World Liberty’s USD1 stablecoin lost approximately $400 million in market capitalization over two weeks, according to Onchain Benchmark data. Between October 6 and 15, Ethereum recorded $184.60 million in net redemptions across 63 token burns, while BNB Chain saw $200.43 million in withdrawals across 12 operations. On Ethereum, more than 99% of tokens submitted for redemption passed through BitGo, the current issuer of the stablecoin. USD1’s supply contraction on Ethereum reached 11.45%, a decline far steeper than that of USDe (4.93%), USDC (2.18%) or USDT (0.76%).
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