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USDC Supply Drops After Blocking Tornado Cash-Linked Wallets

August 15, 2022 - Around 2 mins mins to read
It seems that the race for the number 1 stablecoin position is still long as USDT recently stood out over USDC.
USDC Supply Drops After Blocking Tornado Cash-Linked Wallets

Tether CTO, Paolo Ardoino, has identified an increase in the supply in the USDT market over the past 30 days compared to rival USDC, which has decreased over the same period.

Coingecko data shows that the supply of USDT increased 2.6% in 30 days to $67 billion, while USDC fell 2.1% to $53 billion.

USDT supply increased from $65.8 billion on July 16 to a peak of $67.8 billion in the early trading hours of August 15. About $1 billion of the increase occurred seven days after USDC issuer Circle started blocking Tornado Cash-related wallets sanctioned by the US regulators.

On the other hand, the supply of USDC over the past 30 days has dropped from $55.2 billion to as low as $53.5 billion — a drop that has coincided with rising anxiety among market players about Circle’s decision to freeze over $70,000 USDC on sanctioned Tornado Cash-connected wallets.

USDC Supply Drops After Blocking Tornado Cash-Linked Wallets

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

Reports have also revealed that the volume of Tether on exchanges has increased by 20% in the past three months.

Other top stablecoins such as DAI, Tron’s USDD, Frax (FRAX), Pax Dollar (USDP), and True USD (TUSD) have also seen supply increase by an average of 3% over the past 30 days.

USDC Supply Drops After Blocking Tornado Cash-Linked Wallets

However, Neutrino USD (USDN) and BUSD backed by Binance have decreased their supply by 7.9% and 0.9%, respectively. FRAX, another stablecoin linked to USDC, briefly saw its supply pool to $1.3 million but later recovered to $1.4 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.