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.