Circle burns 105 million USDC: Here’s why and how they do it

In a strategic move, Circle has burned 105,061,300 USDC, valued at approximately 105 million USD. This transaction was recorded on the Ethereum blockchain, sent to a Null Address, and reflects ongoing efforts to manage liquidity and market demands.

The supply cut aims to enhance USDC’s market stability, especially in DeFi. The burn process involves redeeming USDC for USD, a function managed by Circle’s accounts, which ensures a continuous 1:1 peg with the dollar.