The Trump family’s stablecoin saw $400 million redeemed in two weeks.
USD1’s market cap fell from $4.43 billion to $4.02 billion (-9.1%).
Redemptions were concentrated: $185 million on Ethereum (almost all through custodian BitGo) and $200 million on BNB Chain—with nearly all of that $200 million coming from the same unknown address.
What’s odd is that the peg hasn’t budged at all, staying between 0.998 and 1.000.
This looks less like a panic-driven run and more like a whale rebalancing. On top of that, World Liberty is preparing to take over issuance from BitGo under an OCC trust charter, so it would be normal for someone to pull out ahead of the handover.
I think this signals balance-sheet contraction, not a depegging alert—but stablecoin contraction itself is a liquidity barometer.
Whoever is withdrawing from that single address with $200 million is worth watching.
Invalidation condition: sustained depegging or accelerating redemptions.
Do you hold USD1? Are these redemptions making you nervous?
$WLFI
#USD1StablecoinMarketCapDownOver$400MillionInTwoWeeks
USD1’s market cap fell from $4.43 billion to $4.02 billion (-9.1%).
Redemptions were concentrated: $185 million on Ethereum (almost all through custodian BitGo) and $200 million on BNB Chain—with nearly all of that $200 million coming from the same unknown address.
What’s odd is that the peg hasn’t budged at all, staying between 0.998 and 1.000.
This looks less like a panic-driven run and more like a whale rebalancing. On top of that, World Liberty is preparing to take over issuance from BitGo under an OCC trust charter, so it would be normal for someone to pull out ahead of the handover.
I think this signals balance-sheet contraction, not a depegging alert—but stablecoin contraction itself is a liquidity barometer.
Whoever is withdrawing from that single address with $200 million is worth watching.
Invalidation condition: sustained depegging or accelerating redemptions.
Do you hold USD1? Are these redemptions making you nervous?
$WLFI
#USD1StablecoinMarketCapDownOver$400MillionInTwoWeeks