Binance subsidies drive a surge in USD1 supply, with Solana becoming the largest incremental chain

On-chain analyst Yu Jin tweeted that the stablecoin USD1 has increased its total supply from about 3.3 billion dollars to 4.4 billion dollars since Binance launched its subsidy program at the end of January, an increase of about 1.1 billion dollars.

The author cited on-chain data stating that the main increase came from Solana: before the event, the supply of USD1 on Solana was about 160 million dollars, and it is currently about 880 million dollars, an increase of about 720 million dollars, with the remaining approximately 380 million dollars of increase distributed across BSC and Ethereum. Currently, the supply of USD1 is mainly concentrated on the aforementioned three chains.