Cryptocurrency

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets

Paolo Ardoino, CTO of Tether, confirmed that the market supply of USDT has increased over the past 30 days compared to rival USDC, which has declined over the same period.

USDT vs USDC

Coin gecko data Indicated USDT supply increased 2.6% to $67 billion in 30 days, while USDC fell 2.1% to $53 billion.

USDT supply increased from $65.8 billion on July 16th to a peak of $67.8 billion during early trading hours on August 15th. The nearly $1 billion increase came in the past seven days after USDC issuer Circle began blocking wallets linked to his Tornado Cash.Licensed by the United States

Meanwhile, USDC supply fell from $55.2 billion to $53.5 billion over the past 30 days. The decline coincided with growing market participants’ concerns over the Circle’s decision to freeze more than $70,000 of his USDC in authorized Tornado Cash-connected wallets.

According to Coingecko data, stablecoins traded $56 billion in the last 24 hours, with USDT accounting for about 81% of the trade.

According to reports, the trading volume of Tether on the exchange has increased by 20% in the last three months.

Increased Supply of Other Stablecoins

Other top stablecoins such as DAI, TRON’s USDD, Frax (FRAX), Pax Dollar (USDP), True USD (TUSD) supply An average increase of 3% over the last 30 days.

However, the supply of Neutrino USD (USDN) and Binance-backed BUSD fell by 7.9% and 0.9% respectively.

On the other hand, if you look at the supply of DAI over the last 7 days, you can see that it has decreased. MakerDAO founder Rune Christensen has urged DAO members to consider converting their $3.5 billion USDC reserves into Ethereum (ETH) following Tornado Cash sanctions.

A brief introduction to FRAX, another USDC-linked stablecoin. saw Supply tank hits $1.3 million, then recovers to $1.4 million

Algorithmic Stablecoin Governance Tokens Rise

Governance tokens for algorithmic stablecoins have been on the rise for the past seven days.

Projects that have seen an increase in governance tokens include Reflexer Finance, which issues RAI. Its governance token FLX is up 98% in the last 7 days.

Similarly, SPELL, the governance token of the Abracadabra project that issues MIM, is up 18% over the same period.

Liquity Protocol’s governance token, LQTY, has increased by 19% in the last 7 days. Liquity Protocol launches Ethereum-based stablecoin LUSD.

Most of the above tokens have lost these gains in the last 24 hours.

USDC-linked stablecoin governance tokens such as DAI and FRAX have not registered a rise in value in the past seven days.

MakerDAO’s MKR is down 10.5% over the past seven days, while Frax’s FXS is down 11.6%.

Posted In: Tether, Stablecoin

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