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Steve Muchoki
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TrueUSD (TUSD), a US-dollar pegged stablecoin available on dozens of major web3 protocols, released its May monthly report on Monday. According to the report, TUSD closed May with a circulating supply of 501,701,476 with the majority available on the Ethereum (ETH) network.
The TrueUSD stablecoin team reported a dollar reserve of about $509,044,824.
On the Ethereum network, the TrueUSD team reported a circulating supply of 373,959,381 TUSD, which accounts for over 74 percent of the total supply. On the Tron (TRX) network, the TrueUSD team reported a circulating supply of about $94.2 million by the end of the last month.
As for the natively minted coins on the Binance Smart Chain (BSC), the TrueUSD team reported a supply of around 30 million and about 1.2 million in the wrapped version.
On the Avalanche (AVAX) network, the TrueUSD team indicated that the stablecoin had a circulating supply of about 2.3 million.
Major Updates for TrueUSD (TUSD) in May
Amid the notable adoption of stablecoins digital assets through web3 platforms, the TrueUSD team indicated that it made significant progress in May to ensure mass adoption of crypto assets. For instance, TUSD sponsored the BNB Chain Hackathon 2024 to showcase its importance to web3 developers by offering $10k to the winning projects.
In May, TUSD went live on ReHold protocol, a multi-chain trading platform, to enable seamless trading. The TUSD Stablecoin was also listed on several crypto exchanges such as Turkey-based Bitci, and LetsExchange. On the Bitci crypto exchange, the TruUSD trading was kickstarted with a zero-fee promotion for the TUSD/TRY. Last month, Cakepie introduced the first vote incentives totaling around 10k TUSD for PancakeSwap voters.
Additionally, the TrueUSD team launched TUSD on Venus Protocol Core Pool on the Ethereum network with a 75 percent collateral.
Market Picture
As the global geopolitical outlook gets divided between the G7 states and the fast-growing BRICS movement, more governments have hastened the regulation of Stablecoins and digital assets to remain competitive. The stablecoins market has ballooned to more than $161 million in market cap and a daily average traded volume of about $69 million.
The top three stablecoins, Tether’s USDT, Circle’s USDC, and Dai (DAI), have a market dominance of more than 86 percent. However, the entrance of more institutional investors in the stablecoins industry has helped democratize the adoption of fiat-backed and algorithmic stablecoins.
Furthermore, the mass adoption of digital assets has heavily been influenced by institutional investors seeking to tap into blockchain technology to scale their respective operations to global markets.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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