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Excluding USDT and USDC, 53% of tracked stablecoin supply sits behind top-10 holder concentration of 90% or more; more than half the long tail is a handful of wallets.
Source: DIA on-chain data
Take USDT and USDC out of the picture and the stablecoin market is mostly a collection of small, heavily concentrated books. 53% of the remaining tracked supply, about $25.4B, sits behind top-10 holder concentration of 90% or more. 62 of 84 coins with concentration data are 90% top-10.
Live DB read (2026-08-13), circulating USD from vault layer:
Excluding USDT and USDC: $25.4B of $48.3B tracked (53%) is top10 >= 90%. USDT's top10 is 50%, USDC's 26%; the two giants are the only broadly distributed coins, and they are 84% of the market.
Supply concentration of this order is a warning label, not a defect per se. A stablecoin whose top ten holders control 90% or more of the supply has a withdrawal-correlation risk: if one or two large holders move, the supply and the peg move with them. It also means "market cap" overstates distribution. A $3B coin with 26 holders is a $3B contract held by a few dozen wallets, not a $3B market of users. The distribution is a better question than the size. The two coins that dominate the market are the two with broad holders. The long tail is not a retail market; it is a set of institutional, treasury and issuer-side wallets. The story of stablecoin "adoption" outside the dollar giants is really a story about a few large hands, and the concentration data shows exactly where they sit.
- $25.4B / $48.3B (53%) of non-giant supply: top10 >= 90%. - 62 / 84 coins with data: top10 >= 90%. - Giants: USDT top10 50.1%, USDC top10 26.4%.