OnChain Benchmark traced $200 million of World Liberty Financial USD (USD1) redemptions on BNB Chain to one unlabeled address, highlighting the limits of using a wallet record to identify token holders.
The analysis found that $200.50 million reached the USD1 issuance contract for redemption on BNB Chain. Of that amount, $200 million originated at the address. The transfer history does not establish how many holders were behind the wallet, and OnChain Benchmark did not identify a reason for the redemptions.
CoinGecko’s UTC historical data put USD1’s market value at $4.025 billion on Oct. 19, compared with $4.426 billion on Oct. 6. The decline was $401.4 million, or about 9.1%. An earlier EconoTimes snapshot of stablecoin market values valued USD1 at $4.048 billion.
OnChain Benchmark measured 4.42015 billion USD1 across Ethereum, BNB Chain and Solana at the Oct. 6 close, falling to 4.03512 billion at the Oct. 15 close. The 385.03 million decline included $184.60 million in net redemptions through 63 Ethereum burns and $200.43 million across 12 on BNB Chain. Solana’s supply did not change.
OnChain Benchmark recorded a trading range of $0.998 to $1 during those nine days. Its supply tally covers three networks, though it said smaller USD1 deployments existed elsewhere. CoinGecko’s market-cap change spans four additional days and also reflects price, so it cannot be equated with the three-network token decline.
BitGo’s reserve report for Aug. 31 names BitGo Bank & Trust, N.A. as USD1’s issuer and redeemer. It identifies World Liberty Financial, Inc. and SC Financial Technologies, LLC as owners and controllers of the brand and certain trademarks. For the Aug. 31 measurement, BitGo reported $4,195,716,067 in redemption assets and 4,195,303,689 USD1 outstanding.
Those reserve figures predate the October transfers. OnChain Benchmark said a report covering October might provide the next issuer-side reading in late November if BitGo follows its earlier publication schedule.
