A report published by CoinMetrics has found extreme wealth centralization among many top stablecoins, with at least 80% of the total capitalization for five top stable tokens being held in less than six accounts.
CoinMetrics found that most at least 20% of transfers made using most stablecoins are valued at less than $100, showing significant stable token adoption as a means of payment.
Stablecoins show extreme wealth centralization
The report found many stablecoins to exhibit extreme wealth centralization, with less than six accounts of the Gemini Dollar (GUSD), Binance USD (BUSD), Huobi Dollar (HUSD), Tether (USDT) and USDK networks representing over 80% of each token’s respective capitalization.
USDT issued on Ethereum comprised the most pluralistic stablecoin market by far, with nearly 1,600 accounts representing 80% of wealth. USD Coin (USDC) and TrueUSD (TUSD) followed with nearly 200 accounts each, trailed by Omni-based USDT with over 150.
Stablecoin wealth distribution. Source: CoinMetrics
Looking at the total number of transfers made using stable tokens, USDC comprises the second-most distributed stablecoin, with over 20% of wallets driving