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Biggest USDC Burn on Record Just Occurred, Net Redemptions Since Friday Reach $4.5B

Circle's stablecoin continues to struggle to win back confidence, and the biggest redemption on record just occurred as $723.5 million was sent to a null address and burnt, according to data via Arkham. 

More than $6.2 billion USDC has been redeemed since Friday, with around $1.66 billion minted — bringing net redemptions to a little over $4.5 billion.

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