Burning USDC and minting DAI have proven to be popular on-chain activities among crypto natives, who have been reacting to the fallout from the shutdown of Silicon Valley Bank (SVB). reports
The following day, crypto users sent $1.2 billion to both MakerDAO and Circle’s burn address, Nansen data shows. Burns are indicative of USDC holders redeeming their tokens for cash.
The mass burn reversed Circle’s early March trend where it had been minting more USDC than it was destroying. Between March 1 and March 9, Circle minted a net average of $143 million USDC a day, but this trend has since changed: Starting on March 10, Circle has burned a daily net average of $727 million., a smart contract that holds assets like USDC to back the value of DAI, saw a 91% increase in USDC deposits, jumping to $4.1 billion today from $2.1 billion on March 10.
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