The Supply of USDC Has Decreased
According to statistics, the supply of USDT increased by 2.6% to 67 billion USD in 30 days while the supply of USDC decreased by 2.1% to 53 billion USD. The amount of USDT supply increased from 65.8 billion USD on July 16 to a high of 67.8 billion USD on August 15 during the early trading hours. Around 1 billion USD of the surge happened over the past seven days following Circle, the issuer of USDC, starting to ban wallets connected to the sanctioned Tornado Cash.
However, over the past 30 days, the supply of USDC has decreased from 55.2 billion USD to as little as 53.5 billion USD. This decrease occurred at the same time that market participants’ concerns over Circle’s decision to freeze more than 70,000 USD worth of USDC on wallets linked to authorized Tornado Cash increased. According to statistics, 56 billion USD worth of stablecoins were traded on the previous day, with USDT accounting for around 81% of all trades.
Tether’s Volume on Exchanges has Increased by 20%
Additionally, reports indicate that over the past three months, Tether’s volume on exchanges has increased by 20%. Over the previous 30 days, the supply of other prominent stablecoins like DAI, Tron’s USDD, Frax or FRAX, Pax Dollar or USDP, and True USD or TUSD increased on average by 3%. The supply of the Neutrino USD (USDN) fell by 0.9%.
In the meantime, a review of DAI’s supply during the previous week revealed that it had been declining. Following the Tornado Cash sanctions, MakerDAO’s creator Rune Christensen asked DAO participants to think about switching the 3.5 billion USD USDC holdings to Ethereum (ETH). Another stablecoin related to USDC, FRAX, momentarily saw a decline in supply to 1.3 million USD before rebounding to 1.4 million USD.
Source: https://www.thecoinrepublic.com/2022/08/17/usdc-supply-declines-but-usdt-supply-has-increased-by-over-2b/