The highest recorded USDC burn occurred as of today.
USDC redemptions have reached $6.2 billion since Friday. In the same period, approximately $1.7 billion was printed and net redemptions reached $4.5 billion.
Total $6.2 Billion USDC Burned With Biggest USDC Burn
The largest USDC burn on record took place as of today. Net redemptions have reached $4.5 billion over the past few days. The largest ever burn of $723 million took place as of today.
Circle’s stablecoin continues to struggle to restore trust, and the largest redemption on record was made when $723.5 million was sent to an empty address and burned, according to Arkham’s data.
More than $6.2 billion USDC has been redeemed since Friday, and about $1.66 billion has been re-issued. This brought net redemptions to just over $4.5 billion.
Fears that reserves backing USDC would remain in failing US regional banks initially spurred burns on Thursdays and Fridays before halting over the weekend.
US federal bank regulators later guaranteed full refunds of Silicon Valley and Signature Bank customer deposits. Additionally, Circle CEO Jeremy Allaire said operations will resume on Monday.
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