TVL concentration (top-10 wallet share)

Circle USYC's assessment for RD-F-064 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

No on-chain top-10 holder percentage obtainable from public sources (BSCScan/Etherscan holder lists require JS rendering). Structural analysis indicates high concentration risk: 96.19% of TVL on BSC; Venus Protocol (BSC Compound-fork, $1.6B+ TVL) is known to integrate USYC as collateral per Circle BNB Chain blog. A single DeFi consumer exit or liquidation cascade could trigger concentrated simultaneous redemptions that test intraday settlement capacity. Scored yellow on structural grounds; exact percentage not verified.

Sources #

URL
Circle USYC on BNB Chain - integration contextCircle BNB Chain blog describes Venus Protocol and other BSC DeFi venues as primary integration targets for USYC as collateral/yield assetretrieved 2026-05-16
Internal
Data cache chain concentration: BSC 96.19%.research/protocols/circle-usyc/00-data-cache.json sources.defillama.chains: BSC 96.19% of TVLretrieved 2026-05-15

Methodology #

Compute the percentage of protocol TVL held in the top-10 depositor addresses.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol circle-usyc factor RD-F-064 score yellow collected_at 2026-05-15 21:56:43