World Liberty’s USD1 stablecoin loses $400M market cap in two weeks

A $400 million contraction in a stablecoin's supply over just two weeks is a meaningful signal, because stablecoin market caps move mainly through redemptions rather than price — this is capital leaving, not repricing. The fact that the drawdown spans both Ethereum and BNB Chain suggests the pressure isn't confined to a single venue or use case. For a stablecoin tied to a named issuer rather than a long-established one, the durability of that redemption trend is the open question, along with whether supply stabilizes once the current wave clears.