USDC Stablecoin Burnt and Bitcoin, Ether Rally Amid Banking Industry Turmoil.
TL;DR Summary
Over $2.2 billion worth of USD coin (USDC) was burnt in a single day as redemptions crossed $4 billion on Tuesday night. The burns refer to effectively taking tokens out of circulating supply by sending them to an address that’s not controlled by any entity. The USDC burns followed a likely reduction in reserve backing or redemptions. The dollar-pegged stablecoin has failed to win back investors following last week’s depegging.
- Over $2B in USDC Stablecoin Burnt in Single Day, Data Shows CoinDesk
- BTC/USD Forex Signal: Strong Rally to Take a Breather DailyForex.com
- Bitcoin, Ether extend gains as U.S. regulators take charge of banking industry turmoil Yahoo Finance
- USDC depegged because of Silicon Valley Bank, but it's not going to default Cointelegraph
- What Is Cross River Bank, USDC Stablecoin Issuer Circle’s New Partner? CoinDesk
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
2 min
vs 3 min read
Condensed
86%
489 → 70 words
Want the full story? Read the original article
Read on CoinDesk