USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets News ▸ Tether · USDC ▸ Stablecoins
USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets
Coingecko data showed that USDT's supply rose by 2.6% in 30 days to $67 billion, while USDC declined 2.1% to $53 billion.
2 min read
Updated: Jun. 23, 2023 at 10:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tether’s CTO Paolo Ardoino has identified an increase in USDTs market supply over the last 30 days compared to its rival USDC, which declined over the same period.
Why no one is talking about it? 🤖 pic.twitter.com/SEAChZZeLO
— Paolo Ardoino 🕳🥊 (@paoloardoino) August 14, 2022
USDT vs. USDC
Coingecko data showed that USDT’s supply rose by 2.6% in 30 days to $67 billion, while USDC declined 2.1% to $53 billion.
USDT supply rose from $65.8 billion on July 16 to a peak of $67.8 billion during the early trading hours of August 15. Around $1 billion of the increase occurred in the last seven days after USDC issuer Circle began blocking wallets linked to Tornado Cash, which was sanctioned by the U.S.
On the other hand, USDC’s supply over the last 30 days dropped from $55.2 billion to as low as $53.5 billion — the decline coincided with the increased worry among market players over Circle’s decision to freeze more than $70,000 USDC on wallets connected to sanctioned Tornado Cash.
According to Coingecko data, stablecoins had a trading volume of $56 billion in the last 24 hours, with USDT accounting for about 81% of the transactions.
Reports have also revealed that Tether’s volume on exchanges is up 20% over the last three months.
Other stablecoin supply grows
Other top stablecoins like DAI, Tron’s USDD, Frax (FRAX), Pax Dollar (USDP), and True USD (TUSD) also saw their supply increase by an average of 3% over the last 30 days.
However, Neutrino USD (USDN) and Binance-backed BUSD saw their supply decline by 7.9% and 0.9%, respectively.
Meanwhile, a look at DAI’s supply over the last seven days showed that it has been dropping. MakerDAO’s founder Rune Christensen has urged DAO members to consider converting the $3.5 billion USDC reserves to Ethereum (ETH) following the Tornado Cash sanctions.
FRAX, another USDC-linked stablecoin, briefly saw its supply tank to $1.3 million, but has since recovered to $1.4 million
Algorithmic stablecoins governance tokens rise
The governance tokens of algorithmic stablecoins have been up over the last seven days.
Projects that have seen an increase in their governance token include Reflexer Finance which issues RAI. Its governance token FLX has risen 98% over the last seven days.
Similarly, SPELL, the governance token for the Abracadabra project that issues MIM, is up by 18% within the same period.
LQTY, the governance token of Liquity Protocol, has increased 19% over the last seven days. Liquity Protocol issues Ethereum-based stablecoin, LUSD.
Most of the tokens above have shed these gains over the last 24 hours.
The governance token of USDC-linked stablecoins like DAI and FRAX did not record any rise in their value over the last seven days.
MakerDAO’s MKR fell by 10.5% in the last seven days, while Frax’s FXS was down 11.6%.
Mentioned in this article
Tether 
USD Coin 
Binance USD 
Frax 
Liquity USD 
Liquidity Network 
Spell Token 
Dai 
Maker 
Rai Reflex Index Reflexer Ungovernance Token 
Bitfinex 
Circle 
MakerDAO 
Paolo Ardoino Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$0.99972
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Binance USD
$1.00111
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Frax
$0.99627
The Frax Protocol is the first fractional-algorithmic stablecoin system.
Liquity USD
$0.99704
LUSD is the USD-pegged stablecoin used to pay out loans on the Liquity protocol.
Spell Token
$0.00081
Spell Token (SPELL) is a reward token associated with abracadabra.money, a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD-pegged stablecoin called Magic Internet Money (MIM).
Dai
$0.99975
Dai (DAI) is a cryptocurrency token and operates on the Ethereum platform.
Maker
$1,661.51
Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR.
Reflexer Ungovernance Token
$2.71561
FLX is the Ungovernance token for RAI: A non pegged, ETH backed stable asset.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Maker is a Decentralized Autonomous Organization that creates and insures the dai stablecoin on the Ethereum blockchain.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.
