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

Circle Internet Financial’s USDC stablecoin saw almost $3 billion in net redemptions, defined as the total number of USDC burned minus the number of USDC minted between Friday, March 10 and press time, Monday, per on-chain data from blockchain analytics firm Nansen. Over the same time period, the total supply of DAI increased by 1.2 billion tokens, according to a Makerburn dashboard for DAI minting.

Source: https://www.coindesk.com/business/2023/03/13/burning-usdc-and-minting-dai-prove-to-be-popular-on-chain-activities-amid-svb-collapse/?utm_medium=referral&utm_source=rss&utm_campaign=headlines