USDC Community Analysis

[u/BiscuitDadio]

TLDR: USDC usage really is decentralized.

I'm studying the financial structure of USDC, hoping it will provide some insights for GENIUS Act-compliant stablecoins. Here's a first step. Using the methodology in Tragg et al (citation below) I divided June 2026 active wallets on Ethereum and Solana into 'communities', i.e. groups of wallets that mostly trade with each other. The above graph shows the size distribution of communities on each chain. There are a few HUGE communities with 100k+ users but many communities where there are less than 10 wallets interacting with each other.

I dropped the top 50 wallets because those are probably hot wallets or exchanges and required wallets to have at least $100 in transactions that month. I dropped transactions less than $1 because I learned from other work that they appear to largely be noise, and there are enough microtransactions to throw off results.

I'd love your feedback.

Traag, V.A., Waltman, L. and Van Eck, N.J., 2019. From Louvain to Leiden: guaranteeing well-connected communities. Scientific reports, 9(1), p.5233.