Market Cap of USD1 Drops Over $400 Million to Approximately $4.02 Billion in Two Weeks

The market cap of the stablecoin USD1, under World Liberty Financial, has decreased by over $400 million in the past two weeks, falling to approximately $4.02 billion, a decline of about 9.1% from $4.43 billion on October 6. This is primarily influenced by large redemptions on Ethereum and BNB Chain. On-chain data shows that from October 6 to 15, Ethereum saw a cumulative net redemption of $184.6 million, involving 63 token burn events; BNB Chain had a cumulative redemption of $200.43 million, involving 12 burn events. Notably, nearly $200 million in redemptions on BNB Chain came from an unidentified address, and the controlling party and reason for the redemption remain undetermined. During the same period, the supply of USD1 on Solana remained at approximately $1.42 billion, not offsetting the supply contraction on other networks. The price of USD1 maintained between $0.998 and $1, without any sustained de-pegging; its supply on Ethereum decreased by 11.45%, higher than the declines of USDe, USDC, and circulating USDT.

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