Exploring Stablecoins share Across Avalanche!

Paypal just said they're all set to introduce their Stablecoin. Sooner or later, you'll find Paypal's stablecoin on every chain, similar to USDC or USDT.

With the idea of Paypal's stablecoin in mind, I looked into the share of Stablecoins on the Avalanche chain from the start to see how things have changed.

You'll learn about:

Holders of Stablecoins
The supply of Stablecoins
How users behave
How Stablecoins are used on Avalanche, and more.

Introduction

Overview

Overview of Holders and Supplies

In the table on the left, you'll find details about the holders, average balance, maximum balance, median balance, and supplies of each stablecoin.

These stablecoins were chosen from the Snowtrace tokens, which consist of 10 different stablecoins.

Holders

Out of all the stablecoins available on the Avalanche chain, USDC has the largest number of holders. We will investigate how this trend changes over time and identify which stablecoins were consistently more popular than others.

Following USDC, USDT, USDC.e, and USDT.e are the next most popular stablecoins in terms of the number of holders. Approximately 46.7% of all holders possess USDC tokens.

Supply of Stablecoins on Avalanche

When we compare all the stablecoins on Avalanche, USDT stands out with the largest supply, boasting 650 million tokens. This translates to about 52% of the total supplies. Following closely, USDC comes in second place, holding a share of 33% of the total supplies. You can view the distribution of other stablecoins and their shares in the charts below.

Furthermore, if we consider both on-chain supplies and holders, we observe an interesting pattern. While USDC has a greater number of holders, they possess smaller amounts of USDC each. On the other hand, USDT holders are fewer in number but collectively hold larger amounts of USDT compared to USDC holders.

Top Holders

In the table below, you'll find a list of the top holders, which includes both users and platforms. However, in the charts, I focused on examining the top platform holders.

When considering all stablecoins combined, it's evident that Binance holds the largest share of stables on the Avalanche network, accounting for approximately 75% of the stablecoins. Following Binance, Bitfinex holds the second-highest share at 6.6%. The chart below provides a detailed breakdown of stablecoin shares and the respective platforms holding them.