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 supply balloons by nearly 130%
There have been many changes in the stablecoin economy as Bitcoin.com reported events such as the demise of Tera’s stablecoin TeraSD (UST), now known as TeraSaddClassic (USTC). After the Terra Stablecoin Depauling event in mid-May, several other stablecoin assets showed discrepancies between their exchange rates and the US dollar parity they were targeting. As of mid-June, bitcoin.com news reports that more than 12 billion USDT has been removed from the supply of USDT in two months on Tether.
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%.
On the other hand, USDC has pulled out of supply by 7.5% and DAI, FRAX, USDP and TUSD have also seen a decrease compared to the previous month. However, Gemini’s GUSD has increased significantly and most of the increase started on October 25, 2022. 30-day statistics show that the supply of GUSD has increased by 129.5% and the stablecoin is now the eighth largest among the top ten. On October 25, the market capitalization of GUSD was $332 million and today, it is approximately $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 the same day, another Archive.org snapshot showed that the Gemini stablecoin was not the top ten stablecoin as it ranked 11th largest. However, GUSD has a long way to go to become the top ten stablecoin like USDT, USDC and BUSD as GUSD currently ranks 62nd out of over 13,000 crypto assets that exist.
