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Data analysis: Asset distribution on different chains of USDC, BUSD and USDT

DeFi之道

23-02-15 14:29

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原文标题：《数据解读| 速览三大稳定币的全链分布》

wesely, The Way of DeFi

Recently, BUSD issuer Paxos was caught ina tug of war with the SEC, which questioned the lack of sufficient assets behind it. As a Stablecoin backed by Binance, the world's largest trading platform, BUSD is considered by many to be part of Binance's business portfolio. The incident also led to a crisis of confidence in BUSD.

Stablecoin, as one of the core assets of the whole Crypto market, has experienced a very large growth in recent years. Compared with the data of the same period in 2017, the total market value of the whole stablecoin has increased by more than 5500 times. According to Coinmarketcap's recent statistics, the current total market value of stablecoin is about 136.9 billion dollars, of which, Tether issued USDT in the market share is the highest, 50.3%, about 68.5 billion dollars; Circle accounted for 29.9% of USdcs issued, or about $41.5 billion; By Paxos on Binance Brand backed BusDs accounted for 11.5%, or about $15.7 billion.

The above three stablecoins account for more than 90% of the whole stablecoins market. From the perspective of the types of stablecoins, they all belong to centralized stablecoins, which are issued with real assets collateral. However, DAI, the de-centered stablecoins that we are familiar with and issued by MarkerDAO, has 5.08 billion dollars, accounting for only 5%. Next I will look at the three major stablecoins and see their different on-chain assets.

USDT

In October 2014, Tether officially launched USDT, which has been the most well-known stablecoin. During this period, USDT was mainly issued based on the Omni protocol of Bitcoin. In the following years, USDT has been monopolizing the entire stablecoin market. With the emergence of stablecoins such as TUSD, USDP (also issued by Paxos), and USDC, USDT experienced a period of decline in share, but quickly regained its position as the number one currency with major currencies on multiple chains and supported by many exchanges.

Currently, USDT ranks first with a market value of about $68.5 billion, and is the only mainstream stabocin that has achieved positive market value growth this year. Even though it has faced multiple rounds of FUDs, USDT has still become the choice of most users.

The percentage of stablecoins issued on Ethereum

This year, USDT minted $2.4 billion in new USDT, up about 3%, and its market share exceeded 50% for the first time since December 2021, according to data published on its website. USDT has been issued on Ethereum, Torn, Near, EOS, bitcoin side chain Liquid and other chains. The specific issuance is as follows:

Torn: 37.125 billion (54.1%)

Ethereum: 30.28 billion (44.2%)

Solana: 1.89 billion (2.75%)

Omni: 888 million (1.3%)

Avalanche: 651 million (0.95%)

Tezos: 141 million

Algorand: 134 million

EOS: 85 million

Liquid: 36.5 million

Polkado+Kusama: 11.5 million

Bitcoin Cash: 5.98 million

Near: 5 million

It can be seen that Tether has issued USDT on 13 chains in total, among which the circulation on Torn is the largest, accounting for more than 54%, followed by Ethereum and Solnan with 44% and 2.7% respectively, and the top four on the chain account for nearly 99% of the total circulation.

It's worth noting that the information disclosed by Tether shows that there are zero authorized USDTs on Polygon, in other words, the USDTs currently circulating on the Polygon chain are mapped, not Tether native. In addition to issuing stablecoins anchored to the U.S. dollar, Tether has also issued stablecoins anchored to euros (about 36.38 million euros), offshore yuan (about 20.5 million yuan), gold (about 246,000 ounces), and Mexican pesos (about 19.56 million pesos).

USDC

In May 2018, Circle first announced the issuance plan of USDC and officially launched it in September 2018. Currently, USDC has $41.5 billion, ranking the second in the stablecoin market. Since the beginning of this year, the total amount of USDC has decreased by over $3.3 billion, or nearly 7%. According to the released data statistics of each public chain, there are issued USDC on 9 public chains. The specific data is as follows:

Ethereum: 38.16 billion (91.95%)

Solana: 5.03 billion (12.1%)

Torn: 1.08 billion (2.6%)

Polygon: 836 million (2%)

Avalanche: 586 million (%)

Hedera: 250 million (1.4%)

Stellar: 164 million

Algorand: 125 million

Flow: 12.81 million

Compared to the multi-chain distribution of USDT, USDC is more concentrated, with Ethereum accounting for nearly 92% of all releases, followed by 12.3% on Solana, 2.6% on Torn, and 2% on Polygon. Short-term bonds account for 78.8 per cent of its reserves, cash 21.2 per cent, and redemptions are greater than new issuance, both in the most recent month and in the last year.

BUSD

Founded in 2013, Paxos, based in New York, provides services such as cash custody, cryptocurrency services, digital asset issuance, and securities and commodity settlement. In September 2018, the company received a license from the New York State Department of Financial Services (NYDFS) to issue Stablesoin, which led to the launch of the Pax Dollar (USDP) stablesoin. A year later, it partnered with Binance to launch another stablesoin, BUSD, as of February 15. BUSD ranked third with $16.1 billion in issuance.

At the beginning of the launch of USDP, this stablecoin once occupied nearly 30% of the Ethereum stablecoin market, but was limited in the application scenarios, and then the market share continued to decline, on the eve of the launch of BUSD, its market share was less than 7%. At this time, stable coins such as HUSD and DAI of Huobi have been launched successively, further intensifying the market competition of stable coins. To some extent, this has led to a partnership between Paxos and Binance, which can own the compliant brand of Stablecoins, and Paxos, which will be able to regain lost market share as Binance expands globally. In November 2022, USDP and BUSD's stablecoin market share on Ethereum reached an all-time high of 23%.

But that relationship is now in the hands of the SEC. On February 13, Paxos announced that it would end its partnership with Binance and stop issuing new BusDs as of February 21. A large number of BUSDs began to be redeemed for a time. According to the data on the chain, more than $800 million of assets were redeemed in just three days. The stablecoin asset pool on Curve was significantly tilted, and the holders of BUSDs even decreased by 1.5%. More worrying is whether Binance-Peg BUSD has enough collateral.

Changes in BUSD market value in the last 7 days

As we all know, BUSD is published and owned by Paxos, which licenses a Stablecoin under its brand, but unlike USDT and USDC publishers, which issue Stablecoins directly on various chains, Paxos only publishes BUSD on Ethereum, The busDs we see on BNB chains, Avalanche, etc., are mapped, and are Binance-peg busDs, an encapsulated version of BUSD provided by Binance that tracks the value of the original ERC-20 busDs ina 1:1 ratio.

According to the data released by Binance, the total circulation of Binance-peg BUSD is 5.435 billion, distributed in 6 chains. The specific data is as follows:

BNB Smart Chain (BEP20) : 4.77 billion (87.8%)

BNB Beacon Chain (BEP2) : 545 million (10%)

Torn: 101 million (1.9%)

Avalanche: 11.5 million

Polygon: 6 million

Optimistic: 1 million

At this point, one might wonder, why not just publish BusDs on different chains, like USDC and USDT do?

Mindao, founder of dForce, said, "Supervision may not be approved, and the security of each chain is different. Moreover, the two coin rights are different, most of the coin rights of BSC are in the exchange, while the capital issuer needs the coin rights in their own hands." Another argument is mainly due to the consideration of compliance cost, that is, Paxos could not see the benefits of multi-chain operation in the early stage of cooperation with Binance, and the compliance cost was high, so Paxos was reluctant to approve other chain release BUSDs to NYDFS until it was too late to do so.

鉴于 Binance 本身具有中心跨链桥的属性，除了 Binance-Peg BUSD，与 Binance 桥挂钩的 Token （统称 B-Token）还有很多，铸造模式有也与 Binance-Peg BUSD 基本一样，目前，Binance 总共铸造了 97 种 B-Token，比如有：6.82 万枚 BTC，58 万枚 ETH 等等，这些资产大多分布在 BNB 智能链和 BNB Beacon 两条链上，相比 BUSD，这些资产的状况其实更值得关注。

Since the beginning of December, BUSD has lost $6.89 billion in market value, or more than 30%, the biggest drop among the three major stablecoins.

Throughout the current Crypto industry, centralized stablecoins still occupy the core position. Even the well-known decentralized stablecoins such as Dai and Frax cannot shake the position of the former. Even after the ebb of the bull market, they have experienced a greater decline, such as: DAI's market value has fallen $560 million, or more than 10%, this year. As one of the three pieces of DeFi, the decentralized development of Stablecoin is still up in the air. With the entry of DeFi giants such as Aave(GHO) and Curve(crvUSD), what changes will be brought to the huge market of Stablecoin is worth our continuous attention.