Government Burns Massive Amount of Ethereum Blockchain Using USDC
In the dynamic world of cryptocurrencies, several significant events unfolded on July 26, 2025.
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Meanwhile, in the political sphere, the Trump Administration allegedly appealed to a court to block the removal of the Fed Chair. The Federal Reserve, however, announced a major rate cut amid diverse opinions.
In the realm of blockchain technology, MANTRA, the first multi-VM blockchain for RWAs, made headlines with its native EVM and CosmWasm support. The Avalanche Foundation also announced plans to raise $1 billion for the AVAX treasury.
Elon Musk, the tech mogul, launched an AI-driven software company called Macrohard. Not to be outshone, Cardano $ADA futures surged to $6.96 billion with a possible $10 price target.
The USDC burn, conducted by Circle Internet Financial, destroyed 104.48 million USDC within 24 hours. This burn event, part of a broader supply management strategy, supports market stability, enhancing Circle's credibility in managing USDC's supply effectively. As of July 26, 2025, the circulating supply of USDC stands at 64,241,093,919.
On the regulatory front, Hong Kong implemented stablecoin regulation and license applications. However, internet giants reportedly withdrew from Hong Kong stablecoin licenses. Seoul Police, in collaboration with Chainalysis, dismantled an international hacker group.
Web3 startups raised a record $9.6 billion in VC funding. Metaplanet, another player in the crypto space, acquired Bitcoin.jp and launched subsidiaries in Japan and the US.
Coinbase's XRP reserves plunged 90%, causing BTC and XRP investors to flock to EARN Mining. BetFury participated in the SBC Summit Lisbon 2025, focusing on affiliate growth.
In the exchange news, Binance Alpha users can claim an MRLN airdrop starting September 16. ORQO Group launched Ripple RLUSD Yield Services via the Soil platform.
The daily trading volume reached 14,197,879,056 on July 26, 2025, showing a -18.72% decrease. The absence of changes in total value locked (TVL) on major platforms aligns with historical trends where such actions rarely disturb broader market dynamics.
In the regulatory landscape, World Liberty blacklisted Justin Sun's wallet and froze billions in tokens. China launched a cross-border QR code payment trial. Defiance filed with the SEC to launch Bitcoin and Ethereum ETFs.
The burn event did not spur any major reactions from government bodies or industry leaders, indicating a growing acceptance of such practices in the crypto community. As the crypto landscape continues to evolve, these events serve as a testament to the industry's resilience and adaptability.
