According to data compiled by Coin Metrics, the number of stablecoin wallet addresses with account balances in excess of $1 million USD equivalent recently crossed 12 million — up from 4 million a year ago. The stablecoins counted in the analysis include Tether ERC-20 (USDT), Tether TRC-20, Binance USD, DAI, GUSD, HUSD, PAX and USD Coin (USDC).
The vast majority of addresses over $1 million came from Tether TRC-20 (about 8 million), followed by Tether ERC-20 (about 3.4 million) and USDC (about 1 million). Aside from a sharp but brief drop last May, such addresses have steadily risen over the past 12 months.
The number still pales in comparison to the number of major cryptocurrency wallets at over $1 million. Data from Coin Metrics indicates that there are over 102 million wallet addresses that meet these criteria, expressed in Bitcoin (BTC), Ethereum (ETH) or XRP Ledger (XRP). Most notably, the number of “millionaire” BTC wallet addresses has largely stagnated since May 2021. But the same cannot be said for ETH or XRP.
Limitations of the data include the base on all wallet addresses – not unique, meaning the number of individuals with such wallet balances is likely significantly lower than north of 12 million. The use of stablecoins has progressed greatly in recent years. Started as a way for investors to cash out during volatile periods, they can now be used to interact with various types of decentralized financial protocols, such as Terra’s Anchor, among other things.†