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Crypto News - Archive

Stablecoin Shake-Up: TUSD Surges 110% As Others Stumble

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Category

Crypto News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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The supply of four stablecoins has decreased this month. However, the supply of the stablecoin token TrueUSD (TUSD) has increased by 110% during the past 30 days. Four different blockchains natively support TUSD. The number of Ethereum-based TUSD increased by 27%, while the number of Tron-based TUSD climbed by 218%.

TUSD And Tron Stablecoins Experience Major Boost In Supply

Throughout the previous month, the supply of numerous stablecoins decreased, including USD coin (USDC), Binance coin (BUSD), Gemini dollar (GUSD), and USDD. Gemini’s GUSD took the lead with a 30-day redemption rate of 30.5%, while the supply of BUSD decreased by 30.1%.

In addition, on March 11, 2023, the crypto community experienced the USDC depegging episode. That same day, the USDC plunged to a low of $0.877 per coin and persisted to depegged until the U.S. Federal Reserve announced it would rescue Silicon Valley Bank (SVB) and Signature Bank (SB).

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A snapshot from archive.org reveals that about 1.32 billion TUSD tokens were in circulation on the same day that USDC went below the peg. According to the stablecoin’s website, there are currently 2.02 billion TUSD in circulation, representing a 53% increase in the TUSD supply during the past 18 days.

On February 24, 2023, there were only 972 million TUSD in circulation. Since then, a considerable number of TUSD tokens have been minted on the Tron network. In the past 33 days, the amount of TUSD tokens based on Ethereum increased from 558.28 million to 711.71 million.

At the same time span, the number of TUSD issued by Tron increased by more than 218%, from 409.64 million to 1.30 billion. Since February 24, about 72,055 Avalanche-based TUSD coins have been redeemed, and the amount of Binance Chain-based TUSDs has reduced dramatically.

A snapshot from archive.org indicates that there were a total of 911,869 TUSDs issued by the Binance Chain. As of today, the quantity has decreased by 84.04% to 145,516 TUSDs.