According to Whale Alert, 500 million USDC was burned on the USDC Treasury address at 7:34 p.m. today (Korean time). This is a significant burn, as it reduces the circulating supply of USDC and potentially increases its value. The burn was likely done by Circle, the company behind USDC, as part of its regular token burn process. Circle regularly burns USDC tokens that are backing redemptions in order to maintain the stablecoin's peg to the US dollar. The burn is likely to have a positive impact on the price of USDC. The reduction in circulating supply will likely lead to increased demand for the stablecoin, and the fact that Circle is regularly burning tokens will give investors confidence in the stability of the peg.