The capitalization of TrueUSD (TUSD) stablecoin has collapsed to its lowest level since May 2021. It exceeded $3.36 billion in the fall, but TUSD’s supply began to fall as early as 2024.
According to the Coingecko service, on March 26, the capitalization of the stablecoin fell to $626.79 billion. Last week it was about $1.1 billion.
As a result, USDT dropped to eighth place in the list of dollar-backed digital currencies, while a month ago it was in fifth place.
The lion’s share of the TUSD offering is based on ethereum – $389 million. Tron and Avalanche networks hosted TUSD for $189 million and $2.98 million, respectively.
The token offering on the Binance Chain is approximately $30 million.
Other stablecoins have previously faced capital outflows as well.
Binance USD has shown the strongest decline. Its market supply at the end of 2022 exceeded $23.36 billion. Now it is only $84.35 million.
In December, the Binance exchange announced that in 2024 its users will not be able to make transactions with the BUSD token.
In first place in the ranking of digital currencies with real collateral is Tether (USDT). Its capitalization is approaching $104 billion.