Thursday, November 30, 2023

Despite the substantial decline in stablecoins, particularly USDC, DAI, and BUSD, TUSD has experienced a remarkable increase in its token supply. TUSD has added over one billion dollars’ worth of tokens to its existing supply, resulting in a market capitalization of approximately $3.13 billion.

TUSD’s Supply Surges 52% on June 16, Adding One Billion Tokens:
In a recent update on stablecoins, News highlighted the challenging times faced by the dollar-pegged token economy, with significant redemptions causing a sharp decline in market valuation, reaching its lowest point in 20 months. As of June 19, 2023, the combined market capitalization of leading stablecoins amounts to $129.99 billion, with a global trade volume of $20.84 billion in the past 24 hours.

Notably, three of the top five stablecoins in terms of market capitalization, namely USDC, DAI, and BUSD, have experienced supply reductions ranging from 3.8% to 22% over the past 30 days. In contrast, TUSD’s supply has witnessed an increase of approximately 53.5% within the same period.

On June 16, 2023, TUSD experienced a significant surge in market valuation, reaching $3.11 billion, a substantial jump from the previous day’s $2.04 billion. This indicates that a single day accounted for 52% of the overall increase within the past 30 days. According to Etherscan’s smart contract data, the circulating supply of TUSD tokens on June 19 was approximately 3,135,633,560.

Distribution of TUSD and Binance’s Dominance:
It is worth noting that despite having 52,079 TUSD holders, the top 10 wallets control 83.31% of the circulating supply. Binance emerges as the largest holder among the top ten wallets, with its leading address containing 389,561,743 TUSD tokens. Binance controls five out of the top ten addresses with the highest TUSD holdings.

Binance’s Influence and Other Holdings:
Binance, known for its substantial trade volume, holds additional wallets with 45,233,811 TUSD, 28,000,000 TUSD, 10,601,602 TUSD, and 10,270,001 TUSD. Furthermore, the decentralized finance (defi) protocol Aave has locked 4,780,182 TUSD for its aTUSD tokens. Statistics from reveal that Binance’s TUSD holdings account for 5.26% of the exchange’s $52.45 billion portfolio.

Background and Collaborations:
TUSD was introduced in mid-2018 through the Trust Token platform as an ERC20-based stablecoin. It claims to be fully backed by U.S. Dollars and overseen by a regulated operator. Additionally, TUSD collaborated with the custodian Prime Trust, a company that Bitgo expressed intentions of acquiring. However, recent updates from TUSD’s Twitter account indicate that mints via Prime Trust are currently paused, while other banking partners remain unaffected. The company plans to resume the Prime Trust process when circumstances improve.

The surge in TUSD’s token supply amidst the decline of other stablecoins is a noteworthy development. As the market capitalization of TUSD continues to grow, it remains to be seen how this surge will impact the stablecoin landscape. Feel free to share your thoughts and opinions on this subject in the comments section below.


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