Stablecoins are a vital part of the DeFi ecosystem. They form the bulk of the TVL locked in DeFi. USDT, USDC - the top stable coins in the landscape, however are custodial stables. Decentralized Finance needs Decentralized Money, which brings DAI and UST, the top non-custodial stables available right now. While DAI is a collateralized stablecoin, UST is an algorithmic stablecoin.

In this dashboard, we will look at the Top 10 holders of the respective stablecoins. We will use ethereum.erc20_balances to aggregated DAI wallets and terra.daily_balances to aggregate UST balances. Then we will use etherscan for unlabelled DAI wallets and extraterrestrialFinder for unlabelled UST wallets.

The top DAI wallets are:

The top DAI wallets are:

1. 3Pool on Curve
2. Avalanche Bridge
3. Compound DAI vault
4. AAVE DAI vault
5. Fantom Anyswap bridge
6. PulseX sacrifice - a burner wallet
7. Binance DAI
8. Matic Bridge
9. Yearn DAI vault
10. Uniswap DAI-USDC pool

Of the top 10, there are 1 wrapper,1 burner wallet, 2 pools, 3 bridges, and 3 farming vaults.

• Curve 3Pool is the largest holder of DAI
• Bridges hold a good chunk as liquidity movement between different chains is vital to keep the prices fluid
• Vaults play an important role in providing passive income as well as providing capital efficiency and fluidity.

Similarly for UST.

The top UST wallets are:

1. Anchor Market
2. Community Pool
3. Market Swap Fee collector
4. Wormhole
5. Anchor Reserve
6. IBC relayer
7. ETH bridge
8. Anon User
9. Interchain UST fund ?
10. Mars Red Bank

Most of UST, almost half of the entire supply is stored in Anchor Market, which is the Earn side of Anchor. Then comes the Community Pool and the Marketswap Fee Collector, which is used as seed capital controlled by Terra governance and Staking yield. Yet again, bridges hold significant liquidity(excluding Anchor obviously). Number 8 and 9 were hard to decipher, with 8 looking like a Anon User, while 9 is a Fund that is probably used to seed crosschain ventures for UST. Mars making it to Top 10 is impressive considering that it was initiated only a few days ago.

Two important trends to notice are:

• Farming is where most liquidity lies. For DAI its the 3crv pool, vaults of AAVE,Compound and Yearn. For UST its Anchor and Mars.
• Bridges are necessary for adoption and liquidity is vital to reduce inter-chain slippage. This is why all major bridges are part of the top 10. For DAI its a bridges connecting to Avalanche, Fantom, Polygon, which are the main sidechains of Ethereum. For UST, its the Wormhole, IBC and Shuttle.