The crypto market is moving in two different directions. Stablecoins are spreading to more users means spreading wider. At the same time, DeFi TVL is going down on many major blockchains.
A recent update from Crypto.com shows that USDC now has the widest stablecoin distribution among leading stablecoins. The data uses the Stablecoin Concentration Index. This index measures how evenly tokens are spread.
USDC has the lowest concentration score of 0.008. This means its supply is well distributed. The top 10 wallets hold about 23% of the total supply. In simple terms, no small group controls most of the tokens.
USDT follows with a score of 0.014. Its top 10 wallets hold around 26%. Other stablecoins show much higher concentration. USDS has a score of 0.48. USD0 stands at 0.84. These numbers show that supply is more tightly held.
USDC has about 32.9 billion tokens in circulation. Its market value is close to 33 billion dollars. Ethereum holds the largest share with more than 23.4 billion tokens. Solana has around 4.2 billion tokens. USDC also has more than five million unique holders. Over 15 billion dollars in DeFi TVL uses USDC across lending, trading, and yield platforms.
While stablecoin distribution improves, DeFi TVL shows weakness. The total DeFi market is valued at around 153 billion dollars. This level is lower than previous peaks.
Ethereum remains the largest DeFi network with 52.8 billion dollars locked. However, Ethereum fell 3.7% in the past week and more than 21% over the past month.
Solana has 6.4 billion dollars locked. BSC holds 5.46 billion dollars. Both networks show weekly and monthly declines. Bitcoin related DeFi TVL dropped more than 13% in one week. Tron posted a small weekly gain of 1.16%. Provenance recorded a strong 30 day rise of more than 64%.
DEX activity also slowed. Uniswap on Ethereum holds over 2.1 billion dollars in TVL. PancakeSwap leads BSC with 1.83 billion dollars. Raydium on Solana manages around 1 billion dollars. GMX on Arbitrum and Velodrome on OP Mainnet both recorded weekly declines.
The Ethereum Foundation has started staking part of its ETH holdings. This move supports network security and earns rewards. Ether.fi has shifted its liquid restaking protocol to OP Mainnet. Layer 2 development continues even as liquidity drops.
Simple DeFi deposits offer around 3 to 5% APY. More advanced strategies offer 15 to 25% APY. Still, investors appear more careful now.
USDC shows strong and healthy stablecoin distribution. DeFi TVL remains under pressure. The market may be adjusting rather than shrinking.
Also Read: Bitcoin Falls Below $65,000 as Crypto Fear Index Hits One of Its Lowest Readings Since 2018