Chain concentration is now the dominant stablecoin risk
The same ticker on two chains can be two entirely different credit exposures. Bridged supply inherits the bridge's security, not the issuer's balance sheet.
Canonical vs bridged
Canonical issuance means the issuer mints natively on that chain and will redeem it. Bridged issuance means a wrapper contract holds the canonical token elsewhere and mints a representation. If the bridge is compromised, the representation goes to zero while the issuer's reserves remain untouched — and unavailable to you.
Every chain page on this site shows the split, because it changes what you actually own.
Where the dollars actually sit
Supply is heavily concentrated on a small number of chains, with Tron dominating payment flow and Ethereum dominating collateral. Newer high-throughput chains are gaining share fast, and almost all of that growth arrives bridged before it arrives canonical.
What to do about it
Treat chain exposure as a line item. Cap bridged supply as a share of total holdings, prefer canonical issuance for anything held longer than a settlement cycle, and check the split before you move size onto a new chain.