This year, the supply of the stablecoin tether has surpassed the $100 billion mark, and today, the leading dollar-pegged token boasts a market valuation of $111.9 billion. The majority of this supply resides on Tron, with the network hosting $58 billion in tethers, while Ethereum accounts for $51 billion. This editorial examines the top wallets on both networks and identifies the largest tether holders today.
The Distribution of Tether’s 111 Billion Supply on 2 Major Networks
While there are 111.9 billion tethers in circulation, the bulk of them are on the Tron and Ethereum networks. Currently, Tether’s transparency page reports over 109 billion tether (USDT) are hosted across both blockchains. Data from etherscan.io reveals that 5.73 million unique addresses hold USDT on Ethereum, whereas tokenview.io shows Tron has 43.47 million addresses holding tether. Binance, the world’s largest crypto exchange by trade volume, possesses a significant amount of Tron-based tethers.
Binance controls the largest tether wallet on the Tron network, with 9.12% of the total supply stored in its cold wallet. As of this week, Binance holds 5.36 billion TRC20-native tethers in that wallet. Binance also manages the second, third, and fourth largest Tron-based USDT wallets. The second-largest wallet holds 6.80% of the supply, the third holds 3.9%, and another Binance address holds 3.68% of the USDT supply on Tron. The Tether Treasury wallet ranks as the fifth-largest Tron-based USDT holder with 1.11% or 655,364,163 tethers.
Interestingly, Binance also owns the sixth-largest Tron-centric USDT wallet. On Ethereum, Binance is the largest holder of ERC20-based USDTs. The Binance wallet secures 5.6 billion Ethereum-native tethers, accounting for 10.78% of the supply. The second-largest holder is Arbitrum One, which holds 4.6% of the supply, valued at $2.39 billion. Below Arbitrum, Binance holds the third-largest ERC20-styled tether wallet with 1.82 billion, or 3.5% of all the USDTs on Ethereum.
Bybit, a crypto exchange, is the fourth-largest USDT holder on the Ethereum blockchain, with 2.35% of the supply, or 1.22 billion tethers. The Tether Treasury is again the fifth-largest holder on the Ethereum network with 922 million tethers. The Polygon bridge is the sixth-largest ERC20 tether holder with 901 million USDTs. The Polygon bridge wallet is followed by Mexc, the Optimism Gateway, and another Binance wallet. The top 100 holders collectively own 54.55% of the Ethereum-based tether supply.
The concentration of tether (USDT) among a handful of major players, particularly Binance, highlights their substantial influence in the stablecoin market. The tether landscape showcases a complex network of interconnected blockchains and wallets, emphasizing the top stablecoin’s dominance in the crypto economy. As cryptocurrency adoption accelerates, keeping an eye on the evolving dynamics of the stablecoin ecosystem and its principal holders becomes crucial for understanding market trends.
What do you think about the 111 billion tethers and the top wallets holding this stablecoin? Share your thoughts and opinions about this subject in the comments section below.
