Connect with us

MIM

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets

Published

on

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets Oluwapelumi Adejumo · 4 hours ago · 2 min read

Coingecko data showed that USDT’s supply rose by 2.6% in 30 days to $67 billion, while USDC declined 2.1% to $53 billion.

2 min read

Updated: August 15, 2022 at 10:37 am

Advertisement

Cover art/illustration via CryptoSlate

Tether’s CTO Paolo Ardoino has identified an increase in USDTs market supply over the last 30 days compared to its rival USDC, which declined over the same period.

Why no one is talking about it? 🤖 pic.twitter.com/SEAChZZeLO

— Paolo Ardoino 🕳🥊 (@paoloardoino) August 14, 2022

USDT vs. USDC

Coingecko data showed that USDT’s supply rose by 2.6% in 30 days to $67 billion, while USDC declined 2.1% to $53 billion.

USDT supply rose from $65.8 billion on July 16 to a peak of $67.8 billion during the early trading hours of August 15. Around $1 billion of the increase occurred in the last seven days after USDC issuer Circle began blocking wallets linked to Tornado Cash, which was sanctioned by the U.S.

Advertisement

On the other hand, USDC’s supply over the last 30 days dropped from $55.2 billion to as low as $53.5 billion — the decline coincided with the increased worry among market players over Circle’s decision to freeze more than $70,000 USDC on wallets connected to sanctioned Tornado Cash.

According to Coingecko data, stablecoins had a trading volume of $56 billion in the last 24 hours, with USDT accounting for about 81% of the transactions.

Reports have also revealed that Tether’s volume on exchanges is up 20% over the last three months.

Other stablecoin supply grows

Other top stablecoins like DAI, Tron’s USDD, Frax (FRAX), Pax Dollar (USDP), and  True USD (TUSD) also saw their supply increase by an average of 3% over the last 30 days.

However, Neutrino USD (USDN) and Binance-backed BUSD saw their supply decline by 7.9% and 0.9%, respectively.

Advertisement

Meanwhile, a look at DAI’s supply over the last seven days showed that it has been dropping. MakerDAO’s founder Rune Christensen has urged DAO members to consider converting the $3.5 billion USDC reserves to Ethereum (ETH) following the Tornado Cash sanctions.

FRAX, another USDC-linked stablecoin, briefly saw its supply tank to $1.3 million, but has since recovered to $1.4 million

Algorithmic stablecoins governance tokens rise

The governance tokens of algorithmic stablecoins have been up over the last seven days.

Projects that have seen an increase in their governance token include Reflexer Finance which issues RAI. Its governance token FLX has risen 98% over the last seven days.

Similarly, SPELL, the governance token for the Abracadabra project that issues MIM, is up by 18% within the same period.

Advertisement

LQTY, the governance token of Liquity Protocol, has increased 19% over the last seven days. Liquity Protocol issues Ethereum-based stablecoin, LUSD.

Most of the tokens above have shed these gains over the last 24 hours.

The governance token of USDC-linked stablecoins like DAI and FRAX did not record any rise in their value over the last seven days.

MakerDAO’s MKR fell by 10.5% in the last seven days, while Frax’s FXS was down 11.6%.

Advertisement

Altcoins

Stablecoin Economy Growth Stagnates For 73 Days, USDC Market Cap Slides 5% Lower

Published

on

Stablecoin Economy Growth Stagnates For 73 Days, USDC Market Cap Slides 5% Lower

Since the Terra stablecoin fiasco in May, the top stablecoins by market capitalization dropped 10.66% from ​​$171.37 billion to today’s $153.09 billion. During the last two months, the top stablecoins by market capitalization have seen little growth remaining at $153 billion since mid-July.

For More Than 2 Months Stablecoin Market Caps Stagnate Seeing Little Growth

Following the significant climb since mid-2020, the stablecoin economy has seen growth slow during the last few months. In mid-April 2022, the stablecoin economy neared the $200 billion range for the first time in history, but following Terra’s stablecoin fiasco, more than $35 billion disappeared from the stablecoin economy by May 13, 2022. On May 12, 2022, the stablecoin economy was 10.66% larger than it is today at $171.37 billion.

Advertisement

By July 7, the stablecoin economy was down to $154 billion, according to stats saved by archive.org via coingecko.com. The stablecoin economy has remained stagnant in terms of growth during the past 73 days. Tether (USDT), the largest stablecoin market cap, has grown slightly rising 0.7% during the past month, while usd coin (USDC) saw a 4.9% decline. Binance’s stablecoin BUSD saw an 11.1% increase, while DAI, FRAX, and TUSD declined during the last 30 days.

Pax dollar (USDP) jumped 19.7% higher this past month, but neutrino usd (USDN) dipped by 9.5% lower. Besides BUSD and USDP, celo dollar (CUSD) was one of the only stablecoin market valuations that grew, as CUSD saw a 7.1% increase. A lion’s share of stablecoins within the stablecoin economy saw their market valuations slide during the past month. Furthermore, out of all the stablecoins in existence today, both USDT and USDC equate to 77.26% of the $153 billion stablecoin economy.

Out of the entire crypto economy’s net value at $1 trillion, tether (USDT) represents 6.761%, while usd coin (USDC) equates to 4.995%. While the stablecoin economy has seen stagnant growth during the last 73 days, stablecoins still represent a great deal of the global crypto trade volumes worldwide. Today, $37.68 billion of the $50.55 billion in overall global crypto trade volume is settled in stablecoin assets. The stablecoin trade volume equates to 74% of the global crypto trade volume on Sunday, September 18, 2022.

Tags in this story

Altcoins, DAI, FRAX, growth, increase, issuance, issuance levels, Magic Internet Money, MIM, Neutrino Protocol, Stablecoin Economy, stablecoin market cap, Stablecoins, Swelling, Terra, Tether, tether market cap, USDC, USDC market valuation, USDN, USDT

What do you think about the stablecoin economy’s stagnant growth during the last 73 days? Let us know what you think about this subject in the comments section below.

Advertisement
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.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

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.

Advertisement
Continue Reading

Altcoins

Tether Hires BDO Italia For Monthly Assurance Reports, USDT’s Quarterly Attestation Shows A 58% Decrease In Commercial Paper

Published

on

Tether Hires BDO Italia For Monthly Assurance Reports, USDT’s Quarterly Attestation Shows A 58% Decrease In Commercial Paper

This week, the stablecoin issuer Tether Holdings Limited revealed an update to its assurance and attestation process and detailed that the company has been working with accounting firm BDO Italia. The accounting firm will conduct monthly tether assurance reports based on the stablecoin issuer’s reserves. The following day, Tether published its quarterly assurance opinion completed by BDO and it notes that the company has seen a 58% decrease in commercial paper reserves.

Tether Hires BDO Italia, Company Publishes Quarterly Consolidated Reserves Report

Tether Holdings Limited, the company behind the largest stablecoin by market capitalization tether (USDT), announced on Thursday that BDO Italia will be conducting monthly USDT assurance reports. In the past, Tether’s assurance reports were written by the firm MHA Cayman, an auditor formally known as Moore Cayman. Tether’s announcement on August 18 notes that it has worked with the top five ranked accounting firm in terms of revenue, BDO Italia, since July 2022 for the firm’s quarterly attestation.

After the announcement noting Tether will leverage BDO for assurance reports, Tether and BDO published the stablecoin’s quarterly consolidated reserves report. BDO’s report breaks down Tether Holdings Limited’s assets as of June 30, 2022. “As of June 30th, the CCR and BDO confirmed a more than 58% decrease in Tether’s commercial paper holdings over the prior quarter from $20B to $8.5B, which is on track with Tether’s commitment to the community,” Tether detailed in a blog post published on August 19. Tether’s consolidated reserves report summary continues:

Advertisement

As previously announced, the exposure to commercial papers will be down to 200m by the end of August 2022 and to zero before the end of the year. During the same period, Tether has increased its holdings of cash and bank deposits by 32%.

A Myriad of Stablecoins Falter in 2022, the Number of Tether in Circulation Drops by 18.31% in 130 Days

Tether’s recent report follows the issues with myriad stablecoin assets in 2022. On August 17 and 18, the Stable Universe Limited issued HUSD temporarily depegged from its U.S. dollar parity, slipping to $0.827 per unit on Thursday. HUSD’s peg has since been restored, but a few days before the depegging incident, AUSD, a Polkadot-based stablecoin, dropped 98% in value on August 14. AUSD managed to rebound and reach $0.85 on August 19, but the stablecoin is currently trading for $0.8167 per unit. In addition to AUSD, the largest stablecoin depegging event in 2022 derived from Terra’s UST implosion.

The once-stable coin, Terra’s UST, which is now known as terrausd classic (USTC), is currently trading for $0.0237 per unit. This year, stablecoins like Waves’ neutrino usd (USDN), Abracadabra’s magic internet money (MIM), and Tron’s USDD token saw their values slip below the $1 parity. The dominant stablecoins USDT and USDC have not seen such issues in terms of slipping below peg, however, the number of tethers in circulation has dropped considerably since April 11. On that day, there were approximately 82,694,361,442 tethers in circulation after the dollar-pegged crypto saw a 3% increase in growth the month prior.

Today, the number of tether in circulation, according to coingecko.com statistics, indicates that there’s currently 67,549,562,651 tether today. The data shows that over the last 130 days, the number of tether in circulation has dropped by 18.31%.

Tether CTO Says Team Aims to Maintain Its Role as the Crypto Economy’s Leading Stablecoin

The 67.54 billion USDT represents 6.266% of the entire $1.07 trillion crypto market economy on August 19. Moreover, while there was $104.78 billion in global cryptocurrency trade volume during the last day, USDT captured $60.19 billion, which equates to 57.87% of today’s crypto trade volume. The chief technology officer at Tether Holdings Limited, Paolo Ardoino, explained on Friday that aligning with BDO shows the company’s commitment to the stablecoin ecosystem.

“We are fully committed to maintaining our role as the leading stablecoin in the market,” Ardoino said in a statement. “The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability allowing us to build a tool for the global economy. Our commitment to transparency and the community is a long-standing pillar in the underlying ethos of the company and aligns with our responsibility as a market leader.”

Advertisement

USDC also leverages a top five accounting services firm, in terms of revenue, Grant Thornton LLP, in order to provide monthly attestations. The Centre consortium, which is made up of Circle Financial and Coinbase Global, is usd coin’s (USDC) custodian and stablecoin issuer. In addition to Tether’s quarterly attestation that looks at reserves held on June 30, Centre and Grant Thornton published a USDC reserves attestation for June 2022 as well.

Tags in this story

AUSD, BDO Italia, Circle, consolidated reserves report, depegging incident, dollar-pegged crypto, Grant Thornton LLP, HUSD, MIM, Paolo Ardoino, stablecoin assets, stablecoins fluctuate, Terra’s UST implosion, Tether, USDC, USDC monthly attestations, USDD, USDN, USDT

What do you think about Tether Holdings Limited teaming up with the accounting firm BDO Italia? What do you think about Tether’s latest quarterly assurance report which shows a decrease in commercial paper holdings? 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 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement
Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

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.

Continue Reading

$0.01165

Another Stablecoin Depegs From USD Parity, Polkadot-Based AUSD Loses 98% In Value

Published

on

Another Stablecoin Depegs From USD Parity, Polkadot-Based AUSD Loses 98% In Value

2022 has been the year of broken stablecoins as a myriad of dollar-pegged crypto assets depegged from their dollar value this year. On August 14, the Polkadot-based stablecoin alpaca usd (AUSD) dropped below a U.S. penny in value, only to bounce back to the $0.95 region hours later. Reports say that the Acala protocol was compromised and an attacker managed to mint 1.2 billion AUSD.

Polkadot’s AUSD Stablecoin Slides Well Below the $1 Parity

Besides USDT, USDC, DAI, and a couple of others, a number of stablecoins have had an awful year in terms of holding their U.S. dollar value. The depegging of terra usd (UST), now known as USTC, caused the entire Terra ecosystem to implode and more than $40 billion evaporated from the crypto economy. Following that event, stablecoins like Waves’ neutrino usd (USDN), Abracadabra’s magic internet money (MIM), and Tron’s USDD slipped below the $1 mark.

JUST IN: Hackers printed 1.2 billion $AUSD on the Acala Network through an exploit.

— Watcher.Guru (@WatcherGuru) August 14, 2022

Advertisement

While Terra’s USTC never regained the $1 peg, USDN, MIM, and USDD are all swapping for $0.99 per coin on August 14, 2022. However, on the same day, the Polkadot-based stablecoin alpaca USD (AUSD) lost its peg. Data from coinmarketcap.com shows an all-time low of around $0.006383 per unit was recorded on Sunday. While writing this post at 3:15 p.m. (EST), AUSD’s price had bounced back to the $0.95 range, but then it quickly slipped to $0.01165 in a matter of no time at all.

Polkadot’s Acala Network tweeted about the issue just prior to the massive fluctuations in AUSD’s value. “We have noticed a configuration issue of the Honzon protocol which affects AUSD,” Acala Network’s official Twitter page wrote. “We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation,” the team added.

Binance CEO Changpeng Zhao (CZ) also tweeted about the AUSD situation. CZ wrote:

ACALA protocol is currently compromised. Apparently, there was a bug in the iBTC/AUSD pool and [the] attacker’s wallet now holds over a billion AUSD. We are monitoring. (AUSD is not listed on Binance).

Acala Protocol Says ‘Misconfiguration’ Resulted in ‘Error Mints of a Significant Amount of AUSD’

A flurry of other reports say a hacker managed to mint 1.2 billion AUSD, which ultimately caused the stablecoin’s de-pegging incident. Hours later, Acala confirmed that there was an error that resulted in the minting of large amounts of AUSD. “We have identified the issue as a misconfiguration of the iBTC/AUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of AUSD,” the team said on Sunday.

Alpaca usd (AUSD) chart on August 14, 2022, at 3:49 p.m. (EST).

Acala says the “misconfiguration has since been rectified” and the team managed to identify the wallets that received the erroneously minted AUSD tokens. Acala published this news at 7:59 a.m. (EST) and noted that an onchain investigation was underway.

Advertisement

“Pending Acala community collective governance decision on [the] resolution of the error minting, these erroneously minted aUSD remaining on Acala parachain along with these swapped Acala parachain native tokens have been transfer disabled,” the team added. Despite this news, AUSD’s U.S. dollar remains at $0.01159 per coin at 4:00 p.m. (EST), at least according to coinmarketcap.com’s AUSD market data.

Tags in this story

$0.01165, 1.2 billion AUSD, Acala Network, ACALA protocol, AUSD, DAI, depeg, depegging, Honzon protocol, iBTC/AUSD pool, losing parity, MIM, Misconfiguration, Polkadot, Polkadot-based stablecoin, Stablecoin, Stablecoins, USD parity, USDC, USDN, USDT, UST, USTC

What do you think about alpaca USD (AUSD) de-pegging from the $1 parity on Sunday? 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 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement
Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

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.

Continue Reading

Top posts

DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M
Bear Market49 mins ago

DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M

DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M Liam ‘Akiba’ Wright · 3 mins...

What the Employee Retention Credit Means for You What the Employee Retention Credit Means for You
Uncategorized1 hour ago

What the Employee Retention Credit Means for You

When you file an annual tax return for your business, there are several tax credits of which you may take...

Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council
BAYC3 hours ago

Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council

The non-fungible token (NFT) and blockchain firm Yuga Labs has announced a community council will be representatives of the Bored...

Russia blocks crypto exchange OKX without disclosing reason Russia blocks crypto exchange OKX without disclosing reason
Exchanges4 hours ago

Russia blocks crypto exchange OKX without disclosing reason

Russia blocks crypto exchange OKX without disclosing reason Zeynep Geylan · 9 mins ago · 1 min read The authorities...

Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure? Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?
CFTC4 hours ago

Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?

Ethereum has been seeing increased regulatory scrutiny in recent months. This comes following the network’s move to a proof of...

Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day
$1.26 million5 hours ago

Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day

Following the U.S. Securities and Exchange Commission (SEC) charges against the socialite Kim Kardashian for unlawfully touting the crypto asset...

Curious About I Bonds? Join Our Free Workshop Curious About I Bonds? Join Our Free Workshop
Curious5 hours ago

Curious About I Bonds? Join Our Free Workshop

Credit: Rita-Soledad Fernández Paulino Personal finance expert Rita-Soledad Fernández Paulino is the founder of Wealth Para Todos. She’ll be hosting...

Biggest Movers: DOGE, XRP Hit Highest Point Since Late September Biggest Movers: DOGE, XRP Hit Highest Point Since Late September
Analysis5 hours ago

Biggest Movers: DOGE, XRP Hit Highest Point Since Late September

Dogecoin was trading near its highest point since late September on Wednesday, as prices rose for a second straight day....

Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion
$31 Trillion7 hours ago

Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion

A recently published forecast stemming from the Federal Reserve Bank of Cleveland’s Inflation Nowcasting data indicates upcoming U.S. consumer price...

Bitcoin, Ethereum Technical Analysis: BTC Climbs To 2-Week High Bitcoin, Ethereum Technical Analysis: BTC Climbs To 2-Week High
Analysis8 hours ago

Bitcoin, Ethereum Technical Analysis: BTC Climbs To 2-Week High

Bitcoin continued to trade above $20,000 on Wednesday, as the token remained near a two-week high. Bullish momentum in cryptocurrency...

Binance And Kazakhstan To Share Information About Crypto-Related Crime Binance And Kazakhstan To Share Information About Crypto-Related Crime
agreement9 hours ago

Binance And Kazakhstan To Share Information About Crypto-Related Crime

Cryptocurrency exchange Binance has agreed to support Kazakhstan in ensuring the safe development of the country’s crypto market. The trading...

Federal Energy Agencies’ Unwillingness To Act On White House’s Crypto Mining Recommendations Miffs US Lawmaker Federal Energy Agencies’ Unwillingness To Act On White House’s Crypto Mining Recommendations Miffs US Lawmaker
Allison Clements11 hours ago

Federal Energy Agencies’ Unwillingness To Act On White House’s Crypto Mining Recommendations Miffs US Lawmaker

Jared Huffman, a United States lawmaker who advocates for increased scrutiny of crypto-mining entities, has reportedly chastised U.S. energy agencies...

BNB and BUSD holders, this Binance announcement can affect… BNB and BUSD holders, this Binance announcement can affect…
Altcoins11 hours ago

BNB and BUSD holders, this Binance announcement can affect…

Binance made a major expansion and partnership-related announcements recently. On 3 October, Binance announced that it signed a memorandum of...

Top 10 White Hat Hacking Courses To Take Up For 6-Figure Salary Top 10 White Hat Hacking Courses To Take Up For 6-Figure Salary
Cybersecurity12 hours ago

Top 10 White Hat Hacking Courses To Take Up For 6-Figure Salary

These top 10 white hat hacking courses will guide you in predicting vulnerabilities accurately The rising number of cybercrimes is...

New Study Names Gameta As The Gamefi Project With Highest Monthly Subscribers New Study Names Gameta As The Gamefi Project With Highest Monthly Subscribers
Axie Infinity12 hours ago

New Study Names Gameta As The Gamefi Project With Highest Monthly Subscribers

The latest data from Coin 98 Analytics shows the Web3 gaming platform Gameta as the top-ranked gamefi (the intersection of...

What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax
Cryptocurrency13 hours ago

What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax

Want to invest in cryptocurrencies? Here is how you will pay your income tax. A cryptocurrency is a form of...

A-Z of how the BNB Chain fared in September A-Z of how the BNB Chain fared in September
Altcoins13 hours ago

A-Z of how the BNB Chain fared in September

BNB Chain, home to leading decentralized exchanges PancakeSwap and Venus Protocol, closed Q3 with growth in some of its ecosystem...

Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days
Cryptocurrency news14 hours ago

Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days

To everyone’s surprise, the Celsius Network is still operating after the drama surrounding its bankruptcy in July. Alex Mashinky, the company’s...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone