the past 24 hours. This was revealed by a blockchain analysis company, Nansen, through a tweet. It was further stated that 70% of this amount, which is about 1.65 billion dollars, had been destroyed within the past 8 hours. This action by Circle has caused some to speculate about the implications it could have on the cryptocurrency market.

Looking at the amount of USDC on various exchanges, it was discovered that the current amount of USDC on the Ethereum chain is around $5 billion, with Crypto.com having $766 million, Coinbase having $303 million, and Uniswap having $653 million. Other exchanges include Voyager, which has $529 million, Curve, which has $515 million, and dYdX, which has $368 million. These findings suggest that USDC is widely used and accepted in the cryptocurrency market.

The destruction of such a large sum of USDC by Circle raises several questions as to why this was done. However, some analysts believe that it could be part of efforts to keep the value of USDC stable. USDC is a stablecoin that is pegged to the US dollar at a ratio of 1:1. Therefore, destroying excess USDC that is not needed in the market could help to maintain this ratio and prevent fluctuations in the value of USDC.

Furthermore, this move could also help to improve the credibility of USDC in the eyes of investors and market participants. By destroying a large amount of USDC, Circle is demonstrating its commitment to ensuring that the stablecoin remains stable and is not subject to any manipulation. This could lead to increased confidence in USDC as a reliable and trustworthy cryptocurrency.

In conclusion, the destruction of 2.34 billion dollars worth of USDC by Circle is a significant development in the cryptocurrency market. While the reasons for this action are not yet clear, it is likely that it is part of efforts to maintain the stability and credibility of USDC. With the widespread use of USDC on various exchanges, it is essential for the issuer to take such steps to ensure that the value of the stablecoin is not affected by market forces.

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