A recent study by Electric Capital reveals that while stablecoin usage is global, the Americas lead in stablecoin activity compared to more populous regions.
Wallet Size and User Activity Patterns
According to the latest study by Electric Capital, stablecoin usage is global, but the Americas generate more stablecoin activity than even more populous regions. The report highlights that large wallets—those holding $100,000 or more—tend to be active during business hours across Asia, the Middle East, Europe, and the U.S. East Coast. This pattern suggests institutional or professional users operating in major financial centers.
In contrast, small wallets—holding $100 or less—exhibit a more globally distributed activity pattern, indicating that everyday users transact throughout the day across various regions.
Regarding blockchain networks used, the study findings show balanced global usage for Ethereum and Solana, but with strong activity during working hours in both the Eastern (EST 2–6) and Western (EST 8–11) hemispheres. However, Tron, which handles a significant share of USDT transactions, and BSC are more concentrated in Asia, the Middle East, and Africa.
“BSC and Tron show remarkably similar patterns, with activity concentrated between UTC 6–15—aligning with working hours across Asia, the Middle East, and Europe. Both chains see less than 3% of activity during U.S. hours, indicating minimal relative Western adoption despite their large overall user bases,” the report notes.
Base, in contrast, demonstrates broader geographic diversity, with significant activity across multiple time zones.
When analyzing activity by chain, Ethereum maintains a globally distributed user base but shows strong usage in Western regions relative to their population share. Solana reveals a geographic split: large wallets concentrate in the Americas, while small wallets disperse globally.
Base exhibits the most pronounced geographic divide, with small wallets skewing toward the East and large wallets toward the West. Meanwhile, BSC remains rooted in the Eastern Hemisphere with limited U.S. activity, and Tron shows even stronger regional concentration, especially among large wallets.
FAQ 💡
- Where is stablecoin activity highest? The Americas lead in stablecoin usage despite smaller population size.
- When are large wallets most active? Large wallets transact during business hours in Asia, the Middle East, Europe, and the U.S. East Coast.
- Which chains show regional concentration? Tron and BSC are heavily used in Asia, the Middle East, and Africa, with minimal U.S. activity.
- How does wallet size affect geographic usage? Small wallets are globally distributed, while large wallets show regional clustering by chain.
