Presidential Halo Invalidated: The Market Dilemma of Trump Family Stablecoin USD1

The Grim Reality Revealed by Data

After USD1 was launched on Binance, its average daily trading volume was only $8 million, far below market expectations.

In PancakeSwap, with an average daily trading volume of $14 million, over 50% came from three related market maker wallets, raising suspicions of 'wash trading' behavior.

Comparison with Competitors

During the same period, the new Ripple coin RLUSD had an average daily trading volume of $50 million, six times that of USD1.

The decentralized stablecoin USDe grew its market value to $6.2 billion within a year, while USD1 failed to establish a real demand base.

Core Reasons for Market Cooling

Lack of User Incentives

USD1 did not launch common growth strategies such as airdrops or mining rewards, making it difficult to attract participation from cryptocurrency users. In contrast, USDC expanded its application scenarios through partnerships with traditional payment giants (like Visa), while USD1 lacks feasible merchant collaborations.

Institutional Trust Deficiency

Mainstream stablecoins like Tether and Circle establish their market position through institutional partnerships and transparent auditing mechanisms, whereas USD1's reserve asset custodian BitGo, despite its qualifications, did not disclose its audit report on time, and the top six addresses hold 90% of the tokens, raising concerns about concentration risk.

Family Reputation Drag

The 'Trump Coin' previously issued by the Trump family was questioned for 'scalping' due to an 80% price drop, leading users to develop PTSD (post-traumatic stress disorder) regarding USD1. Furthermore, the project's association with the 'GENIUS Act' policy has been criticized for potential 'interest transfer' risks, further undermining market confidence.

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