Stablecoin Market Report: 40% of PAX transaction volume is related to Ponzi scheme MMM BSC

Coin Metrics publishes reports on the supply of stable coins and the distribution of activities. The main points of the chain report are as follows: 1. Ethereum-based stablecoin USDT has less than 1600 accounts holding more than 80% of the supply. And more than 80% of the supply of stablecoins Gemini Dollar, Binance USD, Tether (Tron), USDK and HUSD are held by no more than 6 accounts; 2. As of now, 3355 accounts hold USDK, but up to 94% The account (3170) has only 0.5 USD or 1 USD. These 3170 accounts were obtained from one account in July 2019, and the account obtained USDK from OKex. Considering that almost no recipients spend this part of the USDK, this does not look like a traditional airdrop. 3. Paxos seems to have a wide active user base. However, 40% of PAX’s trading volume is related to a Ponzi scheme called MMM BSC, which claims to achieve high profitability; 4. Tether-based stablecoin Tether is related to “dividend payouts”. In some time periods, this part of the activity accounts for more than 90% of the stablecoin transfer. 5. There are many retail transactions for stablecoins such as Paxos and TRC-USDT based on TRON, which may be due to the existence of MMM and other dividend plans for these assets. 6. Stable currencies such as HUSD and Binance USD account for a large proportion of payments over USD 100,000.