#usd1稳定币两周市值减少超4亿美元
【Old Leek Watch】USD1 shrinks by over $400 million in two weeks: Large stablecoin redemptions—the key issue is not just a decline in market capitalization. USD1, a U.S. dollar stablecoin launched under the World Liberty Financial brand, has recently seen a marked decline in its circulating supply.
On-chain research data shows that from October 6 to 15, USD1’s supply across three major chains—Ethereum, BNB Chain, and Solana—fell by about $385 million, a decrease of approximately 8.7%, bringing the total to around $4.04 billion. Looking at a broader period of nearly two weeks, the decline has approached or exceeded $400 million.
There are three noteworthy aspects to this news.
First, redemptions do not equal a depeg. On-chain data shows that this round of supply decline was mainly driven by redemptions and burns on Ethereum and $BNB Chain. During the same period, the price of $USD1 remained largely around $1, with no sustained, significant depeg resulting from the reduced supply. The clearer signal for now, therefore, is a contraction in circulating supply—not that a stablecoin run has already occurred.
Second, large transactions can have a significant impact. Supply on Ethereum fell by about $185 million, while supply on BNB Chain declined by about $200 million. The research report also noted that around $200 million of the redemptions on BNB Chain came from a single unlabeled address. In other words, a small number of large redemptions can substantially change USD1’s overall supply. However, on-chain addresses do not directly reveal the identities of the ultimate holders, and transaction records alone cannot establish the reasons for redemption.
Third, there is a handover by the issuer. World Liberty Financial plans, once the relevant regulatory conditions are met, to transfer USD1’s issuance and custody operations from BitGo to an affiliated trust company. With supply declining significantly at this point, it remains to be seen whether the new issuance arrangements will transition smoothly and whether new minting will replenish the supply after redemptions.
【Old Leek Watch】USD1 shrinks by over $400 million in two weeks: Large stablecoin redemptions—the key issue is not just a decline in market capitalization. USD1, a U.S. dollar stablecoin launched under the World Liberty Financial brand, has recently seen a marked decline in its circulating supply.
On-chain research data shows that from October 6 to 15, USD1’s supply across three major chains—Ethereum, BNB Chain, and Solana—fell by about $385 million, a decrease of approximately 8.7%, bringing the total to around $4.04 billion. Looking at a broader period of nearly two weeks, the decline has approached or exceeded $400 million.
There are three noteworthy aspects to this news.
First, redemptions do not equal a depeg. On-chain data shows that this round of supply decline was mainly driven by redemptions and burns on Ethereum and $BNB Chain. During the same period, the price of $USD1 remained largely around $1, with no sustained, significant depeg resulting from the reduced supply. The clearer signal for now, therefore, is a contraction in circulating supply—not that a stablecoin run has already occurred.
Second, large transactions can have a significant impact. Supply on Ethereum fell by about $185 million, while supply on BNB Chain declined by about $200 million. The research report also noted that around $200 million of the redemptions on BNB Chain came from a single unlabeled address. In other words, a small number of large redemptions can substantially change USD1’s overall supply. However, on-chain addresses do not directly reveal the identities of the ultimate holders, and transaction records alone cannot establish the reasons for redemption.
Third, there is a handover by the issuer. World Liberty Financial plans, once the relevant regulatory conditions are met, to transfer USD1’s issuance and custody operations from BitGo to an affiliated trust company. With supply declining significantly at this point, it remains to be seen whether the new issuance arrangements will transition smoothly and whether new minting will replenish the supply after redemptions.