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Circle Has Burned Around $9 Billion in USDC Supply in the Past Three Months

By WebsCryptoOctober 6, 20221 Min Read
Circle Has Burned Around $9 Billion in USDC Supply in the Past Three Months
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According to DeFiLlama data, the total supply of U.S. dollar Stablecoin USDC has dropped from $55.55 billion to $46.57 billion in the past 90 days. This means that USDC issuer Circle has destroyed about $9 billion worth of Stablecoins during this period, setting a record for the highest destruction of USDC in a 90-day period so far.

When a user converts USDC to the base currency that backs the Stablecoin (usually USD), Circle sends the redeemed tokens to a burn address to burn USDC and permanently delete those tokens from blockchain records.

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Analysis shows that the surge in USDC burns Coincides with a significant drop in yields offered by major DeFi platforms to Stablecoin lenders. According to data from LoanScan, USDC’s lending rates to Compound and Aave have shrunk by more than 70% since the beginning of the year.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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