Nansen data reveals that approximately 90% of the PayPal stablecoin PYUSD is still held in the wallet of its issuer, Paxos Trust. Cryptocurrency exchanges like Kraken, Gate.io, and Crypto.com collectively hold about 7% of the total PYUSD supply. The amount of PYUSD held by “smart money” investors is negligible.
The token count in DEX platform trading pools (such as PYUSD/WETH and PYUSD/USDC pools on Uniswap) is less than 50,000. Further analysis by Nansen indicates that the largest holdings by individual investors (excluding exchange or contract addresses) are below 10,000 PYUSD, and fewer than 10 addresses hold over 1,000 PYUSD.
It's worth noting that according to on-chain data, while PYUSD has seen continuous issuance after its official launch, its total supply is currently only 42.298 million tokens, significantly lower than other mainstream stablecoins. The current total supply of PYUSD is approximately 0.14% of the total supply of USDC.