On June 16, the supply of US dollars against the US dollar increased by 52%! The difficulties of the dollar-pegged token economy were recently highlighted when massive redemptions caused the market’s valuation to drop to a 20-month low.
- Binance dominates TUSD holdings: the top 10 wallets control 83.31% of the circulating supply.
- Multiple wallets under Binance control: wallets holding 389,561,743, 45,233,811, 28,000,000, 10,601,602, and 10,270,001 TUSD.
- Minting of TUSD via Prime Trust: Minting and redemptions through other banking partners are not affected.
Market capitalization and supply growth of stablecoins
As of June 19, 2023, the combined market capitalization of the top stablecoins is $129.99 billion, with a 24-hour trading volume of $20.84 billion.
Significantly, three of the leading stablecoins – USDC, DAI and BUSD – have seen their supply drop from 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’s Outlook
In contrast, TUSD saw supply growth of around 53.5% over the same period.
The market valuation of TUSD increased on July 16, 2023, reaching $3.11 billion, a significant jump from $2.04 billion the day before.
This indicates that although TrueUSD increased by 53.5% over a 30-day period, 52% of that growth occurred in a single day “last Friday”.
Etherscan smart contract data indicates that the circulating supply of TrueUSD coins on June 19 was approximately 3,135,633,560.
It is worth noting that there are 52,079 TrueUSD holders. However, the top 10 wallets dominate 83.31% of the circulating supply.
Notably, Binance stands out as the largest holder, holding 389,561,743 TrueUSD tokens at its flagship address.
In addition, Binance controls five of the top ten addresses with the highest holdings of TrueUSD.
TUSD: Wallet Allocation and Coinage Stop
One wallet contains 45,233,811 NT$, another has 28,000,000 to be exact, there is a wallet with 10,601,602, and finally, the wallet contains 10,270,001 TrueUSD tokens.
Additionally, DeFi protocol Aave closed 4,780,182 TUSD against its aTUSD tokens.
According to data from Nansen.ai, Binance TUSD holdings account for 5.26% of the exchange’s $52.45 billion portfolio.
TUSD was introduced in mid-2018 as an ERC20-based stablecoin through the Trust Token platform.
It claims to be fully backed by USD and supervised by a regulated operator.
Stablecoin has teamed up with Custodian Prime Trust, the same company that Bitgo has expressed its intention to acquire.
However, the team’s Twitter account recently revealed that TUSD mints via Prime Trust are temporarily suspended until further notice.
On Monday, at 8:58 a.m., the company again stated that it was ending Head of confidence Still not available.
Featured image from Shutterstock and charts from TradingView.com