#稳定币市场 USDC burn of 50 million coins is a signal worth paying attention to. From on-chain data, Treasury's active destruction typically reflects two possibilities: one is active contraction on the stablecoin supply side, and the other is adjustment expectations for market liquidity. Combined with Ethereum's fundamentals in 2025, this move looks more like fine-grained management against the backdrop of the stablecoin market breaking through a $300 billion supply threshold with annual transaction volume reaching $46 trillion.

More significantly, there are changes at the ecosystem level. After the Pectra and Fusaka hard forks, Ethereum achieved 8x scaling, with Layer 2 TVL reaching $35.7 billion and DeFi TVL hitting $93.9 billion, representing a 71% year-over-year increase. The improvement in these infrastructures directly supports the expansion of stablecoin use cases—transitioning from pure value storage to payment settlement and cross-chain circulation.

From whale fund flows, institutional stablecoin demand continues to rise. JPMorgan's MONY launch and BlackRock's BUIDL nearing $3 billion in scale are all important drivers of on-chain stablecoin trading volume. USDC, as the second-largest stablecoin with stable market share, may be optimizing the supply-side structure through the burn operation, reserving liquidity for subsequent institutional applications.

The current key is to observe the subsequent inflow and outflow dynamics of USDC in the Ethereum and its L2 ecosystem, which will directly reflect institutional real configuration demand.