Four stablecoins saw a decrease in supply this month, while the stablecoin token TrueUSD (TUSD) saw a 110% jump in supply over the past 30 days. TUSD has four different blockchains natively. Ethereum-based TUSD has increased 27%, while the number of Tron-based TUSD stablecoins has increased 218%
TUSD supply swelled and Tron-issued stablecoins rose 218%
Over the past month, several stablecoins experienced a decrease in supply, 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’s supply decreased by 30.1%. Additionally, the crypto community witnessed a 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 U.S. Federal Reserve announced it would bail out Silicon Valley Bank (SVB) in California and Signature Bank in New York.
On the same day that USDC fell below the peg,archive.org’s snapshotshows that TUSD had approximately 1.32 billion tokens in circulation. stablecoin’s website shows that the current TUSD circulation is 2.02 billion, meaning that over the past 18 days, the supply of TUSD has jumped 53% higher; on February 24, 2023, the number of TUSD in circulation was only972 million. and a significant number of TUSD tokens have since been minted on the Tron network. The number of Ethereum-based TUSDs has increased from 558.28 million to the current 711.71 million over the past 33 days.
Statistics show that over the same period, Tron-issued TUSDs increased from 409.64 million to 1.3 billion, an increase of over 218%.Since February 24, approximately 72,055 Avalanche-based TUSD coins have been redeemed and the number of TUSDs on the Binance Chain has significantly decreased.31} According to an archive.org snapshotof the total 911,869 TUSDs issued by the Binance Chain, today that number is 84.04% lower at that particular chain at 145,516 TUSDs.
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