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Who’s actually using stablecoins? And where?
We analyze $13.6T in stablecoin transactions on @ethereum , @base , @solana , @BNBCHAIN , and @trondao to see where the users may be based.
Here’s what we found 👇
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Three key insights:
- The Americas drive disproportionately high activities
- Different chains serve different geographies
- Large vs small wallets occupy different geographies on some chains
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Two global activity peaks:
- UTC 8: Asia, ME, Africa, parts of Europe
- UTC 12: Europe, Africa, Latin America, U.S. East
This dual-peak structure shows stablecoins are driven by regional hubs, not one global center.
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If usage tracked population, Asia would dominate.
Instead, activity peaks at UTC 12, when the U.S. East Coast and Latin America come online.
The West is pulling more than its demographic weight.
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When segmenting by wallet balance:
- Large wallets ($100K+ balance) cluster in financial hubs and follow business hours
- Small ones ($1–$100) are less regionally bound than large wallets
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When segmenting by chain:
- BSC & Tron = Eastern Hemisphere heavy
- Ethereum, Solana, Base = more global reach
BSC & Tron see <3% of volume during U.S. working hours. The West barely shows up.
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Combining wallet size and chain segmentations:
On Base and Solana:
- Large wallets (>$100K) cluster in Western financial hubs
- Small wallets are globally distributed
On BSC, Tron, Ethereum: large + small wallets tend to live in the same regions.
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Let’s dive into each chain.
Ethereum maintains global distribution but Western users have outsized activity per capita.
- Large wallets: UTC 8–16 (Africa, Europe, U.S. East)
- Small wallets: peak at UTC 13 — Americas + Europe overlap
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Solana large capital concentrates in the Americas while small wallet users are globally distributed.
- Large wallets: strong U.S. + LATAM presence (UTC 13–16)
- Small wallets: dual peaks at UTC 7–10 and 12–16
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Base small wallets skew East while large wallets skew West. Large wallets are more distributed than small wallets.
- Large wallets: peak at UTC 14, overlap of Europe, Africa, LATAM, U.S. East
- Small wallets: more active in Eastern Hemisphere, drop off after UTC 15
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BSC is anchored in the Eastern Hemisphere users, with limited traction in U.S. hours
Same wallet patterns for large + small users.
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Tron is the most regionally anchored chain.
- Peak activity UTC 6–16, dominated by Asia, ME, Africa
- Large wallets especially concentrated.
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Key Takeaways:
- Stablecoin adoption is global, but the West is overrepresented. Stablecoins have room to grow in other parts of the world
- Different chains serve different geographies
- Large vs small wallets behave differently, especially on U.S.-centric chains
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