Home Blockchain TUSD’s supply crosses $2B amid banking woes for stablecoin rivals

TUSD’s supply crosses $2B amid banking woes for stablecoin rivals

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Circulating Supply of TrueUSD (TUSD) more than doubled in the last two weeks, 2 billion tokens on March 13th.

According to TUSD, the total supply of TUSD is 2.073 billion at the time of writing. of crypto slate data.

During the period, a lesser-known stablecoin also grew to become the second largest stablecoin by circulating supply and transfer on the Tron blockchain.

Rising TUSD Matches Rival Troubles

The rise in TUSD coincides with recent issues affecting stablecoin rivals and their banking partners.

Problems with Binance USD (BUSD) began in February when regulators ordered its issuer, Paxos, to shut down other mints. At the time, Binance CEO Changpeng ‘CZ’ Zhao said the exchange would support other stablecoins in the ecosystem following the decline of BUSD.

True to his word, the exchange has issued approximately 50 million TUSD tokens and added new tokens. trading pair for stablecoins.

Blockchain analytics firm Santiment pointed out that TUSD adoption has reached a new high as the supply of TUSD on exchanges reached 73% for the first time since June 2021.

Meanwhile, the collapse of crypto-friendly banks like Silicon Valley Bank alongside Silvergate and Signature Bank has affected confidence in USD Coin (USDC) reserves. Its issuer, Circle, said it held a portion of its stablecoin reserves in bankrupt SVB.

TUSD has exposure to signatory banks

true coin Said We have suspended the issuance and redemption of TUSD for some of our undersigned bank users. The issuer of TUSD said some of its U.S. dollar fiat funds were held in the beleaguered Signature Bank.

Reserve of TUSD Indicated Had $852.27 million in undersigned banks. Other banks holding TUSD reserves include Prime Trust, First Digital, Capital Union, Manual and BitGo.

TUSD Reserve
Source: TUSD real-time reserve

US regulators took control of the bank on March 12th. The New York State Department of Financial Services has designated her FDIC as its trustee. The FDIC has transferred all of Signature’s deposits and assets to Signature Bridge Bank, a new full-service bank created by the FDIC.

According to TUSD, we are in direct contact with affected users. The stablecoin company added that other banking networks are fully operational, assuring users that minting and redemption will continue.

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