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Biggest USDC burn on record just occurred, net redemptions sin | Crypto News Source

Biggest USDC burn on record just occurred, net redemptions since Friday reach $4.5 billion

Circle
's stablecoin continues to struggle to win back confidence, and the biggest redemption on record just occurred as $723.5 million was sent to a null address and burnt, according to data via Arkham. More than $6.2 billion USDC has been redeemed since Friday, with around $1.66 billion minted — bringing net redemptions to a little over $4.5 billion.

U.S. federal bank regulators then guaranteed the full return of Silicon Valley and Signature Bank customer deposits, and Circle CEO Jeremy Allaire said operations would resume on Monday. They did, as did a steady stream of redemptions. "Despite Circle turning on redemptions and providing assurance that redemptions will be met with reserves, it seems like USDC holders are still nervous about the current environment," said Steven Zheng, director of research at The Block Research. Given Circle holds its cash reserves with many other banks.

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