[New post] TUSD Emerges Strong: 1 Billion Injection Bolsters Supply Amidst Declining Stablecoin Market

Crypto Breaking News posted: "On June 16, TUSD supply surged by 52%! The difficulties the dollar-pegged token economy was facing were recently brought to light when significant redemptions caused its market valuation to drop to a 20-month low. Binance's dominance in TUSD holdings: To" Crypto Breaking News TUSD Emerges Strong: 1 Billion Injection Bolsters Supply Amidst Declining Stablecoin Market Crypto Breaking News Jun 21 On June 16, TUSD supply surged by 52%! The difficulties the dollar-pegged token economy was facing were recently brought to light when significant redemptions caused its market valuation to drop to a 20-month low. Binance's dominance in TUSD holdings: Top 10 wallets control 83.31% of the circulating supply. Multiple wallets under Binance's control: Wallets holding 389,561,743, 45,233,811, 28,000,000, 10,601,602, and 10,270,001 TUSD tokens. A temporary pause in TUSD minting via Prime Trust: Minting and redemption through other banking partners remain unaffected. Market Capitalization And Supply Growth Of Stablecoins As of June 19, 2023, the combined market capitalization of the top stablecoins stands at $129.99 billion, with a 24-hour trade volume of $20.84 billion. Remarkably, three of the leading stablecoins—USDC, DAI, and BUSD—have seen their supplies decrease by 3.8% to 22% over the past 30 days. Related Reading: Ripple Set To Hit $30 If It Comes Out Victorious In SEC Lawsuit: Hedge Fund Manager Predicts In contrast, TUSD has observed a supply growth of approximately 53.5% during the same period. TUSD's market valuation experienced a surge on July 16, 2023, reaching $3.11 billion, a significant leap from the previous day's $2.04 billion. This indicates that although TrueUSD increased by 53.5% over the course of 30 days, 52% of that growth occurred on a single day "last Friday." Etherscan's smart contract data indicates that the circulating supply of TrueUSD tokens on June 19 is approximately 3,135,633,560. It is noteworthy that there are 52,079 holders of TrueUSD; however, the top 10 wallets dominate 83.31% of the circulating supply. Notably, Binance stands out as the largest holder, possessing 389,561,743 TrueUSD tokens in its leading address. Additionally, Binance controls five out of the top ten addresses with the highest TrueUSD holdings. TUSD: Wallet Distribution And Minting Pause One wallet contains 45,233,811 TUSD, another has precisely 28,000,000, there's one with 10,601,602, and lastly, one holds 10,270,001 TrueUSD tokens. Additionally, the decentralized finance (defi) protocol Aave has locked 4,780,182 TUSD for its aTUSD tokens. According to data from Nansen.ai, Binance's TUSD holdings represent 5.26% of the exchange's $52.45 billion portfolio. TUSDUSDT hovers around $1.0023 | Source: Binance TUSDUSDT on TradingView.com TUSD was introduced in mid-2018 as an ERC20-based stablecoin through the Trust Token platform. It claims to be fully backed by US Dollars and supervised by a regulated operator. The stablecoin company collaborated with Custodian Prime Trust, the same company Bitgo expressed intentions of acquiring. However, the team's Twitter account recently disclosed that TUSD mints via Prime Trust are temporarily paused until further notice. On Monday, at 8:58 a.m., the company stated once more that mints through Prime Trust are still unavailable. Featured image from Shutterstock, charts from TradingView.com Source: NewsBTC.com Unsubscribe to no longer receive posts from Crypto Breaking News. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.cryptobreaking.com/tusd-emerges-strong-1-billion-injection-bolsters-supply-amidst-declining-stablecoin-market/

Get the Jetpack app to use Reader anywhere, anytime Follow your favorite sites, save posts to read later, and get real-time notifications for likes and comments. Learn how to build your website with our video tutorials on YouTube. Automattic, Inc. - 60 29th St. #343, San Francisco, CA 94110