According to Odaily, the USDC Treasury has reportedly destroyed 150 million USDC tokens on the Ethereum blockchain. The event took place at 6:56 Beijing time. The value of the destroyed tokens is estimated to be around $150,014,443.
The USDC Treasury's action of burning tokens is a common practice in the cryptocurrency industry. It is often done to maintain the stability of the token's price by controlling its supply. The USDC Treasury has not released any official statement regarding the reason behind this particular token burn.
The USDC is a stablecoin that is pegged to the US dollar. It operates on the Ethereum blockchain, which is one of the most widely used blockchains for creating and managing digital assets. The destruction of such a significant amount of USDC tokens could potentially have an impact on the overall market dynamics of the cryptocurrency.