Four stablecoins have seen their supply diminish this month, while TrueUSD (TUSD) has experienced a 110% increase in the last 30 days. TUSD can be found natively on four blockchains. The number of Ethereum-based TUSD coins rose by 27%, while the TronTUSD increased 218%.
TUSD Supply Skyrockets, Tron-Based Stablecoins Grow 218%
In the last month, several stablecoins have witnessed a decrease in supply: USDC, BUSD, USDC, USDD, and binance coin (BUSD). Gemini’s GUSD saw the biggest dip with a 30.5% redemption rate over the last 30 days, while BUSD’s supply shrank 30.1%. Additionally, the USDC experienced a depegging event on March 11, 2023 when its value plummeted to $0.877 per coin. This depegging period lasted until the U.S. Federal Reserve announced a bailout for California’s Silicon Valley Bank (SVB) and New York’s Signature Bank.
An archive.org snapshot reveals that 1.32 billion TUSD were in circulation on the same day as the USDC depegging. According to the stablecoin’s website, the present number of TUSD in circulation is 2.02 billion, which marks a 53% increase over the last 18 days. On Feb. 24, the total number of TUSD coins was 972 million. Since then, a large amount of TUSD tokens have been minted. On the Ethereum network, the number of TUSD-based coins rose from 558.28 to 711.71 million in the past 33 days.
Statistics also show that the number of TronTUSD has grown from 409.64 million to 1.30 trillion, an increase of 218%. Over the past several weeks, TUSD-based coins have been redeemed and the number of Binance Chain TUSDs have dropped significantly. An Archive.org snapshot shows that 911,869 total Binance Chain-issued TUSDs existed at one point and today that number has decreased by 84.04% to 145,516 USDs.
What do you think about TUSD’s supply increasing by 110% in the last 30 days? Share your thoughts in the comments below.
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