According to recent research by Longhash, most stablecoins are held in the hands of only 1000 top addresses.
The research was carried out on the major stablecoins, such as Tether (USDT), Circle (USDC), Gemini (GUSD), Paxos (PAX) and DAI.
The result is that these stablecoins are not so decentralised since 99% of them are in the hands of the top 1000 addresses. In other words, the wealth that comes from holding these tokens is very concentrated.
PAX is the most centralised stablecoin, with the largest address holding 82 million tokens, that is almost 50% of PAX’s total supply. At the same time, the stablecoin to be perhaps a bit less centralised would be Tether, since the top 1000 wallets “only” hold 90% of the stablecoin.
As Longhash explains, by top 1000 addresses it is meant the first addresses – and therefore the wallets – of the blockchain network that hold the relevant tokens.