Investors have lost confidence after the banking crisis that started in the US last week was linked to the crypto industry.
Stable cryptocurrencies have seen massive capital movements after it was revealed that stablecoin issuer Circle had billions of dollars in deposits at the bankrupt Silicon Valley Bank.
The reflection of the banking crisis on stablecoin issuers is slowly emerging. According to market researchers, the total supply of four different stablecoins decreased throughout March. TrueUSD (TUSD) has come to the fore.
Increasing pressure on the Binance exchange following the bank crisis has led crypto investors to see Tron issues TUSD caused it to attack the token. According to CoinGecko data, TUSD supply has increased by 110% in the last 30 days to $2 billion.
The market value of other stablecoins issued by Tron increased by 218% over the same period.
Which Stablecoins Lost Share?
Due to having deposits in the bankrupt Silicon Valley Bank Circle USD (USDC)lost 25% of its market value. While the supply of USDC was around $42 billion before the crisis, it currently has a market value of $33 billion.
Pressure exerted by US government agencies on Binance and Gemini has also wreaked havoc on their local stablecoins. BUSD And GUSDlost 30% of its total market value.
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