The post "Circle Burns 150 Million USDC Tokens in Significant Blockchain Transaction" first appeared on 36crypto.com News.
Circle, the issuer of USD Coin (USDC), has recently burned 150 million #USDC✅ tokens, equivalent to around $150 million. Whale Alert, a blockchain alert service, described the transaction on Ethereum. Circle switched the USDC to a null address, which caused a buzz in the community since it was impossible to access it.
This significant burning event is part of a broader trend observed over recent months. On Monday, Circle incinerated over $61.3 million worth of USDC tokens. Blockchain records indicate that the null address used by Circle for these burns often receives small-value inbound transfers, with some transactions recorded just minutes before.
Circle $1.061 Billion USDC Token Burn by May's End
Minting and burning USDC can also be described using the information found on Circle’s official site. Whenever the business deposits the USD into its Circle Account, Circle sends the equivalent amount of USDC to the business account. This process is known as minting, making the initial circulation of USDC higher than designed. On the other hand, when a business intends to sell a particular amount of USDC for USD, it will transfer USDC to its Circle Mint account and request for USD conversion. This process is called burning, which can be understood as the disposal of USDC.
The recent $150 million transaction reflects a business entity redeeming significant stablecoins from Circle. Whale Alert tracked large-value USDC redemptions totaling over $371 million this month. By the end of May, Circle had also burned over $1.061 billion in USDC tokens. One of the most notable transactions occurred on March 14, 2023, when Circle destroyed $2.2 billion USDC tokens daily.
Circle recently burned 150 million USDC tokens, a relatively significant transaction within the context of cryptocurrencies. This points to constant action even when there is no large-scale redemption of USDC. Given such priorities and as the blockchain community intensifies the monitoring of these transactions, such massive burns’ rationales are something that causes interest and concern.

#MtGoxJulyRepayments #CryptoPCEWatch

The post "Circle CEO Jeremy Allaire's Optimism on the Future of Cryptocurrency" first appeared on 36crypto.com News.
Circle CEO Jeremy Allaire has been leading the company behind the #USDC✅ stablecoin for 11 years. According to him, now is the time when he is most optimistic about the future of cryptocurrencies. Why exactly now? He explained this in his recent post at X. 
Allaire's View on the Crypto Market
Jeremy Allaire explains that his view on the crypto market is based on the experience and knowledge of 35 years of observing the life cycles of Internet technologies.
“We’ve seen an unrelenting march of open networks, open protocols, and open software, with layer upon layer of infrastructure on the internet that deepens its utility for society and the economy,” he says.
Allaire points out that the Internet used to lack trust, without which it was limited in terms of the utility it could provide to the world. There was no way to fully trust data, transactions, or computation, leading to a deepening dependence on hyper-centralized structures (corporate and government). However, the role of the Internet in society was increasingly growing, and its ability to perform an increasingly important function in the organization of society and the economy was evident.
He notes that after the emergence of #Bitcoin developers began to think more deeply about how they could extend the foundations of cryptocurrencies to provide a more generalized Internet infrastructure that could become fundamental to society and the economy. 
Allaire sees the current state of cryptocurrencies as a new layer of Internet infrastructure that adds an important component of trust that was not previously present. He argues that this allows the industry and the technology behind it to significantly impact social and economic functions.
“This is what drew me into this space” Allaire notes.
The Future of Cryptocurrency
Allaire noted that he is particularly interested in breakthroughs in ZK technology in modern industry. He envisions a future where cryptographic computing is at the heart of important applications across a variety of industries. Over the past two years, this technology has been increasingly perceived as an important part of solving the blockchain trilemma by supporting scalability and interoperability without compromising privacy.
Currently, zkSync is one of the most popular ZK Layer 2 projects in 2024. The coin has gained popularity due to its technical advantages that help ensure speed, efficiency, and privacy for Ethereum users, making it a key player in the development and integration of blockchain applications. Currently, zkSync is available for trading on many cryptocurrency exchanges, including Gate.io, OKX, WhiteBIT, and others.
He also pointed out the growing recognition of digital assets in the global financial system, as well as the fact that clear regulatory frameworks are emerging around the world. 
“Bitcoin has become one of the largest and most important alternative investment assets on the planet,” Allaire says.
He added that the largest asset management companies are now offering blockchain-based products and services, including direct regulated access to Bitcoin through spot and futures exchange products around the world.
Aller also emphasized the widespread adoption of stablecoins, which he considers the "killer app" of cryptocurrencies. He predicted that by the end of 2025, stablecoins will be legally recognized as digital currencies in almost all major jurisdictions, potentially transforming the market.
Conclusion
Jeremy Allaire believes that the current moment is the most important for cryptocurrency technologies and their future role in society and the economy. His many years of experience observing the development of Internet technologies allows him to view cryptocurrencies as a new stage of the Internet infrastructure that brings the necessary component of trust to expand their influence on global finance and technological progress.

#CryptoPCEWatch #MtGoxJulyRepayments #CryptoTradingGuide

Here are the top 10 cryptocurrencies to invest in May 2024:
1. Bitcoin ($BTC )
2. Ethereum ($ETH )
3. Binance Coin ($BNB )
4. XRP (#XRP )
5. Solana (#SOL )
6. USD Coin (#USDC✅ )
7. Cardano (#ADA.智能策略库🥇🥇 )
8. Dogecoin (#doge⚡ )
9. Tron (TRX)
10. Polkadot (DOT)
📌Sources: BeinCrypto . Finder.com

In the fast-paced world of cryptocurrency, an infamous maximal extractible value (MEV) sandwich bot known as “arsc” has raked in approximately $30 million from Solana users over the past two months through strategic MEV attacks.
MEV sandwich attacks involve an attacker placing their transactions before and after a victim’s transaction. By manipulating the price, they profit by buying the victim's tokens at a lower price and selling them at a higher price within the same block.
Ben Coverston, founder of MRGN Research, highlighted in a June 15 post on X that this bot has been meticulous in maintaining a low profile while accumulating significant profits. One of the bot's main wallet addresses, “9973h…zyWp6,” holds over $19 million, including $17 million worth of Solana (SOL) and $1.1 million in USD Coin (USDC). This wallet appears to serve as cold storage.
Another wallet, “Ai4zq…VXKKT,” is highly active in decentralized finance activities, gradually converting SOL into USDC and holding substantial positions in various assets. It contains over $9.9 million in total funds.
A third wallet, “BCbrp…vi58q,” identified as arsc’s “main SOL bank,” uses numerous signers and tippers to execute sandwich attacks. Combined, these three wallets hold nearly $29.8 million, suggesting the operator behind arsc is keen on avoiding attention by concealing their activities and profits.
MEV sandwich bots like arsc utilize sophisticated algorithms to identify and exploit profitable opportunities. This practice is also prevalent among MEV bots on Ethereum, with over $1.38 billion extracted from Ethereum users by April 2023, as reported by MEVBlocker.
Note: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
$SOL $USDC
#Solana #SOL #USDC✅ #CryptoBots