{"id":255038,"date":"2022-08-15T10:40:30","date_gmt":"2022-08-15T09:40:30","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=255038"},"modified":"2023-06-23T22:43:43","modified_gmt":"2023-06-23T21:43:43","slug":"usdt-supply-up-almost-2b-over-30-days-usdc-supply-falls-after-blocking-tornado-cash-linked-wallets","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/usdt-supply-up-almost-2b-over-30-days-usdc-supply-falls-after-blocking-tornado-cash-linked-wallets\/","title":{"rendered":"USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets"},"content":{"rendered":"<p>Tether's CTO Paolo Ardoino has identified an increase in <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">USDTs<\/a> market supply over the last 30 days compared to its rival <a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">USDC<\/a>, which declined over the same period.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Why no one is talking about it? \ud83e\udd16 <a href=\"https:\/\/t.co\/SEAChZZeLO\">pic.twitter.com\/SEAChZZeLO<\/a><\/p>\n<p>&mdash; Paolo Ardoino \ud83d\udd73\ud83e\udd4a (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1558784841226780672?ref_src=twsrc%5Etfw\">August 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>USDT vs. USDC<\/h2>\n<p>Coingecko data <a href=\"https:\/\/www.coingecko.com\/en\/categories\/stablecoins\">showed<\/a> that USDT's supply rose by 2.6% in 30 days to $67 billion, while USDC declined 2.1% to $53 billion.<\/p>\n<p>USDT supply rose 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 of the increase occurred in the last seven days after USDC issuer Circle began blocking wallets linked to Tornado Cash, which was <a href=\"https:\/\/cryptoslate.com\/commerceblock-ceo-slams-us-treasury-departments-crackdown-on-tornado-cash-says-it-makes-little-sense\/\">sanctioned<\/a> by the U.S.<\/p>\n<p>On the other hand, USDC's supply over the last 30 days dropped from $55.2 billion to as low as $53.5 billion \u2014 the decline coincided with the increased worry among market players over Circle's decision to freeze more than $70,000 USDC on wallets connected to sanctioned Tornado Cash.<\/p>\n<p>According to Coingecko data, stablecoins had a trading volume of $56 billion in the last 24 hours, with USDT accounting for about 81% of the transactions.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/usdt-volume-on-exchanges-up-20-in-3-months\/\">Reports<\/a> have also revealed that Tether's volume on exchanges is up 20% over the last three months.<\/p>\n<h2>Other stablecoin supply grows<\/h2>\n<p>Other top stablecoins like DAI, Tron's USDD, Frax (<a href=\"https:\/\/cryptoslate.com\/coins\/frax\/\">FRAX<\/a>), Pax Dollar (<a href=\"https:\/\/cryptoslate.com\/coins\/paxos-standard-token\/\">USDP<\/a>), and\u00a0 True USD (<a href=\"https:\/\/cryptoslate.com\/coins\/true-usd\/\">TUSD<\/a>) also saw their <a href=\"https:\/\/www.coingecko.com\/en\/categories\/stablecoins\">supply<\/a> increase by an average of 3% over the last 30 days.<\/p>\n<p>However, Neutrino USD (<a href=\"https:\/\/cryptoslate.com\/coins\/neutrino-dollar\/\">USDN<\/a>) and Binance-backed BUSD saw their supply decline by 7.9% and 0.9%, respectively.<\/p>\n<p>Meanwhile, a look at DAI's supply over the last seven days showed that it has been dropping. MakerDAO's founder Rune Christensen has urged DAO members to consider converting the $3.5 billion USDC reserves to Ethereum (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a>) following the Tornado Cash sanctions.<\/p>\n<p>FRAX, another USDC-linked stablecoin, briefly <a href=\"https:\/\/www.coingecko.com\/en\/coins\/frax\">saw<\/a> its supply tank to $1.3 million, but has since recovered to $1.4 million<\/p>\n<h2>Algorithmic stablecoins governance tokens rise<\/h2>\n<p>The governance tokens of algorithmic stablecoins have been up over the last seven days.<\/p>\n<p>Projects that have seen an increase in their governance token include Reflexer Finance which issues <a href=\"https:\/\/cryptoslate.com\/coins\/rai-reflex-index\/\">RAI<\/a>. Its governance token <a href=\"https:\/\/cryptoslate.com\/coins\/reflexer-ungovernance-token\/\">FLX<\/a> has risen 98% over the last seven days.<\/p>\n<p>Similarly, <a href=\"https:\/\/cryptoslate.com\/coins\/spell-token\/\">SPELL<\/a>, the governance token for the Abracadabra project that issues MIM, is up by 18% within the same period.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/coins\/liquity\/\">LQTY<\/a>, the governance token of Liquity Protocol, has increased 19% over the last seven days. Liquity Protocol issues Ethereum-based stablecoin, <a href=\"https:\/\/cryptoslate.com\/coins\/liquity-usd\/\">LUSD<\/a>.<\/p>\n<p>Most of the tokens above have shed these gains over the last 24 hours.<\/p>\n<p>The governance token of USDC-linked stablecoins like DAI and FRAX did not record any rise in their value over the last seven days.<\/p>\n<p>MakerDAO's <a href=\"https:\/\/cryptoslate.com\/coins\/maker\/\">MKR<\/a> fell by 10.5% in the last seven days, while Frax's <a href=\"https:\/\/cryptoslate.com\/coins\/frax-share\/\">FXS<\/a> was down 11.6%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether&#8217;s CTO Paolo Ardoino has identified an increase in USDTs market supply over the last 30 days compared to its rival USDC, which declined over the same period. Why no one is talking about it? \ud83e\udd16 pic.twitter.com\/SEAChZZeLO &mdash; Paolo Ardoino \ud83d\udd73\ud83e\udd4a (@paoloardoino) August 14, 2022 USDT vs. USDC Coingecko data showed that USDT&#8217;s supply rose [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":255080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[77981,76896,76824],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets<\/title>\n<meta name=\"description\" content=\"Available data has shown that Tether&#039;s USDT is taking advantage of the current USDC&#039;s issue to grow its supply.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/usdt-supply-up-almost-2b-over-30-days-usdc-supply-falls-after-blocking-tornado-cash-linked-wallets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets\" \/>\n<meta property=\"og:description\" content=\"Available data has shown that Tether&#039;s USDT is taking advantage of the current USDC&#039;s issue to grow its supply.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/usdt-supply-up-almost-2b-over-30-days-usdc-supply-falls-after-blocking-tornado-cash-linked-wallets\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-15T09:40:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-23T21:43:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/image_2022-08-15_143022608.png\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"378\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/usdt-supply-up-almost-2b-over-30-days-usdc-supply-falls-after-blocking-tornado-cash-linked-wallets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/usdt-supply-up-almost-2b-over-30-days-usdc-supply-falls-after-blocking-tornado-cash-linked-wallets\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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