• On February 10, 2023, the USD Coin (USDC) stablecoin witnessed a frenzy of activity on the Ethereum (ETH) blockchain with $4.286 billion burned and $4.434 billion minted for an increase in supply of $148 million.
• Coinbase – a major United States-based publicly-traded cryptocurrency exchange – has seemingly played a key role in the activity by burning and minting billions of tokens within hours.
• Coinbase withdrew $56 million more from Circle than it deposited on Feb. 10, leading to an overall market cap increase from mid-day low of $41.44 billion to a high of $41.57 billion before falling to its current value of $41.48 billion.

Overview

On February 10, 2023, the USD Coin (USDC) stablecoin experienced a flurry of activity on the Ethereum (ETH) blockchain with millions worth of tokens burned and minted, resulting in an increase in USDC supply on the blockchain by $148 million.

Circle Transactions

Data shows that Circle was responsible for altering USDC token values significantly through burning and minting activities on Ethereum worth billions of dollars each time. The exact figure stood at around 4286 billion burned and 4.434 billion minted for an overall increase in supply worth 148 million USDCs on Ethereum as per press time data available for February 10th, 2023. Despite partial data available, it is possible to conclude that overall supply likely did not fluctuate more than usual based on data from top crypto data provider CoinMarketCap which showed an increased market capitalization from mid-day lows to highs before settling back down again at its current value level around 41 million dollars worth USDCs currently priced at 099%.

Coinbase Role

Coinbase – one major United States-based publicly-traded cryptocurrency exchange – has seemingly played a key role in this inexplicable activity yet again by burning and minting billions of tokens within hours as revealed through their transactions processed with Circle as well as independent deposits made onto their own address wallets amounting up to 4731 Billion dollars received alongside 4675 Billion Dollars sent respectively across 27 & 29 transactions made till press time for February 10th alone respectively .

Campaign Launch

The report follows Coinbase launching a campaign to encourage users to switch from Tether (USDT) to USDC by waiving all conversion fees thereby making this transition easier for people who wish to make use of such services provided by Coinbase & also providing more stability towards their current holdings making them more secure against any potential volatility or threats faced due price fluctuations etc associated with cryptocurrencies & other digital assets alike .

Conclusion

Overall, this entire process resulted in minor fluctuations towards market capitalization increasing slightly before dipping back down yet again close to its original levels before this entire process took place meaning that these transactions didn’t have any significant effect when taken into consideration against larger scale movements taking place across wider markets & even amongst other cryptocurrencies competing against each other with regards towards pricing & usage amongst investors alike .

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