Stablecoin Total Supply

Some stablecoins, like USDT and USDC, are pegged to more conventional currencies, like the U.S. dollar through cash and assets with equivalent value as opposed to an algorithm and associated reserve token. USDT and USDC also are backed by companies that issue the coins so it is quite centralized. However, UST or Terra-US Dollar is not backed by any value. In order to mint new UST, equivalent amount Luna, is burned. If the demand for UST rises with more people using the currency, more Luna will be burned and some of it will be diverted to a community pool. The community pool will help balancing and stabilize the price, to a degree.

However, other than UST, the list of stablecoins issued by Terra is increasing by day. Now, there are 18 stablecoins on Terra. The list of stablecoins are;

Now, let's see the daily token supply. We can see that UTHB and UJPY has the highest supply but this is because of different value by each currency and UST are very low compared to these currency. In order to compare we have to see the supply in USD value.

Below are the supply of the most important stablecoins in USD worth. We can see that since mid-March, $UST passed $SDT and grew the supply to all time high of $2.5B recently. This supply won't slow down anytime soon as more protocol that require $UST are introduced. Most liquidity pools required $UST as one of the pair so the demand for $UST will go up only.

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Stablecoin Total Supply