#USD1StablecoinLoses$400MMarketCapInTwoWeeks
๐ช USD1 Sheds $401M in Two Weeks, but the Peg Held
๐ Market cap: ~$4.43B on Oct 6 to ~$4.02B today, down about 9.1% (CoinGecko)
๐ฅ Ethereum: $184.6M redeemed across 63 burns, over 99% via BitGo, the current issuer
๐ BNB Chain: $200.4M redeemed, and $200M of it came from one unlabeled address in $30M-$50M lots
๐ Solana supply flat at ~$1.42B, with no new mints to offset
๐ Peg stayed between $0.998 and $1.000 the whole time
๐ฆ World Liberty plans to move issuance from BitGo to its own trust company, under a charter type now challenged in court
What it means for crypto: this looks like a few large holders exiting, not a depeg. Still, USD1's size now depends on a handful of wallets heading into an issuer change.
Do a few big holders make a stablecoin riskier? ๐
$BNB $ETH
#CryptoNews #Stablecoins #USD1 #USD1StablecoinLoses$400MMarketCapInTwoWeeks
๐ช USD1 Sheds $401M in Two Weeks, but the Peg Held
๐ Market cap: ~$4.43B on Oct 6 to ~$4.02B today, down about 9.1% (CoinGecko)
๐ฅ Ethereum: $184.6M redeemed across 63 burns, over 99% via BitGo, the current issuer
๐ BNB Chain: $200.4M redeemed, and $200M of it came from one unlabeled address in $30M-$50M lots
๐ Solana supply flat at ~$1.42B, with no new mints to offset
๐ Peg stayed between $0.998 and $1.000 the whole time
๐ฆ World Liberty plans to move issuance from BitGo to its own trust company, under a charter type now challenged in court
What it means for crypto: this looks like a few large holders exiting, not a depeg. Still, USD1's size now depends on a handful of wallets heading into an issuer change.
Do a few big holders make a stablecoin riskier? ๐
$BNB $ETH
#CryptoNews #Stablecoins #USD1 #USD1StablecoinLoses$400MMarketCapInTwoWeeks