While the stablecoin economy has seen fluctuations from specific stablecoin tokens either increasing the number of circulating tokens of the project or decreasing the supply, the stablecoin GUSD issued by Gemini has increased by 129 .5% in the last 30 days.
GUSD sees supply shadow increase by nearly 130%
There have been some changes in the stablecoin economy like Bitcoin.com News report events such as the demise of Terra’s stablecoin terrausd (UST), now known as terrausdclassic (USTC). After the reliance on stablecoin Terra in mid-May, some stablecoin assets show the difference between their exchange rate and the US dollar they want to maintain. In mid-June, Bitcoin.com News report on Tether remove more than 12 billion words USDT provided for two months.
In recent times, the second largest stablecoin asset, usd coin (USDC), has seen its supply shrink one so many. On October 22, 2022, our newsstand reported that BUSD and Paxos-backed stablecoins are increasing their supply by 22% in two months. The 30-day statistics as of today, show that the supply of BUSD has even increased by 4.2% compared to a month ago. The supply of Tether has also grown, as the one-month indicators show USDTsupply increased by 1.7%.
On the other hand, USDC is down 7.5% from supply and DAI, FRAX, USDP and TUSD have also fallen in the last month. However, Gemini’s GUSD has increased a lot, and most of the increase started on October 25, 2022. The 30-day statistics show that the supply of GUSD increased by 129.5 percent and the stablecoin now is the eighth largest coin out of the top ten. On October 25, the market capitalization of GUSD was valued at $332 million and today it is around $786.32 million.
GUSD has a circulating supply today of approximately 786,146,923 and snapshot from archive.org shows that the circulating supply of GUSD is around 316,133,518 tokens. The data shows that the number of GUSD tokens in circulation since September 23, 2022 has increased by 148.68%.
On the same day, a Snapshot archive.org shows that Gemini’s stablecoin is not among the top 10 stablecoins as it holds the 11th largest position. However, GUSD has a long way to go to become one of the top 10 stablecoins like USDTUSDC and BUSD is GUSD currently ranked 62nd out of over 13,000 crypto assets in existence today.
What do you think about the supply of GUSD increasing by more than 129% in 30 days? Let us know your thoughts on this topic in the comments section below.
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