The holdings data of stablecoin U is worth paying attention to. According to the latest on-chain information, this stablecoin supported by a major exchange has surpassed a market capitalization of $400 million. On January 4th alone, there was a single-day minting event worth hundreds of millions of dollars, indicating that its liquidity is continuously being released.

However, there is an interesting phenomenon—U's holdings are quite concentrated. The top 10 addresses hold 97.93% of the total circulating supply, which is an unusually high proportion. The largest single holder is the Huobi: Recovery wallet, which accounts for 30.6% of the share.

What does this highly concentrated holding structure imply? Liquidity risk is definitely present. If major holders take action, it could cause significant market fluctuations. For a stablecoin, such a distribution level is still relatively low.