#usd1稳定币两周市值减少超4亿美元
【$USD1 $400 million evaporated in two weeks: Even stablecoins have to heed the whales】
USD1, the stablecoin issued by World Liberty Financial, a project linked to the Trump family, lost about $401 million in market capitalization in just two weeks, falling from $4.43 billion to $4.02 billion—a drop of around 9.1%. But don’t rush to call it a collapse: USD1’s price has remained largely pegged to $1. What fell was its circulating supply, not its price.
The on-chain data is more revealing. From October 6 to 15, about $185 million and $200 million was redeemed on Ethereum and BNB Chain, respectively. On BNB Chain, about $200 million came from a single unknown address. Solana’s supply barely changed over the same period, suggesting this was less like a simple cross-chain transfer and more like genuine redemptions. As for why the whale pulled out, there’s still no reliable answer.
What’s more concerning is that USD1’s supply on Ethereum fell 11.45% over the same period, significantly more than USDC’s 2.18% and USDT’s 0.76%. A contraction in the overall market explains some of the decline, but not the entire gap.
I’m more focused on the upcoming handover between issuers. USD1 is set to move from BitGo to a trust company under World Liberty, while its supply is also heavily influenced by a small number of large holders. What we can confirm for now is that large redemptions took place; we can’t confirm that this reflects a loss of confidence in the project. If supply continues to fall and redemptions accelerate, then there will be more reason to worry. If the issuer handover goes smoothly and supply starts growing again, this contraction may prove to be only a temporary adjustment. A stablecoin can have a big name behind it, but in the end, it still depends on who’s willing to hold it with real money.
【$USD1 $400 million evaporated in two weeks: Even stablecoins have to heed the whales】
USD1, the stablecoin issued by World Liberty Financial, a project linked to the Trump family, lost about $401 million in market capitalization in just two weeks, falling from $4.43 billion to $4.02 billion—a drop of around 9.1%. But don’t rush to call it a collapse: USD1’s price has remained largely pegged to $1. What fell was its circulating supply, not its price.
The on-chain data is more revealing. From October 6 to 15, about $185 million and $200 million was redeemed on Ethereum and BNB Chain, respectively. On BNB Chain, about $200 million came from a single unknown address. Solana’s supply barely changed over the same period, suggesting this was less like a simple cross-chain transfer and more like genuine redemptions. As for why the whale pulled out, there’s still no reliable answer.
What’s more concerning is that USD1’s supply on Ethereum fell 11.45% over the same period, significantly more than USDC’s 2.18% and USDT’s 0.76%. A contraction in the overall market explains some of the decline, but not the entire gap.
I’m more focused on the upcoming handover between issuers. USD1 is set to move from BitGo to a trust company under World Liberty, while its supply is also heavily influenced by a small number of large holders. What we can confirm for now is that large redemptions took place; we can’t confirm that this reflects a loss of confidence in the project. If supply continues to fall and redemptions accelerate, then there will be more reason to worry. If the issuer handover goes smoothly and supply starts growing again, this contraction may prove to be only a temporary adjustment. A stablecoin can have a big name behind it, but in the end, it still depends on who’s willing to hold it with real money.