Summary:
- Circle processed nearly 15,000 burn transactions in 24 hours removing $1.49 billion, demonstrating the scale of daily redemption operations
- November burns totaled $19.38 billion through the 13th, tracking toward the $40-50 billion monthly average
- Recent months maintained consistent turnover with October at $47.97 billion, exceeding USDC’s total $39 billion supply
Nov. 13 (Crypto-News.Net) – Circle burned 50,918,827 USDC tokens on the Ethereum blockchain Wednesday evening, removing approximately $50.9 million worth of the stablecoin from circulation as part of routine treasury operations.
Circle executed the burn operation at 9:45 p.m. UTC through a contract call that transferred tokens to a null address, according to Etherscan transaction data. Blockchain monitoring service Whale Alert reported the transaction approximately one hour after execution.
The operation eliminated $50,924,071 worth of tokens based on USDC trading at approximately 1.0001 dollars at the transaction time, according to historical price data from Investing.com. The stablecoin has maintained its dollar peg within a narrow range since its 2018 launch, trading between $0.9990 and $1.0010 for 95% of its existence, according to historical price data from CoinGecko.
USDC has maintained its dollar peg within a narrow range since its 2018 launch,
trading between $0.9990 and $1.0010 for 95% of its existence, according to
historical price data from CoinGecko.
Consistent High-Volume USDC Burn Operations
Circle burned $1.49 billion across 14,940 transactions in the past 24 hours and $19.38 billion in November through Nov. 13, according to blockchain intelligence platform Arkham. The monthly pace aligns with recent volumes, including October’s $47.97 billion.
Recent months maintained burns between $42 billion and $48 billion, with September at $42.81 billion and August at $45.39 billion. The burn volumes consistently exceed USDC’s approximately $39 billion circulating supply, demonstrating complete monthly turnover as Circle simultaneously mints new tokens while processing redemptions.
Circle Internet Financial issues USDC, maintaining reserves of cash and short-term US Treasury bonds to back each token at a one-to-one ratio with the dollar. The company publishes monthly reserve attestations through independent accounting firm Grant Thornton. USDC ranks as the second-largest stablecoin by market capitalization.
Token burns occur when users submit redemption requests to convert USDC back to dollars. Circle processes these requests by removing the corresponding tokens from circulation and releasing the equivalent dollar value from its reserves.
Wednesday’s burn represented one of multiple large operations, with Circle processing several transactions exceeding 25 million tokens within a two-hour window alongside thousands of smaller redemptions throughout the day.
Reporting by Zoran Spirkovski; Editing by Peter Macharia
