Stablecoin GUSD supply increases by nearly 130% in 30 days

While the stablecoin economy has seen fluctuations due to an increase in the number of tokens in circulation or a decrease in supply, the GUSD stablecoin issued by Gemini has increased by 129.5% in the last 30 days.

GUSD sees its supply increase by nearly 130%.

A number of changes have taken place within the stablecoin economy. Bitcoin.com News has reported events such as the demise of Terra’s terrausd stablecoin (UST), which is now called terrausdclassic (USTC). Following the demise of the Terra stablecoin in mid-May, a number of other stablecoin assets showed gaps between their exchange rates and the U.S. dollar parity they were aiming to maintain. In mid-June, Bitcoin.com News reported that Tether had withdrawn more than 12 billion Terra stablecoins. USDT in two months.

More recently, the second largest stablecoin asset, the usd coin (USDC), has seen its supply shrink significantly. On October 22, 2022, our news desk reported that the BUSD stablecoin, backed by Binance and Paxos, had increased its supply by 22% in two months. The 30-day statistics show that BUSD supply has increased another 4.2 percent from a month ago. Tether supply also managed to increase, as the one-month statistics show. The supply of USDT increased by 1.7 percent.

USDC, on the other hand, lost 7.5% of its supply and DAI, FRAX, USDP and TUSD also saw declines over the past month. Gemini’s GUSD, however, has risen significantly and most of the rise began on October 25, 2022. The 30-day statistics show that GUSD’s supply has increased by 129.5 percent and the stablecoin is now the eighth largest among the top ten. On October 25, GUSD’s market capitalization was valued at $332 million and today it is approximately $786.32 million.

The GUSD has an outstanding supply of about 786,146,923 coins and a value of 1.5 billion. archive.org snapshot shows that the outstanding supply of GUSD was about 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, another archive.org snapshot shows that Gemini stablecoin was not a top 10 stablecoin as it occupied the 11th position. However, GUSD still has a long way to go before it is a top 10 stablecoin. USDT, USDC, and BUSD, as GUSD is currently ranked 62 out of more than 13,000 crypto assets in existence today.