While the stablecoin economy has seen fluctuations from specific stablecoin tokens either increasing the project’s number of tokens in circulation or decreasing the supply, the stablecoin GUSD issued by Gemini has increased by 129.5% during the last 30 days.
GUSD Sees Supply Balloon of Nearly 130%
There’s been a number of changes within the stablecoin economy as Bitcoin.com News reported events like the demise of Terra’s stablecoin terrausd (UST), which is now referred to as terrausdclassic (USTC). After the Terra stablecoin-depegging in mid May, many other stablecoin assets displayed discrepancies between the exchange rate they used and the U.S. Dollar parity that they sought to maintain. Bitcoin.com News announced that Tether had withdrawn more than 12 million USDT in just two months.
Recent times have seen the supply of USDC (usd coin), which is second in stablecoin assets, shrink significantly. Our news desk reported that the supply of BUSD, a Binance- and Paxos-backed stablecoin, had increased by 22% over two months on Oct. 22nd 2022. 30-day stats as of today, indicate that BUSD’s supply has increased even more by 4.2% higher than it was a month ago. Tether’s supply has managed to grow as well, as one-month metrics indicate USDT’s supply grew by 1.7%.
USDC on the other side has lost 7.5% of its supply. DAI and FRAX have experienced drops as well. USDP and TUSD also saw decreases in the last month. Gemini’s GUSD, however, has increased a great deal and most of the rise started on Oct. 25, 2022. 30-day stats show GUSD’s supply is up by 129.5% and the stablecoin is now the eighth largest out of the top ten. On Oct. 25, GUSD’s market cap was valued at $332 million and today, it’s around $786.32 million.
GUSD currently has an estimated 786.146.923 circulating supply. A snapshot of archive.org shows that GUSD had a total of 316.133.518 tokens. Data shows that GUSD tokens have increased in number by 148.68% since September 23, 2022.
On that same day, another archive.org snapshot shows Gemini’s stablecoin was not a top ten stablecoin as it held the 11th largest position. GUSD still has some way to go before it can be considered a top 10 stablecoin, like USDT and USDC. GUSD currently ranks 62 among the more than 13,000 available crypto assets.
What do you think about GUSD’s supply jumping more than 129% in 30 days? Comment below and let us know how you feel about the subject.
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