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To check who holds a stablecoin, measure the balances of addresses for one specific token deployment, then compare the largest balances with that deployment’s supply at the same snapshot time. Record the chain, contract or mint address, date, denominator, and treatment of exchanges, treasury wallets, burn addresses, and contracts. A ticker alone is not enough: the same stablecoin can have very different address-level distributions on different chains, and wallet addresses do not reveal how many people ultimately own the funds.
What token concentration tells you—and what it cannot
Token concentration is the share of a token’s supply held by a specified number of addresses or by specified wallet categories. The most straightforward measure is the combined balance of the largest 10 addresses divided by the supply you have chosen as the denominator. You can also calculate the share held by the largest one, five, or 100 addresses, or examine wallet-size bands.
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This is useful for comparing how stablecoin balances are distributed across addresses, checking whether a small set of large wallets accounts for a substantial share, and tracking how that pattern changes over time. It is not a direct count of people, customers, or independent owners. An exchange or custodian can hold pooled assets for many customers, while one organization can control multiple addresses. Treat the result as address-level concentration unless you have reliable entity attribution and explain how that attribution was made.
Holder count answers a different question: how many addresses have a balance under the provider’s definition. A token can have many addresses and still have a large share in a few wallets. Neither a high holder count nor a low top-wallet share, by itself, establishes how widely people use the stablecoin or whether it is safe.
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Start with the exact token deployment
Before collecting balances, identify the precise asset you intend to measure. Record its ticker, blockchain, official token contract or mint address, and the date and time of the balance snapshot. Verify the address against the issuer’s official information or a trusted chain explorer. Similar tickers, wrapped tokens, and bridged representations may be different contracts with different holders and supplies.
- Ticker: the familiar symbol, such as USDT or USDC. It is not a unique identifier.
- Chain: the network where the token contract or mint exists.
- Contract or mint address: the deployment whose balances you are measuring.
- Snapshot time: the point in time represented by the balance data, not simply the day you opened the page.
- Data provider: the explorer, API, or analytics dataset used to retrieve balances and labels.
Do not combine balances from separate deployments merely because they share a ticker. If you later calculate a cross-chain total, first show each deployment separately and establish a consistent rule for handling bridged or wrapped supply. Otherwise, the same economic value may be counted in more than one place, or a chain-specific top-holder numerator may be compared with an unrelated supply denominator.
Choose a balance source and document its coverage
Address balances can come from a chain explorer’s token-holder page, a holder API, or an on-chain balance dataset. The right choice depends on whether you need a quick snapshot, reproducible programmatic retrieval, or a consistent historical series.
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| Source type | Useful for | What to verify |
|---|---|---|
| Chain explorer | A quick look at a token’s largest visible holders and individual address balances. | That the token contract is correct, balances are current or tied to a stated block/time, and the page exposes enough ranked holders for your calculation. |
| Holder API | Retrieving ranked, paginated holders and a total holder count in a repeatable workflow. | Pagination, balance units, holder-count definition, snapshot or retrieval timing, coverage limits, and any access requirements. HolderScan documents a ranked, paginated holders endpoint and total holder count in its Holders API documentation. |
| On-chain balance dataset | Building historical snapshots, comparing deployments, or applying consistent balance and category rules. | Supported networks and tokens, snapshot frequency, raw versus enriched fields, label methodology, and free or premium access. Dune documents daily normalized balance snapshots and separate enriched balance tables at its stablecoins dataset page. |
Provider coverage and labels are part of the measurement, not incidental details. Dune describes raw daily balances separately from enriched balances that assign economic-function categories. Its documentation says entity labels and manual attribution are updated periodically, and named-entity attribution for exchanges and large institutional holders is still being developed. The documented balance snapshots are free; enriched balances and activity tables are premium. Check current provider documentation before relying on a particular chain, token, field, or access tier.
Set the denominator and inclusion rules
A concentration percentage is only meaningful when its denominator is clear. A practical default is the token deployment’s total on-chain supply at the snapshot time. Then calculate each selected address or group’s share against that same deployment and supply figure.
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Decide and disclose whether the balances and supply include issuer or treasury wallets, burn addresses, locked protocol contracts, and bridged representations. These categories can materially affect the result. For example, excluding a large reserve wallet from the address list while retaining its balance in total supply will produce a different top-wallet share from a calculation that includes it. Neither approach should be left implicit.
- Use a numerator and denominator from the same chain and deployment.
- Use balances from the same snapshot time as the supply figure.
- State whether special addresses are included, excluded, or shown in separate categories.
- If you exclude balances, explain the rule and calculate the denominator consistently with that rule.
- Do not describe a deployment-only calculation as a stablecoin’s total cross-chain concentration.
For a time series, keep these choices constant at every snapshot. If a provider changes its coverage, balance definition, or labeling method, note the break rather than presenting the series as if every observation were produced identically.
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Top-N share
Rank addresses by balance at the selected snapshot. Add the balances of the largest N addresses, divide by the stated supply denominator, and multiply by 100 to express the result as a percentage:
Top-N share (%) = (combined balance of the N largest included addresses ÷ stated supply) × 100
For example, if a hypothetical deployment has 1,000 million tokens of supply and its ten largest included addresses hold 120 million tokens combined, the top-10 share is 12%. This example illustrates the arithmetic only; it is not a measured stablecoin result. Report which N you used, the snapshot date, and the address and denominator rules alongside the percentage.
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Top 1, top 5, top 10, and top 100 shares can help distinguish a single very large wallet from a broader group of large addresses. They are not interchangeable measures: two deployments can have the same top-10 share but very different distributions within that top 10 or among the remaining holders.
Holder counts and wallet-size bands
Report the provider’s holder count with its definition and snapshot date. If available, add balance bands—for example, the number or share of addresses below a stated balance threshold and the share of supply in each band. Choose thresholds that make sense for the token’s denomination and state whether empty, dust, excluded, or contract addresses are counted. Banding adds context to a top-N statistic, but addresses in a band are still not necessarily separate people.
Optional: Herfindahl–Hirschman Index (HHI)
HHI compresses the distribution across included addresses into one figure. For each address, calculate its fraction of the included supply, square that fraction, and sum the squared values. With fractions from 0 to 1, the result ranges toward 1 as balances are concentrated; with percentages from 0 to 100, the same calculation is commonly expressed on a 0-to-10,000 scale. State which units you use.
HHI is sensitive to how the address set is constructed. Explain whether contracts, known related addresses, burn or treasury balances, and excluded wallets are included. If several addresses are known to belong to one entity, combining them into an entity-level HHI can answer a different question from address-level HHI; do not merge addresses without a defensible attribution method. If the labels are uncertain, show the address-level calculation and describe the limitation rather than implying that the index measures beneficial ownership.
Classify large addresses without overstating what labels prove
After ranking balances, investigate the largest addresses using provider labels and any reliable public attribution available. Useful categories include exchanges, protocols, issuer or treasury wallets, burn addresses, unidentified smart contracts, and ordinary or unidentified wallets. Dune’s enriched categories include DEX, lending, bridge, yield, issuer, treasury, CEX, burn, unidentified smart contract, whale, and unidentified.
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Keep observed balance separate from inferred identity. A label can indicate an address’s likely economic function without identifying every beneficial owner behind it. An exchange address may aggregate customer deposits; a protocol contract may pool or control funds through its code; an issuer reserve wallet may hold tokens for operational reasons. “Whale” is a size-oriented label, not proof of a single individual owner. If a provider has not identified an address, call it unidentified rather than assigning a purpose from its balance alone.
For a clear report, show the top addresses or categories with their balances and shares, then describe label confidence and coverage. Avoid adding category totals together if labels overlap or if the provider’s categories are not mutually exclusive. If you group known related addresses, state the basis for that grouping and, where useful, present both the raw address ranking and the grouped view.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Compare chains and dates like for like
For a cross-chain comparison, each row should represent one token deployment, not a ticker-wide blend. Use the same provider where practical, the same snapshot date or clearly aligned dates, the same supply denominator rule, the same top-N metric, and comparable label logic. If provider coverage differs, expose the difference rather than treating missing data as zero.
Dune’s analysis, “A Behavioral Map of Stablecoins,” published July 10, 2026, reports balances dated June 29–30, 2026. It illustrates why one ticker cannot stand in for every deployment:
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|---|---|---|
| USDT on Tron | About 74.7 million holders; roughly 5% of supply in the ten largest addresses. | A historical address-level snapshot with a very large holder count and comparatively low reported top-10 share. |
| USDT on BNB Chain | About 70 million holders; roughly 18% of supply in the ten largest addresses. | The same ticker has a materially different top-10 share on this deployment. |
| USDC on its main chains | About a quarter of supply in the top ten on each main chain in the comparison. | Do not read “about a quarter” as a current value or as a statement about every USDC deployment. |
| USDe and USDS | About 94% of supply in the top ten for each asset in the analysis. | These are the reported assets’ historical concentration figures; check the original analysis for the exact deployments and methodology. |
| USDC on HyperEVM | 99% in the top ten, the most concentrated analyzed pair. | Dune also reported that about 88% sat in a reserve wallet supplying Hyperliquid trading. |
These figures are provider-specific and historical, not live readings. Dune says its concentration calculation counts exchange and contract wallets, so the top-10 measure is distribution across addresses or custody locations rather than a count of individual owners. The analysis also reported that about 56% of USDC supply on Base was with one exchange; on Ethereum, around 57% sat in ordinary wallets and 28% on exchanges. Those category examples show why a concentration percentage needs chain and wallet context. Consult Dune’s dated analysis at A Behavioral Map of Stablecoins for the full comparison and its methodology.
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Interpret the result without confusing balances with activity
A balance snapshot is a measure of where tokens sit at a point in time. It does not show how often they move, why they moved, or whether the activity represents payments. Raw transfer counts cannot substitute for wallet distribution.
A 2026 Bank for International Settlements working paper studied Ethereum transaction and event data and found that nearly 60 percent of stablecoin transfer events in its study occurred within complex transactions. The authors explain: “Stablecoin transfers are often interpreted as payments. On programmable blockchains, however, they are frequently embedded in atomically executed transaction bundles that combine trading, lending, arbitrage, liquidity provision, and settlement.” The finding is specific to the study’s Ethereum data; it should not be generalized to every chain or all stablecoin activity. Read the paper, The anatomy of stablecoin transactions, for its scope and analysis.
Likewise, a large balance in a protocol or exchange address does not by itself explain the underlying use of those tokens. Keep the questions distinct: balances describe address distribution; transaction analysis describes activity and requires its own interpretation.
A reproducible workflow for your own comparison
- Fix the asset identity. Write down the ticker, chain, and verified contract or mint address. Note whether the deployment is native, wrapped, or bridged.
- Choose the snapshot. Record the balance date and time, or the block/time represented by the provider. Align dates when comparing deployments.
- Select a source. Retrieve ranked balances from an explorer or holder API, or use a balance dataset for historical snapshots. Confirm that the source covers the required chain and token.
- Define scope. Specify the supply denominator and treatment of issuer, treasury, burn, contract, locked, and bridged balances. Keep numerator and denominator on the same basis.
- Compute metrics. Calculate top-1, top-10, or other top-N shares. Add holder count and balance bands where available. If using HHI, define the scale and included address set.
- Review the largest addresses. Use labels as evidence of likely function, not as proof of beneficial ownership. Separate identified categories from unidentified wallets and disclose label limitations.
- Compare consistently. Apply the same rules to each deployment and date. Show chain-specific results before any cross-chain roll-up.
- Publish the method with the result. Name the provider, retrieval date, snapshot time, token address, denominator, exclusions, and any known coverage caveats so another reader can reproduce or challenge the calculation.
Common mistakes and how to avoid them
- Searching by ticker only: confirm the contract or mint and chain, because similar symbols and bridged representations can be distinct assets.
- Calling addresses “holders” as if they were people: use “addresses” for the measured unit unless beneficial owners are actually established.
- Mixing chain-level supply and balances: calculate each deployment separately and disclose any later roll-up rule.
- Leaving out treasury, burn, or contract rules: say what is included or excluded, since these choices can change the percentage.
- Comparing snapshots with different methods: keep provider coverage, date, denominator, and labeling logic stable, or explain the discontinuity.
- Treating labels as complete: provider attribution is periodically updated and may not identify every exchange or institutional address.
- Using holder count as a concentration verdict: pair it with top-wallet shares or balance bands; many addresses can coexist with significant concentration.
- Inferring payment use from transfer counts: complex transactions can bundle transfers with other actions, so transaction events are not necessarily standalone payments.
Frequently Asked Questions
Does a stablecoin’s ticker identify which wallets to count?
No. Record the chain and official token contract or mint address as well as the ticker; separate deployments and bridged representations can have different balances and holder profiles.
Can a top-10 concentration percentage show how many people own a stablecoin?
No. It measures the combined balance of ten addresses against a stated supply. Exchange, custodian, issuer, and protocol addresses may represent pooled activity, and one entity may control multiple addresses.
How often should I update a wallet-distribution comparison?
Use snapshots appropriate to the question and report their exact dates. For a time series, keep the provider, token deployment, denominator, exclusions, and labeling logic consistent; otherwise explain where the method or coverage changed.
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