TUSD Supply Jumps 110% as Other Stablecoins See Reduction
• Several stablecoins have reduced their supply this month, while the TrueUSD (TUSD) token has seen its supply jump 110% higher.
• TUSD is natively available on four different blockchains, with Ethereum-based and Tron-based tokens increasing by 27% and 218%, respectively.
• USDC experienced a depegging event on March 11th and Gemini’s GUSD had a 30.5% redemption rate over the last 30 days.
Stablecoin Supply Shift
The number of stablecoins in circulation around the world has seen a significant shift recently, with some experiencing reductions while others saw an increase. TrueUSD (TUSD) has been one of the most notable, seeing its supply jump 110% higher in just 30 days.
TrueUSD’s Native Blockchains
TUSD resides natively on four different blockchains: Ethereum, Tron, Avalanche and Binance Chain. Of these four networks, Ethereum-based TUSD increased by 27%, while Tron-issued tokens saw a whopping 218% rise over the same period of time.
USDC Depegging Event
On March 11th 2023 USDC dropped to 0.877 below its peg until it was bailed out by the U.S Federal Reserve for California’s Silicon Valley Bank (SVB) and New York’s Signature Bank respectively. On that day an archive snapshot showed 1.32 billion TUSD coins in circulation compared to 972 million on February 24th when there was also a significant number of new TUSD tokens minted on the Tron network during that period as well as 72,055 Avalanche-based TUDS coins being redeemed over this past month too.
Supply Reductions Among Other Stablecoins
Other stablecoins have not fared as well; Binance Coin (BUSD), Gemini Dollar (GUD), and USDD all experienced reductions in their supplies. The biggest drop came from GUD at 30.5%. Additionally Binance Chain-issued TUDS also decreased significantly from 911,869 to 145,516 – an 84% decrease over this past month alone!
This month has certainly seen quite a few fluctuations among stablecoin supplies with some experiencing reductions while others have increased significantly – especially TrueUSD whose supply jumped 110%. It will be interesting to see what other changes take place in the future but for now these are certainly interesting developments worth keeping an eye on!