{"id":563072,"date":"2023-03-13T17:15:00","date_gmt":"2023-03-13T14:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/314m-usdc-sent-to-null-address-as-redemptions-begin-report\/"},"modified":"2023-03-13T17:15:00","modified_gmt":"2023-03-13T14:15:00","slug":"314m-usdc-sent-to-null-address-as-redemptions-begin-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/314m-usdc-sent-to-null-address-as-redemptions-begin-report\/","title":{"rendered":"# 314M USDC sent to null address as redemptions begin: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2719a6348db\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2719a6348db\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/314m-usdc-sent-to-null-address-as-redemptions-begin-report\/#%E2%80%9D_314M_USDC_sent_to_null_address_as_redemptions_begin_Report_%E2%80%9C\" >&#8221; 314M USDC sent to null address as redemptions begin: Report  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_314M_USDC_sent_to_null_address_as_redemptions_begin_Report_%E2%80%9C\"><\/span>&#8221; 314M USDC sent to null address as redemptions begin: Report  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvOWY1YTgyYjEtYzU3MS00YjQ0LTgyZGItOTI3YmIwMzg5M2Y2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>According to Web 3.0 analytics platform Watchers (0xscope), a total of 314.167 million USD Coin (USDC) has been sent by its issuer, Circle, to the Ethereum null address with header 0x00 on Mar. 13. The null address is typically used to remove tokens from circulation via one-way transactions.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Stablecoin Burn Alerts:<br \/>314,167,155.05 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDC<\/a> ($311,419,134) just burned by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Circle?src=hash&amp;ref_src=twsrc%5Etfw\">#Circle<\/a><br \/>Tx: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ggqMMIhwS8\">https:\/\/t.co\/ggqMMIhwS8<\/a><\/p>\n<p>\u2014 Watchers ( . ) (@0xWatchers) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/0xWatchers\/status\/1635260260272463874?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The day prior, Circle announced that following a joint announcement by U.S. Treasury Secretary Janet Yellen and other regulators, all depositors with Silicon Valley Bank (SVB), representing $3.3 billion or 8% of the total USDC reserve, will be &#8220;fully available,&#8221; when U.S. banks open today. Jeremy Allaire, co-founder, and CEO of Circle, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.circle.com\/en\/pressroom\/3.3-billion-of-usdc-reserve-risk-removed-dollar-de-peg-closes\">commented<\/a>:<\/p>\n<blockquote><p>&#8220;Trust, safety and 1:1 redeemability of all USDC in circulation is of paramount importance to Circle, even in the face of bank contagion affecting crypto markets. We are heartened to see the U.S. government and financial regulators take crucial steps to mitigate risks extending from the banking system.&#8221;<\/p><\/blockquote>\n<p>USD Coin was designed to be 1:1 redeemable with fiat U.S. dollars, and its tokenomics are dictated by fiat collaterals in proportion with new token minting and burning. On Mar. 10, the token depegged after Circle&#8217;s custodian bank SVB suffered a bank run after a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of failed leveraged long positions on the U.S. Treasury, forcing federal regulators, including the Federal Deposit Insurance Corporation, to intervene.<\/p>\n<p>At the time of publication, USDC is currently trading at $0.9958 a piece compared to a historic low of $0.87 two days prior. Circle has stated that in the event of a shortfall, it will use corporate funds and external capital, if necessary, to defend USDC. Some crypto whales reportedly sold USDC at the bottom during the depegging event, causing heavy losses.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/314m-usdc-sent-to-null-address-as-redemptions-begin-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; 314M USDC sent to null address as redemptions begin: Report &#8220; According to Web 3.0 analytics platform Watchers (0xscope), a total of 314.167 million USD Coin (USDC) has been sent by its issuer, Circle, to the Ethereum null address with header 0x00 on Mar. 13. The null address is typically used to remove tokens&#8230;<\/p>\n","protected":false},"author":1,"featured_media":563073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/9f5a82b1-c571-4b44-82db-927bb03893f6.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,82350,117],"class_list":["post-563072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-usd-coin","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=563072"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/563073"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=563072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=563072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=563072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}