Breaking: The market cap of USD1, the stablecoin from the Trump family-linked project World Liberty Financial, has shrunk by about $400 million in two weeks.
A few key figures:
1️⃣ Market cap fell from about $4.43 billion to about $4.02 billion, a drop of roughly 9%
2️⃣ Most redemptions took place on Ethereum (about $185 million) and BNB Chain (about $200 million)
3️⃣ Nearly all of that roughly $200 million on BNB Chain came from a single address with no identified owner
4️⃣ Over the same period, USD1 supply on Ethereum fell by 11.45%, while USDC fell by just 2.18% and USDT by just 0.76%
5️⃣ Supply on Solana barely changed, and the price held steady at $0.998–$1.000, with no depeg
My take: This looks more like concentrated redemptions by a small number of large holders than a bank run. The price is stable and reserves appear to check out, suggesting the redemption channels are working—which is a positive for a stablecoin.
But it also highlights an issue: a single address can bring the total supply down by about 4.5%, which suggests USD1's holders are highly concentrated and raises questions about the stability of its scale. On top of that, the issuer is preparing to transition from BitGo to a trust company under World Liberty. There are two things to watch next: Will redemptions continue, and will new minting after the transition replenish the supply?
Do you think this is normal portfolio rebalancing by a large holder, or a sign of declining confidence in the project? Share your thoughts in the comments.
#USD1稳定币两周市值减少超4亿美元 #BNB #ETH
A few key figures:
1️⃣ Market cap fell from about $4.43 billion to about $4.02 billion, a drop of roughly 9%
2️⃣ Most redemptions took place on Ethereum (about $185 million) and BNB Chain (about $200 million)
3️⃣ Nearly all of that roughly $200 million on BNB Chain came from a single address with no identified owner
4️⃣ Over the same period, USD1 supply on Ethereum fell by 11.45%, while USDC fell by just 2.18% and USDT by just 0.76%
5️⃣ Supply on Solana barely changed, and the price held steady at $0.998–$1.000, with no depeg
My take: This looks more like concentrated redemptions by a small number of large holders than a bank run. The price is stable and reserves appear to check out, suggesting the redemption channels are working—which is a positive for a stablecoin.
But it also highlights an issue: a single address can bring the total supply down by about 4.5%, which suggests USD1's holders are highly concentrated and raises questions about the stability of its scale. On top of that, the issuer is preparing to transition from BitGo to a trust company under World Liberty. There are two things to watch next: Will redemptions continue, and will new minting after the transition replenish the supply?
Do you think this is normal portfolio rebalancing by a large holder, or a sign of declining confidence in the project? Share your thoughts in the comments.
#USD1稳定币两周市值减少超4亿美元 #BNB #ETH