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.