Stablecoins
Dollar Supremacy
Where the dollars are and who holds them, across $180B+ in supply spanning five USD stablecoins on Ethereum and Solana.
In this report, we analyzed more than $180 billion in supply across five USD stablecoins, USDT, USDC, USDe, PYUSD and USDG, on Ethereum and Solana. The core question: where are the dollars, and who holds them?
Inside the report
- Each stablecoin maintains distinct positioning despite sharing identical dollar pegging.
- Exchange custody concentration significantly impacts liquidity and market structure.
- Three exchanges collectively control 36% of the analyzed stablecoin supply.
- A single liquidity pool represents nearly the entirety of one stablecoin's Solana ecosystem.
- A sovereign government ranks among the world's 100 largest stablecoin holders.
- Onchain intelligence resolves attribution gaps across unlabeled wallet supply.
Supporting partners
Utila, Agora, Altitude, M0, Mento, Bitso.
See the data behind the report
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