Circle burned approximately 135 million USDC, valued at $135 million, on the Ethereum network at 01:42 UTC. The burn transaction has been confirmed successful on Etherscan, reducing the circulating supply of the stablecoin on the chain. The destruction of tokens occurred less than an hour after Circle minted 168 million USDC on Ethereum at 00:49 UTC. This sequence of minting and burning operations reflects active treasury management and liquidity adjustments for the USD-pegged stablecoin.