$400 Million in Redemptions: The Peg Held, but a “Single Address” Exposed the Problem
USD1 lost more than $400 million in market cap over two weeks, falling from $4.43 billion to $4.02 billion—a decline of 9.1%. The key thing to watch isn’t the total amount, but the structure: nearly $200 million in redemptions on BNB Chain came from the same unidentified address, completed through 12 burns, each in batches of $30 million to $50 million. On Ethereum, more than 99% of redemptions were routed through a single BitGo wallet. The price held between $0.998 and $1 throughout, with no sustained depeg. But “the peg held” doesn’t mean “there’s no structural problem”—the fact that one address’s decision can wipe out nearly 5% of the market cap is a live lesson in concentration risk.
#USD1稳定币两周市值减少超4亿美元
USD1 lost more than $400 million in market cap over two weeks, falling from $4.43 billion to $4.02 billion—a decline of 9.1%. The key thing to watch isn’t the total amount, but the structure: nearly $200 million in redemptions on BNB Chain came from the same unidentified address, completed through 12 burns, each in batches of $30 million to $50 million. On Ethereum, more than 99% of redemptions were routed through a single BitGo wallet. The price held between $0.998 and $1 throughout, with no sustained depeg. But “the peg held” doesn’t mean “there’s no structural problem”—the fact that one address’s decision can wipe out nearly 5% of the market cap is a live lesson in concentration risk.
#USD1稳定币两周市值减少超4亿美元