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.
Burning USDC and Minting DAI Prove to Be Popular On-Chain Activities Amid SVB Collapse
