Dollar Supremacy
Inside the report
- 01Each stablecoin maintains distinct positioning despite sharing identical dollar pegging.
- 02Exchange custody concentration significantly impacts liquidity and market structure.
- 03Three exchanges collectively control 36% of the analyzed stablecoin supply.
- 04A single liquidity pool represents nearly the entirety of one stablecoin's Solana ecosystem.
- 05A sovereign government ranks among the world's 100 largest stablecoin holders.
- 06Onchain intelligence resolves attribution gaps across unlabeled wallet supply.
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? The answer reveals sharp concentration, structural differences between assets sharing the same peg, and a transparency gap that onchain data can close.
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About the report
Dollar Supremacy maps where stablecoin liquidity actually sits, across exchanges, protocols, and individual wallets, and what that concentration means for market structure. Each of the five assets holds distinct positioning despite sharing an identical dollar peg.
Among the findings: three exchanges collectively control 36% of the analyzed supply, a single liquidity pool represents nearly the entirety of one stablecoin's Solana ecosystem, and a sovereign government ranks among the world's 100 largest stablecoin holders. Onchain intelligence resolves attribution gaps across otherwise unlabeled wallet supply.
It's written for compliance teams, treasury managers, product teams, and analysts who need to understand stablecoin distribution beyond headline market caps.
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