USDT and USDC whales now each account for more than 80% of the supply
USDT and USDC whales now each account for more than 80% of the supply.
As stablecoin Tether’s market cap nears $80 billion (currently $77.9 billion), data from on-chain researchers at Santiment shows that the number of Tether addresses worth 1 million US dollars or more accounts for more than 80% of the total supply.
Tethered whales make up more than 80% of the supply
USD-pegged stablecoins have grown exponentially in recent years, with 77.9 billion tether (USDT) in circulation. Tether is the stablecoin with the largest market cap of any active stablecoin.
USDT’s market cap is $77.9 billion, which is 3.79% of the $2 trillion crypto economy’s total capitalization.
Additionally, recent data from Santiment shows that bigholders, or whales, owning more than $1 million in assets account for more than 80% of the total supply.
“For the first time in 3 weeks, $1M worth of Tether addresses are on their way back to owning more than 80% of USDT supply. Overall, the increased purchasing power of Wal stablecoin addresses bodes well for the long-term future of crypto.”
Indices of Tether (USDT) February 8, 2022 | Source: Santiment
Currently, Santiment’s index shows that USDT addresses with a value of USD 1 million or more make up 80.13% of the 77,922,851,073 USDT in circulation. Into the Block states that the concentration of tether whales is 46%.
Coincarp.com’s Ethereum-based USDT list shows that there are 4.4 million ETH addresses holding Tether. The top 10 USDT holders own 28.3% of the outstanding USDT, while the top 100 holders own 47.8%.
USDC and UST whales for acceleration
Santiment data shows that USDC addresses worth $1 million or more account for 86.8% of supply.
USDC has approximately 51,570,858,520 USD-pegged tokens in circulation. The concentration of major USDC holders shows the index is 63% higher than USDT.
Coincarp.com’s USDC Wall List shows that the top 10 holders own 38.11% of the circulating USDC supply, the top 20 addresses 46.9%, the top 50 holders 57, the top 43% and the top 100 addresses 63.84% the USDC offer.
According to Santiment, Terras UST also has a large pool of centralized holders.
Data on Terra’s stablecoin UST (which issues UST on Ethereum) recorded by Coincarp.com shows that the top 10 Ethereum-based addresses hold 73.29% of the UST supply. Of course, this data is based on the UST and 28,737 holders circulating on the EVM network.
Meanwhile, the top 100 UST stablecoin addresses on Terra hold 97.58% of the coins in circulation. Coinecko.com data shows that as of February 8, 2022, there were approximately 11,256,872,859 USTs in circulation. At the same time, the amount of EVM-based stablecoins has reached 947.5 million UST.
Despite the total market cap of $179 billion, stablecoins are not as illiquid as circulating indicators suggest, especially when it comes to concentration of large holders.
With the advent of stablecoin liquidity pools, many holders hold stablecoins simply because they are less volatile and can generate annual agricultural returns (APYs) of up to 18% or more.
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