Range releases report analyzing distribution of five major stablecoins (USDC, USDT, USDG, PayPal USD, USDE) across Ethereum and Solana, revealing distinct use cases and holder profiles despite similar dollar pegs.
Range, a Treasury and Risk OS for stablecoins and real-world assets, published a detailed report examining where five major stablecoins are located and how they are used across Ethereum and Solana. The analysis reveals that despite all being dollar-pegged, these tokens serve fundamentally different purposes: USDT and USDC dominate crypto trading and perpetual futures, while USDG focuses on Solana, PayPal USD has broader distribution, and USDE operates as a collateralized derivative with 60% locked in staking. Key findings include massive centralized exchange holdings (Binance holds $46 billion), distinct holder profiles, and insights for issuers on real-time monitoring of token distribution, liquidity risks, and competitive positioning. The report highlights how regulatory clarity like MiCA is reshaping stablecoin adoption and predicts growth in payments use cases and multi-sig adoption.
