Dollar-pegged stablecoins account for the vast majority of the $180B+ stablecoin market, yet the distribution of these assets remains poorly understood. Range's research team used our onchain intelligence data, which powers our Risk API, Stablecoin Explorer and Faraday payments engine, to map the full supply distribution of five leading USD stablecoins across Ethereum and Solana, examining holder concentration, exchange custody patterns and cross-chain allocation.

The report surfaces findings including:

• How each stablecoin occupies a distinct position despite sharing a dollar peg

• What exchange custody concentration means for liquidity and market structure

• Which three exchanges hold 36% of the total stablecoin supply we analyzed

• How a single liquidity pool accounts for the near-entirety of one stablecoin's Solana presence

• Which memecoin trading pair holds a measurable share of a major stablecoin's Solana supply

• How a sovereign government ranks among the Top 100 holders of the world's largest stablecoin

• How onchain intelligence resolves the attribution gap across unlabeled wallet supply

This report is built for compliance teams assessing counterparty exposure, treasury managers evaluating stablecoin allocation, product teams building on stablecoin infrastructure, and analysts tracking market structure across chains.

This report was made possible with the support of:

• Utila | Leading digital asset infrastructure platform for fintechs and enterprises. Processes $15B+ monthly volume, with $100B+ in secured transactions.

• Agora | Agora is a leading stablecoin issuer and infrastructure provider to enterprises. AUSD, Agora’s institutional-grade, cash-backed stablecoin, is widely used across trading, payment, treasury, lending, and third-party applications. Agora also enables partners to launch their own branded stablecoins and participate in the economics of underlying reserves.

• Altitude | Payments solution that simplifies onchain operations and treasury management for crypto teams, enabling better visibility, coordination, and execution across wallets and workflows. A Squads brand.

• M0 | Shared infrastructure where businesses launch stablecoins and trusted financial institutions power them. Current stablecoins built on M0 infrastructure include MetaMask’s mUSD, Exodus XO Cash, KAST’s USDK, Noble’s USDN, and Usual’s UsualM, with many more currently in development. Issuers powered by M0 issuance stack include Bridge (a Stripe company), MoonPay and 1Money.

• Mento | Onchain FX infrastructure layer. Fixed Price Market Maker for zero-slippage stablecoin swaps across 15 currencies.

• Bitso | LatAm's largest stablecoin payments platform, with $82B+ annualized TPV. Serves 2,000+ institutional clients.

Explore the Data

Track real-time stablecoin supply, distribution and cross-chain flows at explorer.money. For custom analytics, compliance tooling or integration with your treasury workflows, book a demo with the Range team.