The USDC Treasury burned 98,469,098 USDC on Solana and then issued exactly 98,469,098 new USDC on Ethereum, indicating a swap operation between blockchains .
The event, recorded on December 29th according to large transaction tracking data, was estimated to be worth around $98.5 million across both the burning and issuance phases. This move is typically aimed at reallocating USDC supply between network ecosystems.
- Burned 98,469,098 USDC on Solana (~$98,547,873).
- 98,469,098 USDC were issued on Ethereum (~$98,557,720).
- Suggested steps for swapping USDC between blockchains.
Swap USDC supply between Solana and Ethereum.
The USDC Treasury performed two consecutive steps: burning on Solana and Mint on Ethereum, each with the same amount of 98,469,098 USDC.
According to the data, the burning transaction took place on the Solana blockchain with an estimated value of approximately $98,547,873. Shortly afterward, the Treasury issued 98,469,098 new USDC on the Ethereum blockchain, estimated at approximately $98,557,720.
The fact that the USDC quantities match in both directions, combined with the burning-and-issuing sequence, suggests this is a liquidation swap/transfer operation between networks, rather than a net change in total supply in either direction (up or down).
