The latest market recovery has seen a surge in the number of non-empty stablecoin wallets, indicating increased investor interest and confidence in stable assets. Data from Santiment reveals a 13.9% increase in non-empty USDC wallets and a 15.7% growth in USDT wallets in 2024. This trend suggests that more investors are opting to hold stablecoins, potentially stabilizing the market and mitigating future retraces.

Tether (USDT) leads the pack with 5.7 million non-empty wallets, followed by Circle's USDC with 2.15 million. The decentralized stablecoin, DAI, issued by MakerDAO, also shows significant adoption with 503,180 non-empty wallets, highlighting the growing interest in decentralized finance (DeFi). Binance's stablecoin, BUSD, has 128,210 non-empty wallets, maintaining a significant user base despite Binance ceasing its support.

The stablecoin market cap has seen a remarkable recovery and growth, rising to $161.4 billion, indicating increased capital inflows. The US spot Bitcoin ETFs sector significantly contributed to this growth as institutional investors boosted their stablecoin holdings. In January 2024 alone, the US recorded stablecoin purchases of over $30 billion. Emerging economies like Thailand, Brazil, and particularly Turkey are also making notable stablecoin purchases relative to their national GDP.