US dollar-pegged stablecoin Tether (USDT) has recorded exponential growth over the last few years, with current data showing that the coin has 77.97 billion tokens (worth $77.97 billion) in circulation today.
USDT is the undisputed stablecoin in terms of dominance (valuation and use) among other stablecoins in the market. Meanwhile, USDT occupies 3.79% of the $2 trillion crypto economy.
Notably, a recent report from analytics platform Santiment shows that investors with over $1 million in USDT control over 80% of the entire token supply. Santiment tweeted: “Tether’s addresses valued at $1M are on the cusp of returning to owning 80%+ of $USDT’s supply for the first time in 3 weeks,” adding: “Generally, whale stablecoin addresses increasing their buying power is a good prospect for crypto’s long-term future.”
Meanwhile, IntoTheBlock also revealed that the concentration of whale Tether holders currently stands at 46%. Also, the Ethereum-based (ERC-20) USDT rich list on coincarp.com asserts that over 4.4 million ETH addresses hold Tether. Interestingly, the top ten USDT holders control 28.4% of all ERC-20-based Tether in circulation, while the largest 100 wallets control 47.7% of the supply.
86% of Total USDC Supply in Whale Control
Meanwhile, Santiment also revealed that addresses holding over $1 million worth of USD Coin (USDC) control 86.8% of the total circulating USDC supply.
At press time, USDC boasts a valuation of $51.63 billion with a total token supply of 51,633,219,434 coins. Also, IntoTheBlock’s large holders’ concentration metric shows a higher data than USDT, with 63% for USDC.
Meanwhile, Coincarp.com’s USDC rich list shows that 1.35 million ETH addresses hold USDC, and the top ten addresses control 38.11% of all USDC supply. That said, the top 100 USDC ETH addresses hold 63.79% of all USDC on that chain.
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