Stablecoins are in the hands of the top 1000 addresses
Stablecoins are in the hands of the top 1000 addresses

Stablecoins are in the hands of the top 1000 addresses

By Amelia Tomasicchio - 2 Jul 2019

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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.

stablecoins top addresses

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.

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist, and also PR manager for the Italian market at Bitget. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.

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