Blockchain analytics company Nansen's data shows that Paxos still custodies over 90% of PYUSD supply, with only a small percentage of users holding and using PYUSD in self-custodied wallets. Nansen suggests that "smart money" holders seem to be avoiding stablecoins, while exchanges such as Kraken, Gate.io, and Crypto.com hold only slightly more than 7% of the supply. Less than 10 non-contract or exchange holders have balances over $1,000.
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Data: Paxos Still Hosts Over 90% of PYUSD Supply
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