Six Accounts Control 80% Of Wealth On Top Stablecoins

A new report by CoinMetrics found out that at least 80% of the entire stablecoin capitalization is held in less than six accounts on each respective network. The report published recently in the cryptonews 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 6 accounts.

CoinMetrics also found that at least 20% of transfers made using most stablecoins are valued at less than $100, showing that there is some significantly stable token adoption as a means of payment. In the report, we can also see that more than 40% of transactions made using the Paxos Standard Token (PAX) are directly linked to a single multi-level marketing (MLM) Ponzi scheme.
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Even six accounts are now associated with holding the majority of stablecoins. In times when these coins exhibit extreme wealth centralization, less than six accounts of the Gemini Dollar (GUSD), Binance USD (BUSD), Huobi Dollar (HUSD), Tether (USDT) and USDK networks represent over 80% of each token’s respective capitalization.

The Tether news also show that USDT issued on Ethereum comprised the most pluralistic stablecoin market by far. With nearly 1,600 accounts that represent 80% of wealth, USDT is first and is followed by USD Coin (USDC) and TrueUSD (TUSD) with nearly 200 accounts each, trailed by the Omni-based USDT with over 150.

When seeing the total number of transfers made with stable tokens, we can see that six accounts are again here, and that USDC comprises the second-most distributed stablecoin with over 20% of wallets driving around 80% of the transfers. The Omni-based USDT and GUSD are following in the high-teens, and TUSD has nearly 15% in this aspect.

At a first glance, we can see that six accounts control 80% of the total wealth in this aspect, and nearly 50% of the wallets represent 80% of the Paxos total capitalization.

The report by CoinMetrics also found out that the most active Tron-based USDT accounts were associated with “dividend” payouts and represented over 90% of the network activity on certain days.

On top of all this, at least 20% of transfers made using eight of the 10 stable tokens examined by CoinMetrics are valued at less than $100. Similarly, less than 4% of the transfers are valued in excess of $100,000 for all stablecoins except for HUSD and BUSD-