As the market capitalization of stablecoin Tether is close to $80 billion, with its current $77.9 billion valuation, data from Santiment’s OnChain researchers indicates that $1 million worth of Tether addresses own more than 80% of the entire supply. .
Tether’s whales command more than 80% of the supply
The US dollar-linked stablecoin has grown rapidly during the past few years and there are 77.9 billion Tether (USDT) in circulation today according to today’s indicators. Of all the stablecoins in existence, Tether is the most prominent stablecoin in terms of market capitalization.
USDT’s market capitalization of $77.9 billion represents 3.79% of the $2 trillion crypto economy. Furthermore, recent data from Santiment shows that the concentration of large holders of USDT is $1, which accounts for over 80% of the entire supply.
“$1M worth of Tether addresses are on the verge of owning 80%+ of USDT supply for the first time in 3 weeks,” Santiment tweeted. “Generally speaking, the stablecoin of whales increases their purchasing power which is a good prospect for the long-term future of crypto.”
At the time of writing, Sentiment’s metrics show 80.13% USDT addresses commanding $1 million of the 77,922,851,073 Tether supply in circulation. The block indicates that today the concentration of large Tether (USDT) holders is 46%.
The Ethereum-based USDT rich list stemming from Coincarp.com shows that 4.4 million ETH addresses hold Tether. The top ten USDT holders own 28.4% of all ERC20 Tethers in circulation, while the top 100 commands hold 47.71%.
Stablecoin USDC and UST have a significant concentration of large holders
While USDT data from Sentiment shows that USDT addresses are valued at 80.13% command $1 million, USDC figures show that USDC addresses are valued at $1 million command which is 86.8% of the supply of stablecoins.
USDC has approximately 51,570,858,520 US-dollar-pegged tokens in circulation today. The concentration of large USDC holders in the block also shows that the metric is 63% higher than USDT.
Coincarp.com’s USDC Rich List metrics show the concentration of holders taking advantage of USDC on the Ethereum network. Currently, there are 1.35 million ETH addresses holding USDC and the top ten addresses commanding the most USDC command 38.11% of the circulating supply.
Furthermore, the top 100 USDC ETH-based addresses own 63.79% of the stablecoins on that specific chain. Terra’s UST also has a significant number of holders, according to Santiment’s UST data.
Data relating to Terra’s UST stablecoin (USD issued on Ethereum) recorded by Coincarp.com indicates that ten Ethereum-based addresses hold 73.77% of the UST supply. Of course, this data is based on EVM-based USTs and 28,737 holders.
The top 100 UST stablecoin addresses on Terra hold 97.70% of the coins in circulation. Data from Coingecko.com shows that there were approximately 11,256,872,859 USTs in circulation as of February 8, 2022. Also, EVM-based USTs are 947.5 million in circulation today.
While $179 billion worth of fiat-pegged tokens exist today, stablecoins are not as liquid as circulation metrics suggest, especially when it comes to the concentration of large holders.
With the advent of stablecoin liquidity pools, many owners only hold stablecoins because they are less volatile and can earn an annual percentage yield (APY) of 18% or more.
What do you think about Tether addresses that hold $1 million in tokens and over 80% of the supply? Let us know what you think about this topic in the comment section below.
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