News about World Liberty Financial

The market cap of World Liberty Financial's USD1 stablecoin has dropped more than $400 million over two weeks, to about $4.02 billion on Monday per CoinGecko, down from $4.43 billion on Oct. 6, a 9.1% decline. The drop reflects large redemptions on Ethereum and BNB Chain, and Onchain Benchmark found nearly $200 million of BNB Chain redemptions came from a single unidentified address whose controller could not be established. On Ethereum, more than 99% of tokens sent for redemption passed through a wallet labeled BitGo, USD1's current issuer and custodian. USD1 kept its dollar peg, trading between $0.998 and $1.000 with no sustained depegging. Its Ethereum supply fell 11.45% from Oct. 6 to Oct. 15, steeper than USDe (4.93%), USDC (2.18%) and USDT (0.76%).