Stablecoins have been the talk of the town in the cryptocurrency world as of late and TUSD has jumped 110%. A few stablecoins have seen significant decreases in their supply, while others have seen increases.
Of note, TrueUSD (TUSD) has experienced a massive jump in supply over the last 30 days, while the likes of USD Coin (USDC), Binance Coin (BUSD), Gemini Dollar (GUSD), and USDD have seen their supplies decrease.
Gemini’s GUSD saw the most significant reduction with a 30.5% redemption rate over the last 30 days, followed by BUSD, which experienced a 30.1% dip in its supply.
The USDC community also experienced a de-pegging event on March 11, 2023, which saw the stablecoin’s value drop to a low of $0.877 per coin.
However, the US Federal Reserve intervened to bail out two banks, which helped bring the USDC back to its peg.
While other stablecoins have experienced declines in their supplies, TUSD has seen a significant increase in its supply over the last 30 days.
According to the stablecoin’s website, the number of TUSD in circulation has jumped 110% higher in the past month, from around 1.32 billion tokens on March 11 to 2.02 billion on March 30, 2023.
TUSD is unique in that it resides natively on four different blockchains. The number of Ethereum-based TUSD rose 27% over the last 30 days, from 558.28 million to 711.71 million.
Meanwhile, the number of Tron-based TUSD stablecoins increased by a staggering 218%, from 409.64 million to 1.30 billion during the same period.
The increase in Tron-issued TUSD stablecoins is particularly noteworthy. In February 2023, the number of TUSD in circulation was only 972 million.
Over the last 30 days, a significant number of TUSD tokens have been minted on the Tron network, resulting in a massive increase in supply.
Not all of the TUSD’s chains experienced increases, however. Around 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.
Summary of TUSD 110% Pump
In conclusion, the stablecoin market has been a mixed bag over the past 30 days, with some stablecoins experiencing reductions in their supply, while others, such as TUSD, have seen significant increases.
With the crypto market’s volatility, it will be interesting to see how stablecoins perform in the coming months.