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%.
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.
What do you think about TUSD’s supply swelling by 110% over the last 30 days? Share your thoughts on this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
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%.
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.
What do you think about TUSD’s supply swelling by 110% over the last 30 days? Share your thoughts on this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Monero climbed for a third consecutive session on Thursday, as the token moved marginally closer to a six-week high. This rise in price comes despite the fact that the global market cap mostly consolidated, and is trading just 0.50% higher as of writing. As for LINK, chainlink bulls have so far failed to break out of a key resistance point.
Monero (XMR) was one of Thursday’s notable gainers, with prices climbing for a third consecutive session.
XMR/USD rose to a high of $163.19 earlier in today’s session, which comes a day after the token fell to a low of $155.83.
As a result of the move, XMR moved towards last Sunday’s high at $166.07, which was its strongest point since February 20.
Looking at the chart, today’s move came as monero surged above a recent resistance level at $160.00.
Overall, the surge came as the 14-day relative strength index (RSI) collided with its own ceiling at the 55.00 mark.
At the time of writing, the index is tracking at 54.86, which is its highest reading this week.
On the other hand, chainlink (LINK) was mostly lower on Thursday, as the token failed to move above a key price point.
LINK/USD slipped to a low at $7.25 in today’s session — this comes after prices hit an earlier peak of $7.53.
Today’s high saw chainlink move towards its ceiling at $7.55, however bulls were unable to secure a breakout.
From the chart, it appears that the failure to move beyond $7.55 coincided with the RSI falling at a resistance of its own.
As of writing, the index is tracking at 53.16, which is below the aforementioned ceiling at 55.00.
Overall, LINK is now trading at $7.32, with sentiment in today’s session now mostly bearish.
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Do you expect chainlink to move higher in the coming days? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
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Source From : News