The stablecoin issuer has burned $9 billion worth of USD Coin (USDC) from its total supply in the last three months.
This decline is due to an uptick in USDC redemptions for the U.S. dollar.
It is the highest volume of USDC destroyed by Circle in any 90-day period. It also includes $1 billion that was removed from the stablecoin's supply on Tron network in one day, earlier in October. This spike in USDC burn has coincided with a marked decline in the yield offered by major DeFi platforms to stablecoin lenders. Data from LoanScan shows USDC lending rate on Compound and Aave has shrunk more than 70% since the start of the year.
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