$USD1 Over the past few days, I dug into the on-chain data on Ethereum
In the last 30 days, the transfer volume was 6.178 billion ETH, nearly 40,000 transactions
The top 5 addresses consumed 85.73% — Binance cold and hot wallets, Binance-Peg Token Funds, Dolomite, MEXC, and Jump Crypto
The next thing to watch isn’t the price, but the balance changes of Binance @binance and the custodian addresses, the mint/burn flows of the Null Address, and the real liquidity depth of the USD1–USDC and USD1–USDT pools.
This trip to Xinjiang didn’t bring many pieces of equipment—I traveled light.
Special thanks to the beautiful @jeonleetogether for sponsoring the DJI, which helped me capture lots of beautiful scenery along the way.
Yesterday, I unexpectedly ran into “Mangcun Li Hongwei” too. That was definitely a surprise—I didn’t expect to find an extra treat like this on my Xinjiang trip.😂
Over the past couple of days, I looked into Solana’s $USD1 holdings data
The total supply is roughly 1.021 billion
Binance @binance is still the largest custodian
Over the past 30 days, the DEX price has basically tracked at around $1, and there have even been single-day trades worth hundreds of millions, with very active liquidity.
So I think for $USD1 on Solana, what we should focus on now isn’t whether it will de-peg—I think it won’t.
Sometimes I feel the most interesting thing about on-chain data is exactly this: the ledger is there, and it’s crystal clear who holds how much—no one can lie. Most people just can’t be bothered to look.
Reducing the information gap—that’s probably what I can do.
I took a look at the on-chain data for USD1 over the past couple of days, and honestly, it’s a bit shocking.
The stablecoin that WLFI launched only went live around March–April last year. But as of now, its market cap has already reached $4.6 billion. The price is 0.99959, with 24-hour trading volume of between $500 million and $1.1 billion. Among stablecoins, it ranks fifth—ahead of everything except the older big shots like USDT and USDC.
The growth rate is kind of unreal.
What’s even more interesting is its multi-chain rollout.
Ethereum accounts for 41%, BNB Chain 37%, and Solana directly grabs 21%. It also supports more chains—rolling out around a dozen including Aptos, Tron, Plume, Monad, and others. BitGo handles custody. The reserves are all U.S. dollar cash plus U.S. money market funds. Cross-chain transfers use Chainlink CCIP.
I thought about it, and this thing probably isn’t just riding on the Trump family name. The Proof of Reserves dashboard is live in real time, with third-party audits every month. On-chain minting and burning activity is also very active—when demand is high, it mints; when demand is low, it redeems/burns.
From the early days when Ethereum and BNB were the only big players, to now where DeFi on Solana is really taking off, USD1 is no longer just a political symbol—it’s actually a real digital U.S. dollar circulating on-chain.
As more protocols come onboard in the future, this whole thing could climb even higher.
Is memecoin now the only thing in the crypto world that can change your social class, right?
$CZ big wallets started distributing at higher prices, and there are still nearly 400w u that haven’t been sold. They can’t finish selling—there’s just too much to sell.
Everyone who trades contracts understands: the real cost of a single transaction is far more than just the trading fee. Spread, slippage, execution efficiency—each time it looks like not much, but with hundreds or thousands of trades a year, it’s all real money.
Recently I’ve been trading BTC/USD1 on Binance, and I actually care more about the execution experience than the price itself.
What’s interesting is that it now has a Maker fee of 0.
〓 For friends who like to place limit orders, run grid bots, and do quant trading, that most hidden piece of cost goes to zero.
〓 And as liquidity gradually improves, both spread and slippage are kept quite tight as well. Large orders are成交 much more smoothly than I expected.
The true advantage in trading often isn’t having the most accurate predictions.
It’s that every time you execute a trade, you pay a little less cost than everyone else.
The above is just my personal experience and does not constitute investment advice—DYOR.