USD1 Stablecoin Faces Attestation Reporting Issues, NYDIG Reports
- The most recent attestation report for USD1 is from July, with no updates since then.
- USD1 has a supply of $2.7 billion, but lacks timely transparency compared to competitors like USDC and Tether.
- Approximately 78% of USD1’s supply is held in wallets linked to overseas exchanges.
- The GENIUS Act could impose restrictions on stablecoin issuance that may affect USD1’s structure by early 2027.
The delay in updating attestation reports raises concerns about transparency for the USD1 stablecoin, especially as it competes with established players like Tether and USDC. With a significant portion of its supply offshore, regulatory scrutiny may increase as new laws come into effect.
As of now, the lack of updated reports poses a challenge for USD1’s credibility in the market, particularly given its $2.7 billion supply and reliance on overseas exchanges.
