TUSD strengthens with $1B injection despite falling stablecoin market.

On June 16, the supply of TUSD (TrueUSD) increased by 52%! Recently, the dollar-pegged token economy has faced difficulties, which were highlighted when significant redemptions caused its market valuation to drop to a 20-month low.

  • Binance holds the majority of TUSD: The top 10 wallets control 83.31% of the circulating supply.
  • Binance controls multiple wallets: Wallets holding 389,561,743, 45,233,811, 28,000,000, 10,601,602, and 10,270,001 TUSD tokens.
  • 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 is $129.99 billion, with a 24-hour trade volume of $20.84 billion.

Interestingly, three of the leading stablecoins—USDC, DAI, and BUSD—have seen a decrease in their supplies 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

However, TUSD has observed a supply growth of approximately 53.5% during the same period.

On July 16, 2023, TUSD’s market valuation experienced a surge, reaching $3.11 billion, a significant leap from the previous day’s $2.04 billion.

This indicates that while 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.

Note that there are 52,079 holders of TrueUSD, but the top 10 wallets dominate 83.31% of the circulating supply.

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.

Furthermore, 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.

TUSD market cap at $3.11 billion | 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.

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