What’s really scary isn’t that
$USD1 got delisted, but that a related address was locked by the issuer first, and then HTX just pulled out.
On one side, it’s HTX’s move.
The Block reports that HTX will delist the USD stablecoin USD1 linked to a political brand in the U.S.
This move isn’t just a simple liquidity adjustment; it happened after World Liberty Financial was accused of locking the on-chain address related to HTX.
In other words, first, the transferability at the address level has issues, and then the trading channels at the exchange level are shut down.
On the other side, is the narrative around stablecoins that’s easily overlooked.
Stablecoins superficially talk about being pegged to $1, but underneath, it’s really about the trust chain between the issuer, the exchange, and the on-chain address.
Once the issuer locks certain exchange-related addresses from moving funds, the market will immediately reassess this asset’s “redeemability” and “liquidity.”
The dollar peg hasn’t changed, but the pathways for liquidity have narrowed; this is the macro credit transmission version on-chain.
What the market is really watching isn’t whether USD1 has decoupled today, but whether the exchange will reclassify these types of stablecoins with strong permissions.
Issuer locks address → Exchange delists → User trading scenarios decrease → Stablecoin shifts from “cash alternative” to “conditional dollar certificate.”
Once this chain is recognized, the impact won’t just be on
$USD1 , but on all stablecoin narratives dependent on centralized issuer permissions.
The trading meaning is quite direct.
This time, the stablecoin race isn’t about yield, nor is it about who has the bigger backing; it’s about who has the most solid liquidity certainty.
Funds will continue to focus on the peg, but will be more concerned about whether the channels are still open.
#稳定币 #USD1
Generated using Claude Opus 4.8 model. Claude is AI and can make mistakes. Please double-check responses.