USDC’s Treasury has burned 110 million USDC ($110 million) from an address belonging to the USDC treasury. The burn transaction was noticed by Whale Alert, an on-chain transaction tracker. The burn comes as part of an ongoing effort by the Centre Consortium, the organization that manages USDC, to reduce the supply of the stablecoin and maintain its peg to the US dollar. This move makes USDC more attractive to investors and users by increasing its scarcity and demonstrating the commitment of the Centre Consortium to maintaining the stability of the coin. By removing excess USDC from circulation, the burn helps strengthen the overall health of the USDC ecosystem and boost confidence in the stablecoin.

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