USDC Stablecoin Burnt and Bitcoin, Ether Rally Amid Banking Industry Turmoil.
Originally Published 2 years ago — by CoinDesk
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.