Kraken-SEC Incident Affects Stablecoins: Coinbase Burns This Stablecoin!

According to information from blockchain security firm PeckShield, only Coinbase has burned 4.7 billion USDC in the last 24 hours.

Coinbase Burned 4.7 Billion USDC in the Last 24 Hours

However, Coinbase received the same amount ($4.7 billion). The move is thought to be related to the panic caused by the actions of US regulators.

USDC is a stablecoin, meaning its value is pegged to the US dollar. It has become one of the most widely used cryptocurrencies, with many using it as a safe haven asset.

One possible explanation for the surge in USDC burning is the panic caused by the actions of US regulators. The cryptocurrency industry has been under increasing scrutiny from regulators in recent months, which has led to uncertainty and volatility in the market.

The impact of the burning of USDC on the cryptocurrency market remains to be seen. Some experts believe this could lead to a drop in the value of cryptocurrencies, while others believe it could have a limited impact.

It also seems possible that the burning of USDC is a temporary trend and the market will recover once the regulatory situation stabilizes.

The recent increase in USDC burning from Coinbase can be considered as an important development in the cryptocurrency market.

Recently, a wallet linked to Tron founder Justin Sun Binance worth $100 million from the stock market USDC And USDTIt turned out that he carried the .

Talking about Justin Sun investing $100 million USDC in Binance, Cz said, “I don’t know much about the details of this, but it’s part of the distribution of BUSD on Tron and it’s about cross-chain swap.”

*Not investment advice.