Stablecoin Supply Shift: TUSD Jumps 110% While Others Experience Reductions
Four stablecoins have reduced their supplies this month, while the stablecoin token TrueUSD (TUSD) has seen its supply jump 110% higher over the last 30 days. TUSD resides natively on four different blockchains. The number of Ethereum-based TUSD rose 27%, while the number of Tron-based TUSD stablecoins increased by 218%.
TUSD Supply Swells, Tron-Issued Stablecoins Rise 218%
In the past month, several stablecoins experienced 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 last 30 days, while BUSD’s supply dipped by 30.1%. Additionally, the crypto community witnessed the USDC depegging event on March 11, 2023. On that day, USDC dropped to a low of $0.877 per coin and remained depegged until the U.S. Federal Reserve announced it would bail out California’s Silicon Valley Bank (SVB) and New York’s Signature Bank.
On the same day that USDC dropped below the peg, an archive.org snapshot shows that the number of TUSD in circulation was around 1.32 billion tokens. According to the stablecoin’s website, the current number of TUSD in circulation is 2.02 billion, meaning that over the last 18 days, the TUSD supply has jumped 53% higher. On Feb. 24, 2023, the number 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 rose from 558.28 million to the current 711.71 million over the last 33 days.
Statistics show that during the same period, the number of Tron-issued TUSD rose from 409.64 million to 1.30 billion, a rise of more than 218%. Approximately 72,055 Avalanche-based TUSD coins were redeemed since Feb. 24, and the number of Binance Chain TUSDs decreased significantly. An archive.org snapshot indicates that there was a total of 911,869 Binance Chain-issued TUSDs, and today, the number is 84.04% lower at 145,516 TUSDs on that specific chain.