The use of stablecoins has been influencing the crypto market, and analyzing them could provide insight into trends and patterns.
A recent report from CoinMetrics analyzed the usage of stablecoins across the networks and their issuer. Supply distribution analysis showed that Tether shone was particularly well distributed among its holders.
Meanwhile, 6 accounts or less owned 80+% of the supply for other stablecoins like Gemini Dollar, Binance USD, Tether [Tron], USDK, and HUSD. This indicated that only a few exchanges used other stablecoins.
Analysis of Activity Distribution provided an understanding of how many accounts were responsible for the majority of the on-chain activities. Paxos took the lead with a broad active user base. A closer look showed that the top transactors on Paxos lead back to two most active accounts linked to MMM BSC, a Ponzi scheme.
Apart from Paxos, the most active Tether on Tron accounts were linked to “dividend” payouts. According to the report, this was responsible for 90+% of Tether on Tron transfers.
The research also found that the stablecoins were not only used as a means of payments for retail users but were also perceived as liquidity rails for traders. Stablecoins like Tether on Tron and Paxos saw a lot of retail-like transactions, which could be associated with the presence of MMM and other dividend schemes. Other stablecoins like HUSD and Binance USD had a large share of payments above $100k.
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