USD1 Market Cap Falls $401 Million as $200 Million Originates at One Address

World Liberty Financial USD (USD1) lost $401.4 million in market value across UTC-dated readings from Oct. 6 to Oct. 19, as fewer tokens circulated while its price held near $1.

The UTC-dated daily readings put USD1’s market capitalization at $4.426 billion on Oct. 6 and $4.025 billion on Monday, Oct. 19. The $401,444,937 decline was about 9.1%. These readings cover a longer period than the network supply figures below.

Across Ethereum, BNB Chain and Solana, combined USD1 supply fell from 4.42015 billion to 4.03512 billion between the Oct. 6 and Thursday, Oct. 15 closes, a reduction of 385.03 million tokens. Each close was recorded at 8 p.m. ET (midnight UTC the next day). Ethereum accounted for $184.60 million in net redemptions across 63 burns, while BNB Chain recorded $200.43 million across 12. Solana’s supply was unchanged.

The BNB Chain redemption contract received $200.50 million, with $200 million originating at one unlabeled address. That address does not show that one investor owned all the tokens; an intermediary can move funds for multiple holders.

During the nine-day supply window, USD1 traded from $0.998 to $1.000. Market capitalization reflects both the number of tokens outstanding and their trading price, so it does not necessarily match a supply change measured over a different period.

USD1 remained far smaller than the largest stablecoins. On Saturday, Oct. 17, Tether (USDT) had a $183.4 billion market capitalization and USD Coin (USDC) had $72.7 billion in the broader stablecoin market.

BitGo issues and redeems USD1, while World Liberty Financial controls its brand. The latest published independent reserve examination was dated Aug. 31, before the October redemptions. At 7:59 p.m. ET that day (23:59 UTC), it listed $4,195,716,067 in redemption assets against 4,195,303,689 USD1 outstanding.