Circle Redeems $2.9B USDC and Mints $0.7B USDC

On March 13th, Circle announced that it had redeemed $2.9 billion USDC and minted $0.7 billion USDC, according to their latest update. This news comes as a result of the company’s recent large burn of 723.5 million USDC 8 hours ago, which was part of their plan to increase the value of their digital currency. The on-chain data shows that between Mar 10 - 13, Circle burned ~2.8 billion USDC and minted ~955 million USDC while in the last 7 days they have burned ~5.6 billion USDC and minted ~1.8 billion USDC respectively. This move is seen as a positive sign for investors who are looking to invest in cryptocurrency as it indicates that Circle is actively working towards increasing the value of its digital currency by burning more than it is minting in order to reduce its supply and increase demand for its coins in the market place which should lead to an increase in price over time if all goes according to plan. Circle’s CEO Jeremy Allaire commented on this move saying “We believe this demonstrates our commitment to creating an open financial system where anyone can access secure digital assets with ease” He went on further to say “We are proud of our efforts towards building a sustainable economy with stablecoins at its core” The company has also been actively involved in lobbying for regulations around cryptocurrencies so that they can be used safely and securely without any fear of fraud or manipulation from malicious actors trying to take advantage of unsuspecting users or investors who may not understand how these currencies work or what risks they may face when investing in them without proper guidance or knowledge about them first hand before making any decisions about investing into them directly themselves without consulting a professional first before doing so..