Four stablecoins have reduced their supplies this month, while the TrueUSD stablecoin token (TUSD) has seen its supply increase by 110% in the last 30 days. TUSD natively resides on four different blockchains. The number of Ethereum-based TUSD increased by 27%, while the number of Tron-based TUSD stablecoins increased by 218%..
TUSD Supply Increases, Tron-Issued Stablecoins Up 218%
In the past month, several stablecoins saw supply reductions, including usd coin (USDC), binance coin (BUSD), gemini dollar (GUSD), and USDD. Gemini’s GUSD led the pack with a 30.5% redemption rate over the past 30 days, while BUSD bidding fell 30.1%. Furthermore, the crypto community witnessed the USDC depegging event on March 11, 2023. On that day, USDC fell to a low of $0.877 per coin and remained depegged until the US Federal Reserve announced that it would bail out Silicon. Valley Bank (SVB) of California and Signature Bank of New York.
The same day that the USDC fell below parity, a snapshot from archive.org shows that the amount of TUSD in circulation was around 1.32 billion tokens. According to the stablecoin website, the current amount of TUSD in circulation is 2.02 billion, which means that in the last 18 days, the supply of TUSD increased by 53%. On February 24, 2023, the amount of TUSD in circulation was only 972 million, and a significant number of TUSD tokens have since been minted on the Tron network. The number of Ethereum-based TUSD increased from 558.28 million to the current 711.71 million in the last 33 days.
Statistics show that during the same period, the number of TUSD issued by Tron increased from 409.64 million to 1.30 billion, an increase of more than 218%. Approximately 72,055 Avalanche-based TUSD coins have been exchanged since February 24, with the amount of TUSD on Binance Chain significantly decreasing. A snapshot from archive.org indicates that there was a total of 911,869 TUSD issued by Binance Chain, and today, the number is 84.04% lower at 145,516 TUSD on that specific chain.
What do you think about TUSD supply increasing by 110% in the last 30 days? Share your thoughts on this topic in the comments section below.
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