Tether's USDT supply up 2.6% in 30 days

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Tether's USDT supply up 2.6% in 30 days

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

In 30 daysUSDT supply increased by 2.6% to $67 billion, while USDC declined by 2.1% to $53 billion, according to Coingecko data.

USDT supply went 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 was increased in the last seven days after USDC issuer Circle started blocking wallets linked to Tornado Cash, which was sanctioned by the U.S.

The decline coincided with the decrease in USDC supply over the last 30 days from $55.2 billion to as low as $53.5 billion — the decline coincided with the increased concern among market players over Circle's decision to freeze more than $70,000 USDC on wallets connected to sanctioned Tornado Cash.

The last 24 hours stable coin had a trading volume of $56 billion, with USDT accounting for about 81% of the transactions, according to Coingecko data.

Reports have also revealed that Tether's volume on exchanges has gone up 20% over the last three months.

Other top stable coins, such as DAI, Tron s USDD, Frax FRAX Pax Dollar USDP and True USD TUSD, saw their supply increase by an average of 3% over the last 30 days.

Neutrino USDUSDN and Binance-backed BUSD saw their supply decline by 7.9% and 0.9%.

A look at DAI's supply over the last seven days shows that it has been dropping. Rune Christensen, founder of MakerDAO, has urged DAO members to convert the $3.5 billion USDC reserves toEthereum ETH after the Tornado Cash sanctions.

FRAX, another USDC-linked stable coin, saw its supply tank at $1.3 million, but has since recovered to $1.4 million.

The governance token of algorithmic stable coins has gone up over the last seven days.

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

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

The token of Liquity Protocol, the LQTY, has increased 19% over the last seven days. The Liquity Protocol issues stable coin, LUSD.

The above token has shed these gains over the last 24 hours.

The value of theUSDC-linked stable coin, like DAI and FRAX, did not show any rise over the last seven days.

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