1. PixelPlaygroundHome
  2. Metaverse Insights

Circle Destroys Over 2.34 Billion Dollars’ Worth of USDC

• Metaverse Insights • 115 views

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 7…

Circle Destroys Over 2.34 Billion Dollars Worth of USDC

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 recent reports, Circle, the financial technology company behind USDC, has destroyed over 2.34 billion dollars’ worth of this cryptocurrency, in the past 24 hours. The latest data coming from Nansen, a blockchain analysis firm, indicates that as much as 70% of this amount has been destroyed in the past 8 hours alone.

USDC, or USD Coin, is a stablecoin that is pegged to the US dollar, meaning that it is designed to maintain a stable value, regardless of broader fluctuations in the cryptocurrency market. Stablecoins like USDC have become increasingly popular, thanks to their perceived stability and predictability, as well as the fact that they can be used for a wide range of transactions, including trading, investing, and making purchases.

Despite the potential benefits of stablecoins, they have also come under scrutiny in recent months, with critics arguing that they could pose a risk to financial stability and security, particularly if they are not adequately regulated or managed. Circle’s recent move to destroy such a large amount of USDC could be seen as a response to these concerns, and could potentially be intended to demonstrate the company’s commitment to responsible management of the asset.

Nansen’s data also sheds light on the current distribution of USDC across various centralized exchanges. According to the firm’s analysis, the largest amount of USDC is currently held on the Ethereum chain, with a total value of around $5 billion. Crypto.com holds the second-largest amount, with around $766 million, followed by Coinbase, with $303 million. Other exchanges with significant amounts of USDC include Uniswap, Voyager, Curve, and dYdX, which hold $653 million, $529 million, $515 million, and $368 million, respectively.

Overall, this latest news from Circle and Nansen could be seen as an indication of the ongoing evolution of the cryptocurrency market, and the drive towards greater stability and transparency. While the future of stablecoins and other digital assets remains uncertain, it is clear that players like Circle will continue to play a major role in shaping this rapidly-changing landscape.

In summary, the Circle has destroyed over 2.34 billion USD worth of USDC in the past 24 hours, with 70% being destroyed in the last eight hours alone. Nansen, a blockchain analysis company, reported that currently, the largest amount of USDC is held on the Ethereum chain, followed by Crypto.com, Coinbase, Uniswap, Voyager, Curve, and dYdX. This news highlights the growing importance of stablecoins and the need for responsible management of these assets.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/8195/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/11/2023 03:48
Next 03/11/2023 03:51

Recommended articles