World Liberty USD1 Stablecoin Loses $400M

World Liberty Financial's USD1 stablecoin shed over $400 million in market capitalization over two weeks due to large redemptions on Ethereum and BNB Chain. CoinGecko data recorded a drop from $4.43 billion on Oct. 6 to about $4.02 billion on Monday, representing a 9.1% decline. While supply contracted, the token maintained its dollar peg between $0.998 and $1.000.