- CoinMetrics recently conducted research into top stablecoins and their distribution among users.
- The study found that fewer than six accounts control over 80% of the top coins’ wealth.
- The report revealed how other stablecoins performed, with Ethereum’s USDT being the most pluralistic.
CoinMetrics recently published a report that uncovered that the large majority of wealth among the top stablecoins is held by only a handful of accounts. At least 80% of the top 5 stablecoins’ wealth is being held by fewer than 6 accounts, the study concluded.
CoinMetrics also reported that around 20% of all transfers that were made with stablecoins had relatively low value of $100 or less. According to researchers, this is a sign that people are adopting stablecoins as a means of payment.
The results of research
However, more than 40% of transactions that use Paxos are connected to a single MLM (Multi-Level Marketing) Ponzi scheme.
According to researchers, many stablecoins are experiencing strong wealth centralization. Fewer than six accounts are holding the majority of Gemini Dollar (GUSD), TRON-based Tether (USDT), Huobi Dollar (HUSD), Binance USD (BUSD), and USDK’s respective capitalization.
Ethereum-based Tether (USDT) ended up being the most decentralized, with over 1,600 accounts holding 80% of its wealth. Meanwhile, TrueUSD (TUSD) and USD Coin (USDC) both have the majority of wealth controlled by around 200 accounts. Lastly, Omni-based Tether’s (USDT) capitalization is held by around 150 accounts.
USDC was also marked by the second-most distributed stablecoin