Report
Guides and Reports by Utila
Practical insight for the decisions ahead. Complete the form to receive your copy.
Dollar Supremacy: A Deep Dive Into the Distribution of the Leading Stablecoins
Developed by Range in partnership with Utila, this report maps $180 billion in USDT, USDC, USDe, PYUSD, and USDG held across Ethereum and Solana. It shows how issuer strategy, distribution, DeFi integration, and chain selection have shaped five distinct financial products that happen to share a dollar peg
Key Report Findings
The dollar peg masks five different products: USDT primarily supports exchange settlement, USDe functions as a yield product, USDC has the broadest distribution, PYUSD is concentrated in lending, and USDG is positioned around Solana payments.
A small number of exchanges control a large share of supply: Three centralized exchanges hold 36% of the five tokens combined, with Binance alone holding approximately $46 billion.
USDC has the broadest holder distribution: Around 30% of its supply sits in whale wallets, compared with more than 90% for USDe, PYUSD, and USDG.
USDe carries significant contract concentration: 59.8% of its supply is held in the sUSDe staking contract, while approximately 70% is deployed across DeFi.
Solana is becoming central to newer stablecoin strategies: 71.5% of USDG and 28.1% of PYUSD supply analyzed sits on Solana.
Much of the remaining opacity can be resolved through better data: Structured custody wallets and institutional address clusters leave identifiable onchain patterns, making attribution an increasingly important part of risk assessment.
What You’ll Learn
Where the leading stablecoins are held
See how much supply sits across exchanges, DeFi protocols, custodians, bridges, multisig wallets, and unidentified addresses.
How each stablecoin is being used
Compare the distribution profiles behind USDT’s exchange role, USDe’s yield model, USDC’s broad adoption, PYUSD’s lending activity, and USDG’s Solana strategy.
Where concentration creates dependencies
Understand how major exchanges, protocols, custody providers, contracts, and blockchains influence the operational risk of each asset.
Which market shifts to watch
Explore the growth of Solana-based supply, USDC’s role in onchain derivatives, changing institutional participation, and improving wallet attribution.
Build a Stablecoin Stack Without Inherited Dependencies
Utila lets institutions choose the stablecoin, counterparty, and liquidity route that fits each workflow without rebuilding their infrastructure. See how Utila Link helps you route and settle directly across the providers you choose.
Product
Stablecoin Infrastructure
Work with stablecoins on top of our institutional-grade wallet infrastructure.
Explore more
