Stablecoin GUSD"s Supply Jumps Close to 130% Higher in 30 Days
While the stablecoin economy has seen fluctuations from specific stablecoin tokens either increasing the project’s number of tokens in circulation or decreasing the supply, the stablecoin GUSD issued by Gemini has increased by 129.5% during the last 30 days. GUSD Sees Supply Balloon by Nearly 130%
There’s been a number of changes within the stablecoin economy as Bitcoin.com News reported events like the demise of Terra’s stablecoin terrausd (UST), which is now referred to as terrausdclassic (USTC). Following the Terra stablecoin depegging event in mid-May, a number of other stablecoin assets showed discrepancies between their exchange rate and the U.S. dollar parity they aimed to uphold. By mid-June, Bitcoin.com News reported on Tether removing more than 12 billion from the USDT supply in two months. Gemini dollar’s (GUSD) supply has increased close to 130% in 30 days and 148.68% since Sept. 23, 2022.
In more recent times, the second-largest stablecoin asset, usd coin (USDC), has seen its supply shrink a great deal. On Oct. 22, 2022, our newsdesk reported on the Binance and Paxos-backed stablecoin BUSD increasing its supply by 22% in two months. 30-day stats as of today, indicate that BUSD’s supply has increased even more by 4.2% higher than it was a month ago. Tether’s supply has managed to grow as well, as one-month metrics indicate USDT’s supply grew by 1.7%.
USDC, on the other hand, has shed 7.5% from the supply and DAI, FRAX, USDP, and TUSD have seen decreases over the last month as well. Gemini’s GUSD, however, has increased a great deal and most of the rise started on Oct. 25, 2022. 30-day stats show GUSD’s supply is up by 129.5% and the stablecoin is now the eighth largest out of the top ten. On Oct. 25, GUSD’s market cap was valued at $332 million and today, it’s around $786.32 million.
GUSD has a circulating supply today of roughly 786,146,923 and a snapshot from archive.org shows the circulating supply of GUSD was approximately 316,133,518 tokens. The data shows that the number of GUSD tokens in circulation since Sept. 23, 2022 has increased by 148.68%.
On that same day, another archive.org snapshot shows Gemini’s stablecoin was not a top ten stablecoin as it held the 11th largest position. However, GUSD has a long way to go to be a top ten stablecoin like USDT, USDC, and BUSD as GUSD is currently ranked 62 out of more than 13,000 crypto assets in existence today. Tags in this story Altcoins, DAI, Decrease, Dollar-Pegged Assets, Gemini, Gemini Dollar, GUSD, GUSD coins, GUSD supply, GUSD Tokens, increase, MIM, Stablecoin, Stablecoin Economy, Stablecoin Supplies, Stablecoins, Tether, tusd, usd coin, USDC, USDP, USDT
What do you think about GUSD’s supply jumping more than 129% in 30 days? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Crypto Exchange Binance Dumping All FTX Tokens on Its Books — CEO Cites "Recent Revelations" ALTCOINS | 22 hours ago Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum ALTCOINS | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEverEarn Expanding to Ethereum Blockchain With $USDC Stablecoin Rewards Next articleNew Hampshire Court Sides With SEC in Lawsuit Against LBRY, Project’s Team Says Loss Sets a ‘Dangerous Precedent’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher