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  • ethereumEthereum (ETH) $ 1,809.00
  • tetherTether (USDT) $ 1.00
  • xrpXRP (XRP) $ 2.33
  • bnbBNB (BNB) $ 606.26
  • solanaSolana (SOL) $ 151.54
  • usd-coinUSDC (USDC) $ 0.999969
  • dogecoinDogecoin (DOGE) $ 0.181388
  • cardanoCardano (ADA) $ 0.724346
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  • staked-etherLido Staked Ether (STETH) $ 1,807.98
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  • chainlinkChainlink (LINK) $ 15.01
  • avalanche-2Avalanche (AVAX) $ 22.23
  • stellarStellar (XLM) $ 0.290219
  • the-open-networkToncoin (TON) $ 3.32
  • hedera-hashgraphHedera (HBAR) $ 0.196915
  • leo-tokenLEO Token (LEO) $ 9.00
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  • wrapped-stethWrapped stETH (WSTETH) $ 2,169.08
  • usdsUSDS (USDS) $ 1.00
  • bitcoin-cashBitcoin Cash (BCH) $ 351.80
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  • polkadotPolkadot (DOT) $ 4.25
  • hyperliquidHyperliquid (HYPE) $ 18.39
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999906
  • bitget-tokenBitget Token (BGB) $ 4.41
  • wethWETH (WETH) $ 1,808.35
  • moneroMonero (XMR) $ 262.32
  • ethena-usdeEthena USDe (USDE) $ 0.999356
  • pi-networkPi Network (PI) $ 0.621776
  • whitebitWhiteBIT Coin (WBT) $ 29.19
  • wrapped-eethWrapped eETH (WEETH) $ 1,926.09
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 94,799.00
  • pepePepe (PEPE) $ 0.000009
  • aptosAptos (APT) $ 5.61
  • bittensorBittensor (TAO) $ 384.39
  • uniswapUniswap (UNI) $ 5.53
  • daiDai (DAI) $ 1.00
  • okbOKB (OKB) $ 52.27
  • nearNEAR Protocol (NEAR) $ 2.57
  • ondo-financeOndo (ONDO) $ 0.983650
  • official-trumpOfficial Trump (TRUMP) $ 15.37
  • gatechain-tokenGate (GT) $ 22.44
  • internet-computerInternet Computer (ICP) $ 5.15
  • susdssUSDS (SUSDS) $ 1.05
  • aaveAave (AAVE) $ 172.79
  • kaspaKaspa (KAS) $ 0.100048
  • ethereum-classicEthereum Classic (ETC) $ 16.89
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • crypto-com-chainCronos (CRO) $ 0.091826
  • mantleMantle (MNT) $ 0.741103
  • tokenize-xchangeTokenize Xchange (TKX) $ 31.15
  • vechainVeChain (VET) $ 0.027635
  • render-tokenRender (RENDER) $ 4.43
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.17
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.240831
  • algorandAlgorand (ALGO) $ 0.233656
  • cosmosCosmos Hub (ATOM) $ 4.46
  • ethenaEthena (ENA) $ 0.355564
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 94,545.00
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.728024
  • filecoinFilecoin (FIL) $ 2.79
  • fasttokenFasttoken (FTN) $ 4.28
  • celestiaCelestia (TIA) $ 2.98
  • sonic-3Sonic (prev. FTM) (S) $ 0.532067
  • arbitrumArbitrum (ARB) $ 0.345420
  • bonkBonk (BONK) $ 0.000021
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998486
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.15
  • worldcoin-wldWorldcoin (WLD) $ 1.15
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 94,715.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.478766
  • kucoin-sharesKuCoin (KCS) $ 10.56
  • optimismOptimism (OP) $ 0.795025
  • blockstackStacks (STX) $ 0.859404
  • makerMaker (MKR) $ 1,497.13
  • binance-staked-solBinance Staked SOL (BNSOL) $ 158.79
  • xdce-crowd-saleXDC Network (XDC) $ 0.078679
  • nexoNEXO (NEXO) $ 1.21
  • fartcoinFartcoin (FARTCOIN) $ 1.18
  • quant-networkQuant (QNT) $ 76.42
  • binance-peg-wethBinance-Peg WETH (WETH) $ 1,808.61
  • sei-networkSei (SEI) $ 0.213737
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  • story-2Story (IP) $ 3.99
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  • eosEOS (EOS) $ 0.686214
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 1,882.52
  • injective-protocolInjective (INJ) $ 10.14
  • usdt0USDT0 (USDT0) $ 1.00
  • the-graphThe Graph (GRT) $ 0.100291
  • wbnbWrapped BNB (WBNB) $ 606.20
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999635
  • curve-dao-tokenCurve DAO (CRV) $ 0.665944
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  • raydiumRaydium (RAY) $ 3.00
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  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,050.10
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  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.013038
  • walrus-2Walrus (WAL) $ 0.654554
  • tether-goldTether Gold (XAUT) $ 3,289.02
  • coredaoorgCore (CORE) $ 0.812217
  • solv-protocol-solvbtc-bbnSolv Protocol xSolvBTC (XSOLVBTC) $ 94,300.00
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • bitcoin-svBitcoin SV (BSV) $ 40.39
  • lido-daoLido DAO (LDO) $ 0.869226
  • pax-goldPAX Gold (PAXG) $ 3,286.87
  • flokiFLOKI (FLOKI) $ 0.000080
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 167.28
  • galaGALA (GALA) $ 0.017188
  • dexeDeXe (DEXE) $ 13.21
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 94,747.00
  • msolMarinade Staked SOL (MSOL) $ 195.21
  • heliumHelium (HNT) $ 4.12
  • the-sandboxThe Sandbox (SAND) $ 0.303124
  • clbtcclBTC (CLBTC) $ 94,849.00
  • theta-tokenTheta Network (THETA) $ 0.731453
  • bittorrentBitTorrent (BTT) $ 0.00000073
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.10
  • mantle-staked-etherMantle Staked Ether (METH) $ 1,924.46
  • kaiaKaia (KAIA) $ 0.114295
  • based-brettBrett (BRETT) $ 0.066946
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  • dogwifcoindogwifhat (WIF) $ 0.654341
  • chain-2Onyxcoin (XCN) $ 0.019278
  • flowFlow (FLOW) $ 0.405133
  • usdx-money-usdxStables Labs USDX (USDX) $ 1.00
  • ethereum-name-serviceEthereum Name Service (ENS) $ 18.37
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  • movementMovement (MOVE) $ 0.240031
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  • tezosTezos (XTZ) $ 0.559095
  • pyth-networkPyth Network (PYTH) $ 0.160439
  • deepDeepBook (DEEP) $ 0.232736
  • spx6900SPX6900 (SPX) $ 0.618629
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.07
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  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 1,890.51
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  • sonic-bridged-usdc-e-sonicSonic Bridged USDC.e (Sonic) (USDC.E) $ 0.999843
  • true-usdTrueUSD (TUSD) $ 0.998585
  • kavaKava (KAVA) $ 0.455928
  • elrond-erd-2MultiversX (EGLD) $ 17.39
  • beldexBeldex (BDX) $ 0.068208
  • thorchainTHORChain (RUNE) $ 1.38
  • ubtcuBTC (UBTC) $ 94,865.00
  • aioz-networkAIOZ Network (AIOZ) $ 0.410448
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 94,707.00
  • pumpbtcpumpBTC (PUMPBTC) $ 92,677.00
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  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.181344
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999900
  • arweaveArweave (AR) $ 7.08
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  • ecasheCash (XEC) $ 0.000023
  • starknetStarknet (STRK) $ 0.154885
  • neoNEO (NEO) $ 6.36
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  • hashnote-usycHashnote USYC (USYC) $ 1.09
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  • sun-tokenSun Token (SUN) $ 0.017779
  • trust-wallet-tokenTrust Wallet (TWT) $ 0.814194

Circle Burns 50 Million USDC Tokens on Ethereum, Reducing Supply  

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Circle Burns 50 Million USDC Tokens on Ethereum, Reducing Supply  

Today, crypto analyst Whale Alert shared data showing that Circle burnt 50 million USDC coins from circulation in the Ethereum main chain. This event is essential as it represents Circle’s ongoing strategic activities within its ecosystem, especially regarding its stablecoin, which is pegged to the US dollar.

? ? ? 50,000,000 #USDC (50,005,000 USD) burned at USDC Treasuryhttps://t.co/WNSdgYcJ4s

— Whale Alert (@whale_alert) February 12, 2025

USD Coin burning

As per data reported by the market analyst, Circle burnt 50 million USD Coin worth $50,005,000 in the Ether main chain. The burning of the coins is essential as it decreases the total supply of the stable coin, making it scarcer and possibly raising its value.

Token destruction is a mechanism that stablecoin issuers use to decrease the supply of their stable coin circulations. Issuers often remove numbers of tokens in their circulations to influence value dynamics and enhance liquidity within their stablecoin ecosystems. The USDC Treasury chose the Ethereum blockchain for the burning exercise due to its strong technology infrastructure and advanced security.

Why stablecoins gain traction

Stablecoins play an essential role in the broader cryptocurrency ecosystem by providing a stable medium of exchange. In contrast to traditional crypto assets, stablecoins are created to minimize price fluctuations, making them beneficial for hedging, trading, and a convenient store of value.

Stablecoin issuers tightly control the burning process to ensure their stablecoins don’t stroll off from fiat pegging. This method has experienced plenty of success and several stablecoin projects, mainly by USDT and USDC, have adopted it.

Stablecoin burning has a domino effect on the wider cryptocurrency market. By decreasing supply, issuers tighten market pricing and improve liquidity in the market.

Stable coins have been less volatile than other virtual currencies, with fewer price fluctuations and a low risk/reward ratio. Also, these stable assets are adequately protected from price rigging, making them attractive alternatives for traders and investors engaging in the cryptocurrency market.

Investors need these stable coins to trade crypto tokens in a secure environment free from volatility. Based on this utility, stablecoins continue witnessing exponential growth and fulfilling several use cases in the cryptocurrency market.

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